3D Printing Market worth $37.4 billion by 2029 - Exclusive Report by MarketsandMarkets™

CHICAGO, April 22, 2024 /PRNewswire/ -- The 3D Printing market is projected to grow from USD 17.5 billion in 2024 and is estimated to reach USD 37.4 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 16.4% from 2024 to 2029 according to a new report by MarketsandMarkets™. The growth of the 3D Printing market is driven by ease in the advancement of customized products; reduction in manufacturing cost and process downtime; global government investment in 3D printing projects; availability of wide variety of industrial-grade 3D printing materials; complex part manufacturing in the aerospace & defense sector.

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3D Printing Market Report Scope:

By offering, service segment is projected to grow at a high CAGR of 3D Printing market during the forecast period.

3D printing services have entirely revolutionized the manufacturing process in various industries. This growth is fueled by the transformative impact of 3D printing services on manufacturing across various industries. These services enable customers to customize designs, offering unprecedented flexibility in designing and manufacturing 3D printed parts and accelerating product development through efficient iteration management. Industries like dental, aerospace, civil and military aeronautics, and jewellery have already experienced a revolution in their manufacturing processes, leveraging 3D printing for streamlined production, enhanced design possibilities, and cost reduction. The on-demand nature of 3D printing services reduces costs associated with tools and fixtures by eliminating the need for large inventories and minimizing downtime. Additionally, 3D printed tools made from high-strength plastics are strong, lightweight, cost-effective, and drastically reduce replacement time from weeks to hours, optimizing manufacturing processes and overall operational efficiency for businesses embracing 3D printing services across diverse industry verticals.

Selective laser Sintering (SLS) segment in technology will account for highest CAGR during the forecast period.

Selective Laser Sintering involves a powder-based 3D printing method that integrates laser to fuse layers of material, creating a final part. The process begins by tracing the pattern of individual cross-sections of the 3D design onto a powder bed using the laser. Once the layer is formed, the build platform descends, and another layer is added on top, repeating until the part is complete. SLS is favored for functional applications requiring snap fits, living hinges, and mechanical joints due to its material range and platform sizes, making it suitable for producing robust products with strength and heat resistance directly. Notably, SLS stands out as a self-supporting additive manufacturing technology, eliminating the need for additional support structures and allowing for the creation of intricate geometries and monolithic assemblies. Its durability and capability to rival traditionally manufactured parts make it ideal for end-use applications in industries like automotive and aerospace. The technology's ability to produce complex parts without expensive tooling or retooling translates into significant time and cost savings, especially for small-run parts and mass customization. Additionally, SLS facilitates the digital storage of designs, ensuring accessibility and readiness for production as needed, further enhancing its efficiency and applicability in various manufacturing contexts.

Powder Bed Fusion in process segment in 3D Printing market will account for the highest CAGR during the forecast period.

Powder bed fusion (PBF) stands out as a rapidly growing process within the 3D printing market, initially prevalent in 3D metal printers but expected to expand into 3D polymer printers in the near future. This method offers numerous advantages, including reduced material wastage and costs due to a superior buy-to-fly ratio, accelerated production development times, and the ability to swiftly prototype and produce low volumes. PBF's strengths extend to creating functionally graded parts, enabling fully customized batches, eliminating fixed designs, and delivering superior resolution compared to other additive manufacturing techniques. Moreover, PBF facilitates the efficient recycling of un-melted powder and enables the joining diverse material grades like ceramics, glass, plastics, metals, and alloys, eliminating the need for machining fixtures. Its widespread industrial applications span medical sectors, where it customizes orthopedic components like titanium alloy cranial or acetabular implants to aerospace domains, such as producing GE9X engine fuel nozzles for Boeing 777 aircraft. Notably, the Boeing 777 incorporates 300 additively manufactured parts, showcasing PBF's significance in aerospace innovation. Automotive leaders like Koenigsegg also leverage PBF across their manufacturing processes, utilizing it for rapid prototyping and creating metal parts like turbocharger housings, exhaust components, air ducts, and interior mirrors for production vehicles like the 'One:1' hypercar.

Functional Part Manufacturing in the application segment in the 3D Printing market will account for the highest CAGR during the forecast period.

Continuous advancements in 3D printing technology have propelled the capability of producing mechanically functional parts at high volumes, a domain traditionally dominated by conventional manufacturing methods. One key driver of this shift is the development of faster printing speeds and techniques. For instance, in November 2022, Wipro (India), as part of Wipro's manufacturing initiative, launched its first indigenous industrial-grade 3D printer, the Wipro 3D F300-2. This printer, designed for educational institutes, industries, and R&D centers, featured automatic platform leveling, a magnetic print bed, a self-cleaning nozzle, and IoT-enabled remote monitoring. It catered to manufacturing functional parts with a wide range of industrial-grade materials, showcasing advancements in additive manufacturing capabilities.

Automotive in the vertical segment in 3D Printing market will account for the highest CAGR during the forecast period.

3D Printing has gained significant traction in the automotive industry, particularly for prototyping projects. 3D printing services offer rapid and cost-effective solutions for producing complex automotive prototype parts, facilitating iterative design and validation processes. This technology allows for the development of custom prototypes without complex tooling, supports iterative design changes, accommodates complex part geometries, enables on-demand production, offers material selection flexibility, and is cost-effective for low-volume manufacturing. Companies like Elite Mold & Engineering, a leading 3D printing specialist in Michigan, provide comprehensive services from prototyping to production, catering to the automotive sector's evolving needs with streamlined solutions. Companies like BMW (Germany), Renault Group (France), and Porsche (Germany) are also actively using 3D printing for prototyping and exploring end-use part applications. For instance, in November 2023, BMW (Germany) integrated the Solukon SFP770 unpacking and cleaning station for 3D-printed plastic parts at its Additive Manufacturing Campus. This system combined necessary post-processing steps, streamlined prototyping workflows, and enabled efficient cleaning and finishing of SLS parts, supporting BMW's automated additive manufacturing production line success for automotive parts. Ford uses HP's 3D printing technology to reuse its 3D printed powders and parts and produce injection molded fuel-line clips for its Super Duty F-250 trucks. The reused materials deliver better chemical and moisture resistance, are lighter, and minimize the costs by 10% compared to the conventional fuel-line clips.

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Asia Pacific will account for the highest CAGR during the forecast period.

The Asia Pacific region is poised to experience rapid growth in the 3D printing industry, driven by a notable shift toward prototyping and advanced manufacturing using this technology. Government initiatives, coupled with robust research and development capabilities and foreign direct investment (FDI), have played a pivotal role in accelerating market growth. In China, technological advancements have spurred the adoption of 3D printing, with many companies replacing traditional manufacturing assembly lines with 3D printers. India has also witnessed substantial growth, supported by a strong knowledge base and government initiatives in manufacturing. Industry players in the region are actively developing ecosystems that support additive manufacturing and other advanced technologies. Countries like Singapore, Malaysia, Australia, and Vietnam are at the forefront of research and development, contributing to a robust ecosystem for 3D printing applications.

Key Players

Key companies operating in the 3D Printing companies are Stratasys (US), 3D Systems, Inc. (US), HP Development Company, L.P. (US), EOS GmbH (Germany), General Electric (US), Materialise NV (Belgium), Desktop Metal, Inc. (US), voxeljet AG (Germany), SLM Solutions (Germany), Renishaw plc. (UK).

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