The global 3D printing market in terms of revenue was estimated to be worth USD 15.0 billion in 2023 and is poised to reach USD 34.5 billion by 2028, growing at a CAGR of 18.1% from 2023 to 2028. The new research study consists of an industry trend analysis of the market.
Effortlessness in
development of tailored products, reduction in manufacturing cost and process
downtime, government investment in additive manufacturing-based projects
globally, and availability of wide variety of industrial-grade 3D printing
materials are the few driving factors for the growth of 3D printing industry.
Driver: Global
government investment in 3D printing projects
Globally, governments
are undertaking initiatives and funding educational institutions, research
centers, and research and technology organizations to explore further the
opportunities provided by 3D printing technology and encourage its development.
The US, the UK, and Canada have implemented national programs for promoting
university-level 3D printing research, driving technology advancement and the
establishment of start-ups. The emergence of new applications for 3D printing
has attracted industrialists and governments worldwide toward the technology.
For instance, the UK National Strategy for Additive Manufacturing 2018–2025
aims to achieve EUR 3,500 million gross value added (GVA) per year by 2025 and
60,000 jobs across sectors. The strategy depicts a full set of recommendations
developed by workgroups responsible for certain themes.
Restraint: Lack of
standardized testing methods to verify mechanical properties of 3D printing
materials and high cost of raw materials
More raw materials are
available for traditional manufacturing than for 3D printing-based
manufacturing processes. 3D printing of products with mixed materials and
technology, such as circuit boards, is still under development. Though the
technology is a major process breakthrough, the materials that can be used are
still limited. Also, the accuracy and reproducibility of the products formed by
3D printing are hampered due to the lack of standardized tests to verify the
mechanical properties (strength, toughness, stiffness, and hardness) of the
materials used. Another concern is characterizing material properties depending
on their suitability in 3D printing. Various available materials have
characteristic mechanical properties, porosity, powder composition, particle
homogeneity, size, and morphology. Therefore, material characterization and
standardization for 3D printing are some of the important issues.
Opportunity: Emerging
applications of 3D printing technology in automotive, printed electronics,
jewelry, and education fields
3D printing technology
is increasingly adopted in industrial manufacturing, especially in the
automotive, aerospace, and defense industries. 3D printing has potential
opportunities in tooling, jigs and fixtures, injection molding, and production
parts manufacturing. 3D printing technology is in an early stage of development
across several sectors, such as printed electronics, textiles, footwear, and
food and culinary; however, it is experiencing significant adoption from the
education, art and architecture, and jewellery industries. The market has been
experiencing the advancement of printers and printing technologies, improvement
in printing materials, and the development of a skilled workforce. The advancements
in printing technology, design tools, software, materials, and printed
electronics will allow electronics to be embedded within the structure of the
products instead of mounting the printed circuit boards (PCBs) separately
within the device. 3D printing finds potential opportunities to eliminate PCBs
and produce hearing aids, structural electronics, print sensors, cell phone
antennae, batteries, solar cells, light-emitting diodes, and other active and
passive devices.
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Challenge: Decline in
sales of 3D printing devices due to recession impact
During a recession,
companies and individuals may reduce their spending on non-essential items such
as 3D printers, which could decrease the demand for 3D-printed products.
Companies using 3D printers may delay their plans to adopt newer technologies
due to financial uncertainty, which could slow down the growth of the 3D
printing market. Established players in the 3D printing market may witness a
decline in their annual revenues at the end of FY2023 due to the recession.
Customers from emerging markets will be looking for low-cost 3D printers, which
could increase the competition among established players.
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