The Global Industrial 3D Printing Market Is Expected To Reach 100 Billion US Dollars
According to a recent research report released by Allied Market Research, the global industrial 3D printing market will be worth US 115 billion in 2021, and by 2031, this value is expected to reach USD$1107.7 billion, with a compound annual growth rate (CAGR) of 21.9%. This is mainly due to two reasons: the demand for customized products to gain a competitive advantage and the rapid adoption of 3D printing materials. The report conducted a detailed study of several key aspects, such as regional patterns, trends, industry segments, value chains, and competitive patterns.
Industrial 3D printing, also known as additive manufacturing, is used to develop 3D objects using digital files.Industrial 3D printing uses an additive process of continuously layered materials to create objects. Due to the high-precision and efficient use of materials, 3D printing has been recognized by various industries in the development of customized products. Due to reduced material waste and reduced production time and costs, the adoption of 3D printing in the industrial sector has increased. Earlier, 3D printing was limited to rapid production of prototypes. However, with the advancement of technology and the increase of applications, 3D printing is increasingly used for functional testing of prototypes under working conditions and the development of final products. The main applications of industrial 3D printing technology are consumer goods, national defense, aerospace and automotive industries.
As reflected in the "Wohlers Report 2022" earlier this year ("Wohlers Report 2022": Additive Manufacturing will grow by 19.5% globally in 2021), the additive manufacturing industry is experiencing strong growth. In addition to this growth, the negative impact of the COVID-19 pandemic on the market was also mentioned.In the past two years, the health crisis has affected major industry players, and their development rate has slowed significantly due to the lack of skilled labor to develop 3D printing solutions. However, the additive industry is now recovering and is expected to reach its highest market value by 2031. In addition, the analysis of this report provides a way for additive manufacturing companies, investors and users to gain an in-depth understanding of the market segments that should be utilized in the coming years and be able to share this growth benefit.
Trends in industrial 3D printing
The report analyzes the additive manufacturing market based on the type of additive manufacturing users.Compared with other traditional methods, this technology provides the possibility to create affordable, complex and lighter components. Therefore, we can find that the industrial sector is obviously the most prominent, whether it is the creation of prototypes, tools or final components. Even so, it is worth noting that the aerospace and defense sectors are in second place and are expected to continue to grow in the coming years.In terms of regions, North America is expected to account for the largest share in 2021, contributing almost half of the total market share. However, countries in Latin America, the Middle East and Africa (LAMEA) are expected to achieve a compound growth rate of 24.1% during the forecast period.
If we focus on the 3D printing solution itself, we can see that the research emphasizes two important aspects: components and technology. Components refer to the elements indispensable for the operation of the machine, namely hardware and software.In this regard, we can see that the hardware segment will account for more than two-thirds of the total share in 2021, and is expected to maintain its leading position by 2031. On the other hand, many market participants use different 3D printing technologies. The stereo lithography technology (SLA) segment accounts for more than a quarter of the market share and is expected to continue to maintain a leading position in the coming years. However, during the forecast period, FDM 3D printing will register the highest compound annual growth rate.
