According to the latest report by IMARC Group, titled “3D Printing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global 3D printing market size reached US$ 13.2 Billion in 2020. Also known as additive manufacturing, 3D printing refers to the process of making three-dimensional solid objects, such as patterns, physical models, production parts, and tooling components, via a computer-aided design (CAD) model. It involves adding a series of additives layers, which helps in eliminating the need for cutting and drilling. It offers several advantages over conventional production methods, which include stability, durability, high sensitivity, and lower raw material wastage.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global 3D Printing Market Trends:
3D printing finds extensive application in various end use industries across the globe. For instance, it is utilized in the automotive sector for creating complex automobile parts, speeding up tooling cycles, enhancing measurement and testing, and providing customization solutions in different aspects of vehicle manufacturing. Besides this, it is employed in the fashion industry to make nylon-based clothes and jewelry items. Furthermore, the escalating demand for prototyping applications in the aerospace, healthcare and defense sectors is strengthening the growth of the market. Moreover, leading players in the industry are investing in research and development (R&D) activities, which is expected to drive the market. Looking forward, the market is projected to reach a value of US$ 37.9 Billion by 2026, expanding at a CAGR of 19.9% in the forecast period (2021-2026).
- Based on the technology, the market has been segmented into stereolithography, fused deposition modeling, selective laser sintering, electron beam melting, digital light processing, and others. Stereolithography currently holds the largest market share.
- On the basis of the process, the market has been segregated into binder jetting, directed energy deposition, material extrusion, material jetting, powder bed fusion, sheet lamination, and vat photopolymerization. At present, power bed fusion dominates the market.
- The market has been analyzed on the basis of the material into photopolymers, plastics, metals and ceramics, and others. Presently, photopolymers account for the majority of the total market share.
- Based on the offering, the market has been divided into printers, materials, software, and services. Amongst these, the services segment holds the biggest market share.
- On the basis of the application, the market has been classified into prototyping, tooling, and functional part manufacturing. Prototyping currently dominates the market.
- Based on the end user, the market has been segmented into consumer products, machinery, healthcare, aerospace, automobile, and others. At present, consumer products dominate the market.
- Region-wise, the market has been classified into Europe, North America, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Stratasys, Ltd., 3D Systems, Inc., Materialise NV, EOS GmbH Electro Optical Systems, General Electric (GE) Company, ExOne Company, Voxeljet AG, Hewlett-Packard Company, SLM Solutions Group AG, EnvisionTEC Inc., Proto Labs, Ltd., Mcor Technologies Ltd., Optomec Inc., Groupe Gorgé, Ultimaker BV, Renishaw Plc, Tiertime Corporation and XYZ-Printing Inc.
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