Industrial 3D Printing Market worth $5.2 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 27, 2022 /PRNewswire/ -- According to the new research report, the "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", published by MarketsandMarkets™, 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.
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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 coronavirus 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).
Related Reports:
3D Printing Market with COVID-19 Impact Analysis by Offering (Printer, Material, Software, Service), Process (Binder Jetting, Direct Energy Deposition, Material Extrusion, Material Jetting, Powder Bed Fusion), Application, Vertical, Technology, and Geography - Global Forecast to 2026
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