Global 3D printing market was valued at USD 13.84 billion in 2021, and it is expected to reach a value of USD 51.95 billion by 2028, at a CAGR of 20.80% over the forecast period (2022-2028).
Westford, USA, Aug. 08, 2022 (GLOBE NEWSWIRE) -- 3D printing is quickly becoming one of the most popular technologies in the world. It has been used to create everything from prosthetic body parts and surgical implants to customized eyeglasses and airplane parts. The applications of 3D printing are only going to continue to increase in the future. This is because 3D printing is able to create complex objects very quickly and with high accuracy.
One of the biggest benefits of 3D printing market is that it can be used to create custom objects quickly and relatively cheaply. This means that it can be used in a variety of different industries, including manufacturing, construction, and medical research.
10 million 3D Printers to be Sold by 2030
Although the exact number of 3D printers to be sold by 2030 is impossible to predict with complete accuracy, SkyQuest analysis expect that the sales of 3D printers will continue to grow at a healthy CAGR of 20.38%. In 2015, global sales of 3D printers reached an estimated 0.8 million, and by 2019 this figure increased 1.5 million, and is projected to surpass a 10 million mark by 2030.
One key factor driving the growth of 3D printing market sales is the decreasing cost of these devices. In 2014, the average price of a consumer-grade 3D printer was approximately $1,000. Just two years later, in 2016, the average price of low-cost 3D printers has dropped to less $400. This decrease in prices is making 3D printers more affordable for a wider range of consumers and businesses, which is helping to drive growth in sales. On the other hand, industrial and professional 3D printer cost has come down to around $10,000 and $5,000 respectively, which used to more than $20,000 in 2015.
The demand for 3D printing is expected to grow in the coming years, as the costs and technological developments for the technology decline. This is especially true for medical applications, which are expected to account for a large share of future growth.
3D printing has already revolutionized manufacturing processes, and it is expected to do even more in the future. The technology can be used to produce customized products, which is why it is often used to create medical devices.
Advantages of 3D printing over other manufacturing processes include the ability to produce multiple copies of a product with minimal mistakes. Additionally, 3D printing is faster than other methods and it does not require specialized equipment. This makes it suitable for small businesses and Manufacturing Enterprises who need quick turnaround times on products.
SkyQuest has published a report 3D printing market that primarily focuses on demand and sales of 3D printers by application and end-use industry. The report also provides a detailed insights into number of units sold in each sector and their major buyers by region. This would help the market participant to identify market opportunities and target their potential consumers in the global 3D printing market. To get a detailed market analysis, pricing analysis, value chain and supply chain optimization, and forecast,
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Automotive Industry Generates 27% of Sales in Global 3D Printing Market
The automotive industry generates a significant chunk of the global 3D printing market. As per SkyQuest Technology, the automotive industry generated 27% of sales in the global 3D printing market in 2021 and is projected to continue expanding their market share at a CAGR of around 22.3% in the years to come as the application area expands. As of 2021, the automotive industry generated market revenue of $2.3 billion and is projected attain a market value of $11.87 billion by 2028.
A number of factors are contributing to the growth in the automotive industry and 3D printing is one of them. Automotive companies are increasingly turning to 3D printing technology for various reasons. Some of the reasons include replacing parts with customized parts, manufacturing prototypes faster and more cost-effectively, and creating models for Toyota's Arcturus concept cars.
3D printing has also revolutionized the design process for carmakers. Instead of creating a model using 2D drawings, carmakers now use 3D prints to create accurate models that can be used for engineering and manufacturing purposes.
This report by SkyQuest on global 3D printing market provides a snapshot of the market trends and projections for 3D printing in the automotive industry. It provides insights on how this technology is changing the way carmakers work and helps to identify future opportunities.
Healthcare Holds 20% of Global 3D Printing Market
As per SkyQuest analysis, healthcare to generate a revenue of $5.8 billion by 2030. With rapidly changing market dynamics in the global healthcare market and advancing applications of 3D printing in healthcare domain, the market is projected to grow at a CAGR of around 20.9% until 2030.
While the healthcare industry only holds a 20% share of the global 3D printing market, it is clear that this technology is having a profound impact on how medical care is delivered. In particular, 3D printing is being used to create custom prosthetics and implants, as well as to produce models of organs and body parts for surgical planning. Additionally, 3D-printed pharmaceuticals are beginning to enter the market, offering patients personalized medication dosing based on their specific needs.
Medical implants and tissue engineering are booming industries that are seeing growing demand from patients all around the world. One reason for this increased demand is the advancement in 3D printing technology.
3D printing has revolutionized the manufacturing process for medical devices, and it is now more common than ever to find devices being printed using 3D printers. This is in part due to the fact that 3D printing is both cost-effective and accurate. Globally more than 30 million medical implants are done. Wherein, the US is the largest country and is holding higher market share. For instance, every year, the country witnesses over 1 million implants are being done for hip and knee replacement. On other hand more than 3 million dental implants taken place annually. This represents a huge opportunity and potential for 3D printing market for production of medical implants. As per SkyQuest analysis, the global market is flooded with at least 2 million types of medical devices, which is significantly huge.
In addition to medical devices, 3D printing is also being used to create tissues and organs for medical use. These tissues and organs can help to improve the quality of life for patients who have lost their own tissue or organ due to injury or disease. From the last few years, the global 3D printing market has been witnessing a significant surge in the demand for cosmetic and plastic surgeries. For instance, in 2021, more than 1.4 million surgical and non-surgical procedures were performed and this number is expected to grow at a CAGR of over 15.8% in the years come. As the number of procedures increases, it offers lucrative opportunity for the market participants since the demand for customized tissue is getting huge attention.
SkyQuest Technology has identified underlying market opportunities in the global 3D printing market by application and prepared report that answers how the market is advancing, where the demand is coming from, what are the market trends, which country and region has the most potential consumers, what are the government policies, and how end-users are responding in the market. The report also focuses on number of players active in the market, their market share, competitive landscape, and growth strategies. This comprehensive report would help you in identifying the most potential growth opportunities that the competitors have missed and provide deeper insights on how the market is performing across the globe. To get a detailed market analysis,
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Recent Developments in 3D Printing Market
Researchers at Rutgers University and the University of Louisville have developed a Fused Filament Fabrication (FFF) system that’s capable of using multiple nozzles to rapidly 3D print different areas of the same part on a single gantry. The 3D printer is double the speed of standard FFF
In July 2022, a state of art 3D printing facilities is opened at Bengaluru, India
In March 2022, The Department of Science and Innovation (DSI) of South Africa started a pilot project to use 3D printing technology to construct about 25 homes in an effort to address the housing shortage there.
In March 2022, The INDUSTRY F421 industrial FFF machine was introduced by 3DGence, a European company, and is suitable for high performance materials. The company has also released AS9100, a brand-new high-temperature filament that is approved for use in the aerospace and defense industries and produced using polyether ether ketone (PEEK).
In February 2022, Imaginarium partnered with Ultimaker to introduce desktop & industrial 3D printer range in the India market. In India, where additive manufacturing is anticipated to make significant strides in the following years, this alliance will aid Ultimaker in growing its operations there.
In May 2021, GE Additive partnered with Protolabs and fashion designer Zac Posen to construct four gowns and a headdress for showing at the Met Gala. Electron-beam melting (EBM), Multi Jet Fusion (MJF), and stereolithography (SLA) technology were used across the items to fulfil the design requirements of wearable clothes.
Top Players in Global 3D Printing Market
Made in Space, Inc. (US)
General Electric Company (GE Additive) (US)
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