Functional parts include smaller joints and other metallic hardware connecting components. The accuracy and precise sizing of these functional parts are of paramount importance while developing machinery and systems. The functional parts segment is expected to expand at a significant CAGR of 21.5% from 2021 to 2028 in line with the increasing demand for designing and building functional parts.
The automotive segment led the market and accounted for more than 23% share of the global revenue in 2020. Based on verticals, desktop and industrial 3D printing the industry has been segmented into separate verticals for. The verticals considered for desktop 3DP comprises educational purpose, fashion and jewelry, objects, dental, food, and others. The verticals considered for industrial 3DP comprises automotive, aerospace and defence, healthcare, consumer electronics, industrial, power and energy, and others.
The aerospace and defense, healthcare, and automotive verticals are anticipated to contribute significantly toward the growth of industrial additive manufacturing over the forecast period owing to the active adoption of technology in various production processes associated with these verticals.
On the other hand, dental, fashion and jewelry, and food verticals are anticipated to contribute significantly to the growth of the desktop 3DP segment over the forecast period. The dental vertical dominated in 2020 and it is expected to continue dominating the segment over the forecast period. The adoption of 3D printing in manufacturing imitation jewelry, miniatures, art and craft, and clothing and apparel is also gaining traction.