3D Printing Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast by 2031

The 3D printing market size is projected to reach US$ 102.38 billion by 2031 from US$ 18.64 billion in 2023. The market is expected to register a CAGR of 23.7% during 2023–2031. The growth in the construction industry and the rise in awareness towards sustainability are likely to remain key trends in the market.

3D Printing Market Analysis

The use of 3D printing technology is growing in the aerospace industry as it helps to create light and geometrically complex parts more efficiently and accurately, driving the growth of the 3D printing market. 3D printing helps to create the whole aircraft component rather than building it in parts, thus reducing lead times and material wastage. In addition, automobile manufacturers are increasingly using the technology to reduce inherent weight and cost reductions. It also helps with rapid prototyping of new parts for testing or small-scale manufacturing. Hence, the growing use of technology in the automotive industry is boosting the growth of the market. Furthermore, the rising use of 3D printing technology in the medical sector for the creation of made-to-measure implants and devices is creating an opportunity for the growth of the market. In the medical sector, technology can help in designing and customization of dental fixtures and hearing aids as per the needs of the users: raising its demand worldwide.

3D Printing Market Overview

3D printing is also known as additive manufacturing. It is a method of creating a three-dimensional object using a computer-created design. Also, 3D printing is an additive process where layers of material are built to create a 3D part. It is the best option for the creation of complex, bespoke items, making it an ideal solution for rapid prototyping, as products can be created faster than any other traditional manufacturing techniques and without any reliance on external supply chains. In addition, 3D printing is cheaper than subtractive production methods as no extra material is used, thus boosting the growth of the industry. Moreover, as the process is based on computer-aided designs (CAD), if there are any product alterations, it can be easily done without impacting the manufacturing cost.

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3D Printing Market: Strategic Insights

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3D Printing Market Drivers and Opportunities

Government initiatives to boost the use of additive manufacturing for SMEs to Favor the Market

Government bodies in several countries are promoting 3D printing for a sustainable ecosystem. They are engaged in various initiatives and strategies that encourage market players across various industries to adopt 3D printing technology. As additive manufacturing offers sustainability, government authorities worldwide are widely adopting additive manufacturing. In May 2022, President Biden joined five leading US manufacturers to celebrate the launch of Additive Manufacturing Forward (AM Forward). AM Forward is a voluntary compact among large manufacturers to help their smaller US-based suppliers increase their use of additive manufacturing, otherwise known as 3D printing. In addition, the government authorities are incentivizing native manufacturers, which leads to the adoption of this advanced technology by SMEs. Thus, such factors bolster the 3D printing market.

Growth in the construction industry

Rapid urbanization and industrialization are some of the key drivers for the growing demand for infrastructure. Population growth is one of the factors that boost the demand for residential units worldwide. In addition, it further generates the demand for various products and services. This encourages the market players across several sectors, such as automotive, consumer goods, electronics, and others, to expand their infrastructural units to cater to the demand. Thus, all these factors are boosting the construction industry across the globe.

The waste generated by the construction industry gives rise to environmental concerns, which further encourages the construction industry market players to adopt 3D printing solutions. 3D printing solutions automate the process of manufacturing construction elements or entire structures with the help of a 3D printer. Thus, the rise in the construction industry fuels the 3D printing market.

3D Printing Market Report Segmentation Analysis

Key segments that contributed to the derivation of the 3D printing market analysis are technology, components, and end users.

• Based on technology, the 3D printing market is divided into fused deposition modeling (FDM), stereolithography (SLA), digital light processing (DLP), selective laser sintering (SLS), electron beam melting (EBM), laminated object manufacturing (LOM), and others. The fused deposition modeling (FDM) segment held the largest share of the market in 2023.
• By component, the market is segmented into hardware, software, and services. The hardware segment held the largest share of the market in 2023.
• In terms of end user, the market is segmented into industrial, consumer products, aerospace and defense, automotive, healthcare, construction, research and education, and others. The industrial segment is expected to grow with a significant CAGR.

3D Printing Market Share Analysis by Geography

The geographic scope of the 3D printing market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

Asia Pacific region is expected to grow with the highest CAGR during the forecast period. China holds the largest market share in 2023. The market is witnessing tremendous growth due to the growing manufacturing of automobiles in the region. Japan is one of the leading countries in the world in the automotive industry. The country is known for its cutting-edge technology and invigorating ideas worldwide. In Japan, automotive manufacturing takes up 89% of the country's manufacturing sector. In addition, the rising demand for hybrid and electric vehicles is further fuelling the growth of the automotive industry in the country, raising the market growth. In addition, various companies in the region are expanding their manufacturing capabilities to cater to the rising demand for automobiles. For instance, in March 2023, Chinese manufacturer BYD announced that it had started the construction of its new EV manufacturing facility in Thailand, which will be producing 150,000 passenger cars per year from 2024. Thus, the growing production of automobiles in the region is boosting the growth of the market.

3D Printing Market Regional Insights

The regional trends and factors influencing the 3D Printing Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses 3D Printing Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

3D Printing Market Report Scope

3D Printing Market Players Density: Understanding Its Impact on Business Dynamics

The 3D Printing Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the 3D Printing Market are:

1. 3D Systems Corporationm
2. Autodesk, Inc.
3. GE Company
4. Materialise NV
5. The ExOne Company
6. Stratasys Ltd.

Disclaimer: The companies listed above are not ranked in any particular order.

3D Printing Market News and Recent Developments

The 3D printing market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the 3D printing market are listed below:

• Massivit 3D Printing Technologies (TASE: MSVT), a leading provider of industrial 3D printing systems, announced the launch of the new Massivit 3000 large-format 3D printer. The printer will be unveiled at the prestigious Drupa tradeshow – the largest international printing industry exhibition that will take place in Dusseldorf, Germany, from May 28th to June 7th, 2024. The launch of the Massivit 3000 brings to market a more affordable 3D-printing solution for businesses seeking to leverage high-speed, large-format production capabilities without putting a strain on their finances. The new printer enables a wide range of companies to increase their profit margins and gain a competitive edge by expanding their creative output. (Source: Massivit, Press Release, May 2024)
• The Indian Space Research Organisation, ISRO, successfully tested the new liquid rocket engine manufactured through Additive Manufacturing technology. The test was successfully carried out on May 9th at ISRO Propulsion Complex in Mahendragiri in Tamilnadu. This newly redesigned PS4 engine has brought down the number of parts from 14 to a single piece and eliminated 19 weld joints. This will significantly save on the raw material usage per engine, reduce metal powder from 565 kgs to 13.7 kgs and reduce the production time by 60 percent. Additive Manufacturing technology means 3D printing of PS4 engines. The Private partner Wipro 3D joined hands with ISRO to successfully carry out the hot testing of the 3D-printed PS4 engine. This will usher in a new era of advanced 3D manufacturing techniques for India’s space program. (Source: Panasonic, Press Release, May 2024)

3D Printing Market Report Coverage and Deliverables

The “3D Printing Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• 3D printing market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• 3D printing market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• 3D printing market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the 3D printing market
• Detailed company profiles