The 3D printing market size is expected to grow from US$ 17.46 billion in 2022 to US$ 91.74 billion by 2030; it is estimated to grow at a CAGR of 23.0% from 2022 to 2030.
3D Printing Market Analyst Perspective:
The use of 3D printing technology is growing in the aerospace industry as it helps to create light and geometrically complex parts more efficiently and accurately, driving the growth of the 3D printing market. 3D printing helps to create the whole aircraft component rather than building it in parts, thus reducing lead times and material wastage. In addition, automobile manufacturers are increasingly using the technology to reduce inherent weight and cost reductions. It also helps with rapid prototyping of new parts for testing or small-scale manufacturing. Hence, the growing use of technology in the automotive industry is boosting the growth of the market. Furthermore, the rising use of 3D printing technology in the medical sector for the creation of made-to-measure implants and devices is creating an opportunity for the growth of the market. In the medical sector, technology can help in designing and customization of dental fixtures and hearing aids as per the needs of the users, raising its demand worldwide.
3D Printing Market Overview:
3D printing is also known as additive manufacturing. It is a method of creating a three-dimensional object using a computer-created design. Also, 3D printing is an additive process where layers of material are built to create a 3D part. It is the best option for the creation of complex, bespoke items, making it an ideal solution for rapid prototyping, as products can be created faster than any other traditional manufacturing techniques and without any reliance on external supply chains. In addition, 3D printing is cheaper than subtractive production methods as no extra material is used, thus boosting the growth of the industry. Moreover, as the process is based on computer-aided designs (CAD), if there are any product alterations, it can be easily done without impacting the manufacturing cost.
Strategic Insights
3D Printing Market Driver:
Growing Construction Industry Worldwide is Fueling the Growth of the Market.
The construction of commercial and residential buildings is growing worldwide, majorly in developing countries. In July 2021, according to the TASS, a Russian news agency, the commissioning of housing in Russia increased by 28.4% in the first five months of 2021 compared to 2020. According to the data from the Ridgewater Homes website, in 2021, Australia witnessed a 10% growth in the construction of residential buildings. This growth is attributed to the increased demand for houses due to growing sustained employment, low-interest rates, and a surge in government programs such as HomeBuilder. Several government initiatives are supporting the growth of the housing industry. For instance, in February 2021, the South Korean government announced to ease building regulations and support redevelopment projects in South Korean urban areas by supporting the construction of 836,000 new houses nationwide. Also, the new housing policy by the government focuses on increasing the number of houses in the Seoul metropolitan area and other major cities. Moreover, according to the Ministry of Land, Infrastructure, and Transport of South Korea, the latest policy consists of constructing 323,000 and 293,000 new houses in Seoul and Gyeonggi Province, respectively. Similarly, in September 2021, the Egyptian government announced the construction of 37 new smart city projects with an initial investment of US$ 20 billion in an area of 16,800 hectares.
Furthermore, the growing industrialization is leading to the construction of new office complexes globally. For instance, in Q1 of 2022, the construction of Ostendstraße 1-14 Commercial Buildings started in Berlin, Germany, with an investment of ~US$ 1,293 million. The project aims to meet the growing requirement for office, hotel, retail, and commercial facilities in the region. The project is expected to be completed in Q4 of 2027. Similarly, the construction of the Commerz III Commercial Office Complex started in Q1 of 2022 in Mumbai, India. This 43-story commercial office complex construction is expected to require an investment of ~US$ 900 million and will be completed in Q4 of 2027. Thus, the rise in residential and commercial construction projects globally is raising the demand for 3D printing as it provides the freedom to design different structures. Also, architects are able to build complex designs which can be very time-consuming, too expensive, or labor-intensive, created by conventional construction means. Thus, the use of technology allows a lot more innovation and creativity in the commercial construction space, driving the market growth in the forecasted period.
3D Printing Market Segmental Analysis:
Based on component, the 3D printing market is segmented into hardware, software, and services. The hardware segment held the largest Market share in 2022, whereas the software segment is anticipated to register the highest CAGR during the forecast period. The continuous innovation by the 3D printer companies players is one of the major factors for the growth of the hardware segment in the market. For instance, in November 2022, Wipro launched its new 3D printer. It is an industrial-grade, reliable, and robust printer based on fused filament fabrication technology. This new Wipro 3D F300-2 printer consists of features such as automatic platform leveling, a self-cleaning nozzle, a magnetic print bed, and dual filtration, which helps ensure user safety and high-quality 3D prints. Thus, such growing developments by the top 3D printer manufacturers will further fuel the growth of the hardware segment in the market.
3D Printing Market Regional Analysis:
Asia Pacific is expected to witness significant growth in the 3D Printing Market in the forecasted period. China holds the largest market share in 2022. The market is witnessing tremendous growth due to the growing manufacturing of automobiles in the region. Japan is one of the leading countries in the world in the automotive industry. The country is known for its cutting-edge technology and invigorating ideas worldwide. In Japan, automotive manufacturing takes up 89% of the country’s manufacturing sector. In addition, the rising demand for hybrid and electric vehicles is further fueling the growth of the automotive industry in the country, raising the market growth. In addition, various companies in the region are expanding their manufacturing capabilities to cater to the rising demand for automobiles. For instance, in March 2023, Chinese EV manufacturer BYD announced that it had started the construction of its new EV manufacturing facility in Thailand, which will be producing 150,000 passenger cars per year from 2024. Thus, the growing production of automobiles in the region is boosting the growth of the market.
3D Printing Market Key Player Analysis:
3D Systems Corporation, AIO Robotics, Autodesk Inc, Amazon, General Electric, Materialise NV, The ExOne Company, Home Depot, Stratasys Ltd, and EOS GmbH are among the largest additive manufacturing companies or key market players. These market players are continuously focused on product development and innovation.
3D Printing Market Recent Developments:
Inorganic and organic strategies such as product launches, partnerships, collaborations, and mergers and acquisitions are highly adopted by companies in the 3D printing market. A few recent key market developments by these companies are listed below:
- In June 2023, Schaeffler Group introduced its new complex multi-material 3D printing systems at Automatica 2023. This new solution will help customers use innovative material combinations, integrate new functions into components and tools, and provide a higher degree of flexibility in the design of products and tools.
- In May 2023, Nexa3D announced its new XiP Pro ultrafast industrial 3D printer at Rapid + TCT 2023. This new printer features print speeds which are exponentially faster than the traditional SLA and DLP-based technologies, has a more powerful print engine, and a 19.5-liter build volume. In addition, the new XiP Pro also helps to deliver previously unattainable production capabilities for industrial users.
- In November 2021, 3D Systems introduced the new high-throughput 3D printing technologies in partnership with Additive Manufacturing Technologies (AMT). This new next-generation selective laser sintering (SLS) consists of 3D Systems’ new SLS 380, 3D Sprint plastic AM software, DuraForm materials, and AMT’s PostPro, automated post-processing solutions for 3D printing.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Companies List
- 3D Systems Corporation
- Arcam AB
- Autodesk, Inc.
- Amazon
- GE Company
- Materialise NV
- The ExOne Company
- Home Depot
- Stratasys Ltd.
- EOS GmbH
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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