PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1087132
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1087132
The industrial 3D printing market was evaluated at US$1.218 billion in the year 2020 and is projected to grow at a CAGR of 19.34% to reach a market size of US$4.201 billion by the year 2027. Manufacturers around the globe are adopting industrial 3D printing to make the process more efficient and cheaper. Moreover, the entry of new and emerging players into the market is significantly contributing to the overall market growth. New start-ups like Icon, Spectroplast, One Click, and Laser Melting Innovations are entering the market with new promising technologies such as Silicone 3D printing, low-cost Laser Powder Bed Fusion 3D printers, and electrophotographic 3D printers. Owing to the increase in the number of new players and the introduction of new technologies, the industrial 3D printing market is expected to grow during the forecast period. The entry of new players into the market is creating healthy competition and pushing companies to focus on their innovation and research and development activities.
Furthermore, the decreasing prices of 3D printing-based machines and increasing expertise and awareness have increased the use of the technology. The development of newer and more advanced fused deposition modelling methods has increased the demand for diverse materials, which has boosted the widespread adoption of this technology across various industries over recent years.
Technological advancement and investments
One of the prime reasons supporting the growth of the market is the growing technological advancements such as artificial intelligence, the Internet of Things, and machine learning. These technologies enable automated printing for efficient production. For instance, Additive Manufacturing Technologies - which is a UK-based company, launched its new Digital Manufacturing Systems. The system uses the company's proprietary technology to provide a digital and automated solution for the manufacturing workflow. ExOne announced the introduction of an Industrial-Grade 3D Printed Tooling Solution lineup. It offers the world's broadest portfolio of 3D printed tooling solutions. Moreover, the growing investments in research and development of 3D printing will have a positive impact on the market growth. For instance, the Dutch government has invested around USD 150 million in 3D printing-related research and innovation.
Additionally, a series of new product launches, mergers and acquisitions, and partnerships between the key players are projected to further drive the market growth during the forecast period. For instance, ExOne has entered into a collaboration with Maxxwell Motors for the development of 3D printed copper windings. SLM Solutions announced its partnership with Solukon for advanced depowdering systems. Under this partnership, the SLM solution will use Solukon's flagship machines for different post-processing parts produced in the additive manufacturing processes.
COVID-19
The COVID-19 pandemic had a detrimental impact on the industrial 3D printing market due to lower demand from the manufacturing sector. The lockdown imposed by governments across the world to reduce the spread of the virus has resulted in huge losses in operational time for industries. The supply chain was also halted because of the lockdown, as a result, there has been a significant delay in delivering previous orders. The main factor for the drop in demand among the enterprises utilizing 3D printing services was a general lack of demand. Reduced demand and halt in operational tasks resulted in a low rate of return on investment. Furthermore, the industry's potential was hampered by the lack of competent labor, as well as long-term plant shutdowns. As the pandemic began, businesses were experiencing a severe shortage of raw materials. Engineers' lack of access to the equipment and physical workspaces to develop and produce 3D printing products was a secondary reason. According to data from the World Bank, the value-added by the manufacturing sector decreased from US$13.946 trillion in 2019 to US$13.498 trillion in 2020. The foundry industry also suffered a setback amid the pandemic. For instance, the Italian foundry production suffered a decline between -20 percent to -30 percent in 2020, as per ASSOFOND. Between January and April 2020, iron casting production decreased by 42 percent and non-ferrous production decreased by 32 percent in the country. Thus, the projection for the industrial 3D printing technology market in the COVID-19 scenario is revised downwards.
Market Segmentation:
Hardware
Software
Services
Stereolithography
Fused Deposition Modelling
Selective Laser Sintering
Direct Metal Laser Sintering
Polyjet Printing
Inkjet Printing
Laser Metal Deposition
Others
North America
South America
Europe
Asia-Pacific