Arizton’s recent market research report states that the global 3D printing market size is expected reach revenues of approx. $29 billion by 2025, growing at a CAGR of over 18%.
3D Printing Market – COVID-19 Impact
Despite the COVID-19 pandemic, the 3D printing continues its industrialization journey. New players continue to enter the 3D printing market, while acquisitions and partnerships continue to flourish across the industry. 3D printing technology is supporting the battle against the COVID-19 pandemic. As many hospitals struggle to get critical medical supplies, the 3D printing serviceshas emerged as a solution that enables a quick response to certain supply chain shortages. The technology offers many potential advantages in the healthcare industry. One of the important areas where the technology has made advances is bioprinting. 3D bioprinting has become a part of successful treatments and surgeries. The agility offered by 3D printers can be useful not only during this pandemic but also in other cases where disruption in business requires a quick response. So far, the technology has been used to produce medical components, like medical ventilator valves, safety goggles and protective face shields, and industrial goods like spare parts and molds.
3D Printing Technology Enabling Sustainable Future
Two key factors that have brought 3D printing market trends the reputation of being green technology are-
- Its ability to minimize waste versus subtractive manufacturing, as it uses only the content it needs as it is applied layer by layer.
- Its ability to manufacture at any place required, which eliminates logistics and travel problems.
Developing countries face many barriers in the development of the manufacturing industry by conventional manufacturing. As these are more costly to start up using conventional manufacturing methods, as they require physical facilities, equipment for each production, staff, suppliers. However, as 3D printers become inexpensive, a new outlook is emerging. The process is more flexible than conventional fabrication. Local businesses can easily respond to demand and companies can reduce their supply chain by producing end-use and replacement parts printed in-house. In addition, 3D printing machine reduces overproduction of plastic products, requires less storage space, and generates less waste than traditional production techniques. The movement for the use of biodegradable and recycled materials is becoming more evident and emerging in the market. On contrary to other manufacturing methods, mass-scale production often means less waste. Owing to these benefits, the demand for 3D printing materialsinstead of conventional manufacturing especially in environmentally conscious developed countries such as Sweden, Switzerland, Norway, Finland among many others are expected to increase during the forecast period.
Key Offerings:
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by component, end-user, application, process, and geography.
- Competitive Landscape – 12 key vendors and 37 other vendors
Government Initiatives is Boosting 3D Printing Market Growth
Governments in developing countries such as India are taking initiatives to grow the 3D printing market, as these countries are sending out a positive signal for the technology, which offers tremendous growth opportunities especially in manufacturing technologies. India is aggressively taking initiatives to promote 3D printing as a manufacturing technique across all sectors, such as huge investment and government funding in R&D. The state of Andhra Pradesh in India is gradually becoming a hub for 3D printing market in India with large 3D printing companies such as think3D already establishing their base in the state. In addition, large companies such as HP Inc. plan to build a state-owned center of excellence (CoE) – a move that will benefit the market growth in the APAC region.
The US government has increased funding for institutions researching 3D printing technologies after realizing the potential of the technology which could boost manufacturing. The federally funded National 3D Printing Research Institute (NAMII) was introduced in 2012 — a $30 million pilot project aimed at increasing the use of these in production. With the US government investing more in industrial 3D printing techniques, governments are now beginning to integrate the technology into their own processes. Furthermore, this technology has had an influence on US military organizations, identifying the technology as money saver with the potential for improving future surveillance, security, and weapons. In 2014, the “Defense Innovation Initiative” was launched to develop and implement new systems using technologies such as robotics, autonomous systems, miniaturization, big data, and 3D printing software.
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