Report Overview
The global 3D printing market size was valued at USD 13.78 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 21.0% from 2021 to 2028. Globally, 2.1 million units of 3D printers were shipped in 2020 and the shipments are expected to reach 15.3 million units by 2028. The aggressive R&D in three-dimensional printing (3DP) and the growing demand for prototyping applications from various industry verticals, particularly healthcare, automotive, and aerospace and defense, are expected to drive market growth. The industrial application of 3DP is referred to Additive manufacturing (AM) as it involves a layer-by-layer addition of material to form an object referring to a three-dimensional file with the help of software and a 3-dimensional printer. A relevant 3D printing technology is selected from the available set of technologies to implement the process. The last step involves the deployment of this process across different industry verticals based on necessity.
Application Insights
The prototyping segment led the market and accounted for more than 55% share of the global revenue in 2020. Based on application, the industry has been segmented further into prototyping, tooling, and functional parts. The prototyping segment accounted for the largest share in 2020 owing to extensive adoption of the prototyping process across several industry verticals.
The automotive and aerospace and defense verticals particularly use prototyping to design and develop parts, components, and complex systems precisely. Prototyping allows manufacturers to achieve higher accuracy and develop reliable end products. Hence, the prototyping segment is expected to continue dominating the market over the forecast period.
The automotive and aerospace and defense verticals particularly use prototyping to design and develop parts, components, and complex systems precisely. Prototyping allows manufacturers to achieve higher accuracy and develop reliable end products. Hence, the prototyping segment is expected to continue dominating the market over the forecast period.
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.
Vertical InsightsInsights
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.