According to an Allied Market Research report, the global 3D printing industry generated $13.2 billion in 2020 and is estimated to reach $94.0 billion by 2030, witnessing a CAGR of 22.1% from 2021 to 2030.
Reduced manufacturing cost and downtime in processes, surge in government investments in 3D printing projects, and ease in development of customized products drive the growth of the global 3D printing market. However, lack of standard process control, limited availability, and high cost related to 3D printing materials restrain the market growth. On the other hand, widening application scope in various industries, advancements in manufacturing processes, and a surge in the utilization of 3D printing in the healthcare sector present new opportunities in the coming years.
- The surge in penetration of 3D printing solutions in the healthcare sector during the Covid-19 pandemic resulted in a positive impact on the global 3D printing market.
- However, owing to lockdown restrictions, ban on import-export activities, lack of skilled workforce, and delay or cancellation of projects, the market experienced a reduction in the overall revenue during the initial stages of the pandemic.
- Post-lockdown, the adoption of smart infrastructure solutions in various sectors such as retail, automotive, and healthcare is expected to widen the application scope of 3D printing.
Stereolithography continues its leadership throughout the forecast period
Based on technology, the stereolithography (SLA) segment accounted for the highest market share in 2020, accounting for nearly one-third of the global 3D printing market, and is estimated to continue its lead position in terms of revenue throughout the forecast period. This is due to its usefulness in developing products for various verticals such as transportation, education, consumer goods, healthcare, and others. However, the fused deposition modelling (FDM) segment is projected to witness the largest CAGR of 23.1% from 2021 to 2030, owing to its application in automobiles, aerospace, jewellery and art, architecture, packaging, biomedical, consumer, electrical, and electronic sectors.
Consumer electronics maintain its lead position during the forecast period
Based on application, the consumer electronics segment held the highest market share in 2020, accounting for more than one-fifth of the global 3D printing market, and is estimated to maintain its lead position during the forecast period. This is attributed to a reduction in the manufacturing cost of products, ease in building complex models and prototypes in relatively lesser time, and reduced time-to-market. However, the defence segment is expected to manifest the fastest CAGR of 23.6% from 2021 to 2030, owing to rapidly evolving warfare technologies and the need for advanced defence weapons.
North America to maintain its dominance by 2030
Based on region, North America contributed the highest market share in terms of revenue in 2020, holding nearly half of the global 3D printing market, and is expected to maintain its dominance by 2030. This is attributed to a surge in investment by prominent players in 3D technology solutions. However, LAMEA is estimated to register the fastest CAGR of 24.7% during the forecast period, owing to a surge in investment by prime players and government authorities to develop 3D technology across this region.