The report "Industrial
3D Printing Market with COVID-19 Impact Analysis, by Offering
(Printers, Materials, Software, Services), Application, Process, Technology,
Industry (Aerospace & Defense, Automotive) and Geography - Global Forecast
to 2026" The industrial 3D printing market is projected to grow from
USD 2.1 billion in 2021 to USD 5.2 billion by 2026; it is expected to grow at a
CAGR of 20.0% during the forecast period. Owing to COVID-19, the industrial 3D
printing market faced some headwinds for 2020–2021. As 3D printing is moving
beyond prototyping toward bulk-manufacturing the industrial 3D printing market
is expected to witness significant growth during the forecast period. During
the pandemic, 3D printing technology demonstrated on-demand production for
healthcare equipment, as well as compensated for weak supply chains in other
industries to some extent.
Printers segment to account for the largest share of
the industrial 3D printing market in 2021
The printers segment is expected to hold the largest
share of the industrial 3D printing market during the forecast period. When the
3D printer was first introduced, it appeared to be more of a novelty than a
practical tool. However, with their declining cost and technological
advancements, the consumer base of 3D printers has expanded considerably. They
are being used for professional printing, for instance, producing lightweight
and complex shapes for high-value products, ranging from aircraft to racing
cars. The growth of the printers segment can be attributed to the changing
perception of 3D printing and its evolution as a maturing manufacturing
solution.
Powder bed fusion process segment to dominate
industrial 3D printing market during the forecast period
The powder bed fusion segment is expected to hold
the largest share of the industrial 3D printing market during the forecast
period as it is one of the most common 3D printing processes used for
industrial additive manufacturing (AM). Selective laser sintering (SLS) of
plastics and selective laser melting (SLM) of metals are two well-known
processes within this category. The main advantage of powder bed fusion over
the other processes is it does not require support structures as the powder bed
surrounding the parts provides the necessary support when working with plastic
and its associated derivatives. In this process, the parts do not need support
removal during post-processing.
Aerospace & Defense industry to register the
highest share for industrial 3D printing market in 2021
The aerospace & defense segment is expected to
hold the largest share of the industrial 3D printing market during the forecast
period. Industrial 3D printing in the aerospace & defense industry is used
in commercial, industrial, and military applications. The aerospace &
defense industry is playing a major role in the evolution of 3D printing
technology for manufacturing parts and prototyping. The industry players prefer
3D printing as it helps to lessen supply chain constraints, reduce wastage of
materials, and requires limited warehouse space. Rapid production of aircraft
parts on demand through 3D printing helps save enormous space, time, and money
for aircraft manufacturing companies. NASA, Boeing, and Airbus are the major
organizations that are turning to 3D printing to solve complex engineering
problems and create specialized parts. It is forecasted that with advancements
in metal 3D printing, domestic aircraft and spaceship manufacturers will adopt
AM methods using custom alloys and high-end lightweight thermoplastics.
As corona virus is rapidly spreading worldwide, the
growth of the aerospace & defense industry has been adversely affected as
airlines have canceled orders for new aircraft, and large OEMs such as Airbus
and Boeing have reduced production. Overall, the growth of the aerospace
industry has been adversely impacted due to the downturn in commercial
aviation. On the other hand, the defense sector has witnessed a low impact of
COVID-19 in the short-to-mid term since defense contracts are generally set up
for the long term.
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Market in North America estimated to have the
largest share during the forecast period
North America is estimated to lead the industrial 3D
printing market during the forecast period. The presence of several
well-established market players, such as Stratasys, 3D Systems, GE Additive,
ExOne, Protolabs, and HP, is contributing to the regional market’s growth.
Several major industries are opting for 3D printing to develop innovative
products using new combinations of materials, shapes, and structures; lower the
production cost of small-batch manufacturing; achieve quick production; and
reduce material wastage. Aerospace & defense and automotive are major
end-use industries of industrial 3D printing in this region. The demand for
high strength and lightweight parts in the aerospace & defense industry and
the increasing production of electric vehicles have fueled the demand for
3D-printed metal parts. Increasing demand for high-performance metals, growing
applications of 3D-printed metal parts, and substantial adoption and
manufacturing of products based on 3D printing technology are fueling the
growth of the industrial 3D printing market in North America.
Major vendors in the industrial 3D printing market
include Stratasys (US), 3D Systems (US), Materialise (Belgium), EOS (Germany),
GE Additive (US), ExOne (US), voxeljet (Germany), HP (US), SLM Solutions
(Germany), Renishaw (UK), Protolabs (US), CleenGreen3D (Ireland), Optomec (US),
Groupe Gorgé (France), Ultimaker (The Netherlands), Beijing Tiertime (China)
XYZprinting (Taiwan), Höganäs (Sweden), Covestro (Royal DSM) (Germany), Desktop
Metal (US), Nano Dimension (Israel), Formlabs (US), Carbon (US), TRUMPF
(Germany), and Markforged (US).
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