Global industrial 3D printing market deals with the additive process of creating 3D solid objects from a digital file. Industrial 3D printing allows to produce complex (functional) shapes by using less amount of material as compared to traditional manufacturing methods, such as injection moulding, plastic forming, CNC (Computer Numerical Control) machining, plastic joining, etc. The global industrial 3D printing market is expected to rise with a CAGR of 22% during forecast period 2020-2026.
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Industrial 3D printing offers several advantages over traditional manufacturing methods providing several opportunities for manufacturing industries, such as mass customization, manufacturing of outsourced spare parts, less time consumption, cost-effective low volume production process and increase in design freedom. Emerging applications of 3D printing in the manufacturing sector is expected to provide lucrative market opportunities for global industrial 3D printing market. 3D printing is being widely used as an advancement manufacturing, facilitating transition from centralized to distributed production and from mass production to full customization. Also, raw materials such as titanium, steel and aluminium are used for material development while earlier, only polymers were used as raw materials. In the manufacturing sector, 3D printing is widely used for rapid prototyping for the development of low-cost functional prototyping, spare parts testing and for making iterative designs. Hence, emerging applications of 3D printing in the manufacturing sector is expected to positively influence the growth of the global industrial 3D printing market during forecast period 2021-2026.
Government Investments in 3D Printing Projects- Growth Promoter
The key factor driving the growth of the global industrial 3D printing market is increasing government investments and initiatives to promote 3D printing. For instance, in 2017, South Korean Government had announced to invest $37 million for 3D printing development. This fund was provided by South Korea’s Ministry of Science, ICT and Future Planning (MSIP) in order to support the growth of additive manufacturing industry and assist the healthcare and military sectors in South Korea. In April 2017, the Industrial Development Corporation of South Korea had provided funding of $1.2 million to a start-up named Metal Heart to develop metal 3D printers for production. This investment was done to leverage competitive advantage in 3D printing, and to create employment opportunities in major industrial sectors including gas and energy, medical devices, fuel cells, and nanotechnology. In April 2018, Australian Federal Government had provided grant of $10 million for 3D printing BioPen project. The grant is a part of the $35 million BioMedTech Horizons program of Australian government, which aims to help Australian ideas and discoveries towards proof-of-concept and commercialization, as well as stimulation of collaboration between the technology, research and industry sectors. Hence, the government investments in 3D printing projects is expected to fuel the growth of the global industrial 3D printing market during the forecast period.
Asia Pacific- Lucrative market region
Asia Pacific is expected to emerge as the fastest growing region in the global industrial 3D printing market in terms of market revenue share over forecast period 2021-2026. Government initiatives in Asia Pacific countries such as India, China, Japan, and others to support 3D printing technology is driving the regional market growth. Factors such as technological advancements in 3D printing technology, growing industrialization and urbanization are expected to fuel the Asia Pacific industrial 3D printing market.
3D Systems, ARC Group Worldwide, Arcam AB, Concept Laser, Cookson Precious Metals, EnvisionTEC Inc., EOS GmbH, Groupe Gorge, Hoganas AB, Koninklijke DSM, Markforged, Materialise, Optomec Inc., Renishaw plc, Scuplteo, SLM Solutions Group, Stratasys Ltd., The ExOne Company and Voxeljet AG among others are some major key players profiled in the research study of the global industrial 3D printing market.
Segmentation Overview of the Global Industrial 3D Printing Market
By Type
- Printers
- Materials (Plastics, Metals, Ceramics, and Other Materials)
- Software (Printing, Design, Inspection, and Scanning)
- Services
By Application
- Automotive
- Aerospace & Defence
- Healthcare
- Printed Electronics
- Foundry & Forging
- Food & Culinary
- Jewellery
- Other Industries
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