< Key Hightlight >

The 3D printing market is foreseen to reach USD 34.5 billion by 2028 from USD 15.0 billion in 2023; it is anticipated to grow at a compound annual growth rate (CAGR) of 18.1% from 2023 to 2028. Effortlessness in development of tailored products, reduction in manufacturing cost and process downtime, government investment in additive manufacturing-based projects globally, and availability of wide variety of industrial-grade 3D printing materials are the few driving factors for the growth of 3D printing market.

3D Printing Market Forecast to 2028

3D Printing Market Dynamics

Driver: Global government investment in 3D printing projects

Globally, governments are undertaking initiatives and funding educational institutions, research centers, and research and technology organizations to explore further the opportunities provided by 3D printing technology and encourage its development. The US, the UK, and Canada have implemented national programs for promoting university-level 3D printing research, driving technology advancement and the establishment of start-ups. The emergence of new applications for 3D printing has attracted industrialists and governments worldwide toward the technology. For instance, the UK National Strategy for Additive Manufacturing 2018–2025 aims to achieve EUR 3,500 million gross value added (GVA) per year by 2025 and 60,000 jobs across sectors. The strategy depicts a full set of recommendations developed by workgroups responsible for certain themes.

Restraint: Lack of standardized testing methods to verify mechanical properties of 3D printing materials and high cost of raw materials

More raw materials are available for traditional manufacturing than for 3D printing-based manufacturing processes. 3D printing of products with mixed materials and technology, such as circuit boards, is still under development. Though the technology is a major process breakthrough, the materials that can be used are still limited. Also, the accuracy and reproducibility of the products formed by 3D printing are hampered due to the lack of standardized tests to verify the mechanical properties (strength, toughness, stiffness, and hardness) of the materials used. Another concern is characterizing material properties depending on their suitability in 3D printing. Various available materials have characteristic mechanical properties, porosity, powder composition, particle homogeneity, size, and morphology. Therefore, material characterization and standardization for 3D printing are some of the important issues.

Opportunity: Emerging applications of 3D printing technology in automotive, printed electronics, jewelry, and education fields

3D printing technology is increasingly adopted in industrial manufacturing, especially in the automotive, aerospace, and defense industries. 3D printing has potential opportunities in tooling, jigs and fixtures, injection molding, and production parts manufacturing. 3D printing technology is in an early stage of development across several sectors, such as printed electronics, textiles, footwear, and food and culinary; however, it is experiencing significant adoption from the education, art and architecture, and jewellery industries. The market has been experiencing the advancement of printers and printing technologies, improvement in printing materials, and the development of a skilled workforce. The advancements in printing technology, design tools, software, materials, and printed electronics will allow electronics to be embedded within the structure of the products instead of mounting the printed circuit boards (PCBs) separately within the device. 3D printing finds potential opportunities to eliminate PCBs and produce hearing aids, structural electronics, print sensors, cell phone antennae, batteries, solar cells, light-emitting diodes, and other active and passive devices.

Challenge: Decline in sales of 3D printing devices due to recession impact

During a recession, companies and individuals may reduce their spending on non-essential items such as 3D printers, which could decrease the demand for 3D-printed products. Companies using 3D printers may delay their plans to adopt newer technologies due to financial uncertainty, which could slow down the growth of the 3D printing market. Established players in the 3D printing market may witness a decline in their annual revenues at the end of FY2023 due to the recession. Customers from emerging markets will be looking for low-cost 3D printers, which could increase the competition among established players.

Service segment is expected to grow at highest CAGR during the forecast period

With the advancement in printing technology and materials, the 3D printing service sector is garnering significant traction as a source of profit generation compared to the sales of printers and materials. As the 3D printing technology facilitates manufacturing products with complex geometries and offers competitive pricing compared to traditional manufacturing methods, several companies across several industries are expected to outsource everything, from design to production of customized products, to sustain in the highly competitive markets. As a result, the market for 3D printing services is expected to witness the highest growth rate in the near future.

SLS technology is expected to grow at highest CAGR during the forecast period

Selective laser sintering is the mostly preferred additive manufacturing technology for industrial applications. It is reliable to use due its ability to produce strong, functional parts and hence engineers and manufacturers across different industries prefer this technology. SLS 3D printers comprise of a high-powered laser to fuse small particles of polymer powder. The rising adoption of 3D printing to manufacture functional parts drives market growth.

Functional part manufacturing application is expected to grow at highest CAGR during the forecast period

The rising adoption of 3D printing for end-use part production in various industries drives the functional part manufacturing market growth. 3D printing is becoming a sustainable manufacturing option for certain medium-size production runs, predominantly in areas such as motorsports and luxury vehicles, where production numbers are lower than average. With over 1 million parts 3D printed in the last decade, BMW is one of the early adopters of 3D printing components. BMW has effectively utilized 3D printing to develop a metal fixture for company’s i8 Roadster model. Also, the rising adoption of 3D printing for end-use product manufacturing in consumer product verticals provides an opportunity for the market.

Automotive is expected to grow at highest CAGR during the forecast period

The automotive vertical is likely to be the fastest-growing vertical in the 3D printing market. The automotive industry has also shifted from using 3D printing for prototyping applications to manufacturing final components and products. The demand for newer, better-performing vehicles and the need to optimize production and streamline supply chains and logistics drive the growth of the market. Plastics are generally used in prototyping, while metals and special plastics are used to manufacture automotive end parts. The automotive vertical offers a huge potential market for 3D printing in the tooling segment, as a huge gap exists between tooling and automobile production. The number of new model vehicles being launched is increasing yearly, with the growing complexity of the parts involved in these vehicles.

3D printing market in Asia Pacific is expected to foresee the highest CAGR during the forecast period

The Asia Pacific region is expected to foresee the highest growth of 3D printing solutions during the forecast period. The region has witnessed a significant shift toward prototyping and advanced manufacturing using 3D printing. Government initiatives coupled with extensive research and development capabilities and foreign direct investment (FDI) have accelerated the growth of the 3D printing market in this region. Technological advancements in China are another important driving factor for the market. China is one of the largest manufacturers of consumer devices and automotive vehicles.

Top 3D Printing Companies - Key Market Players

Major vendors in the 3D printing market include Stratasys (US), 3D Systems (US), Materialise (Belgium), EOS GmbH (Germany), GE (US), Voxeljet (Germany), HP (US), SLM Solutions (Germany), CleanGreen3D Limited (Ireland), Protolabs (US), Optomec (US), Groupe Gorgé (France), Ultimaker (The Netherlands), Renishaw (UK), Beijing Tiertime Technology (China), XYZprinting (Taiwan), Höganäs (Sweden), Covestro (Royal DSM) (Germany), Desktop Metal (US), TRUMPF (Germany), Nano Dimension (Israel), Formlabs (US), Markforged (US), and Carbon (US).

Recent Developments

In March 2023, Materialise collaborated with Exactech, which is a developer of innovative instrumentation, implants, and other smart technologies for joint replacement surgery, to provide advanced treatment alternatives for patients with severe shoulder defects.

In February 2023, Stratasys collaborated with Ricoh USA, Inc. to offer on-demand 3D-printed anatomic models for clinical settings. Under this agreement, Stratasys’ patient-specific 3D solutions integrated with its 3D printing technology; the cloud-based segmentation-as-a-service solution from Axial3D, a medical technology manufacturer; and precision additive manufacturing services from Ricoh combined to develop a single, convenient solution.

In February 2023, Desktop Metal launched Einstein Pro XL, an affordable, high-accuracy, high-throughput 3D printer ideal for dental labs, orthodontists, and other medical device manufacturers.

In December 2022, voxeljet developed ULAS-E-VAN (UltraLeicht AufbauStruktur eines Elektrischen VANs– UltraLightweight Body Structure of an Electric VAN); nine partners are developing lightweight solutions for the body structure and a modular battery carrier system of battery-electric powered light commercial vehicles.

In October 2022, Stratasys acquired Riven, a quality assurance software company and California-based startup. This acquisition has been made to integrate Riven’s cloud-based software solution into Stratasys’ GrabCAD Additive Manufacturing Platform, benefiting customers using any Stratasys 3D printer running GrabCAD Print software.