The market has promising growth potential due to several factors including reducing manufacturing costs and process downtime, government investment in 3D printing projects, and the development of new industrial grade 3D printing materials.
New York, Aug 03, 2021 (GLOBE NEWSWIRE) – Reportlinker.com Announces the Release of Report “3D Printing Market By Supply, Process, Application, Vertical, Technology, and Geography – Global Forecast To 2026” – https: // www .reportlinker.com / p04998220 /? utm_source = GNW
Additionally, the increased demand for health products due to the COVID-19 outbreak and the potential of 3D printing to improve manufacturing processes and improve supply chain management have opened several opportunities for 3D printer manufacturers in the market. The ability of 3D printing technology to reduce the time required to design and manufacture functional parts results in the rapid production of prototypes without the need to reconfigure or retool the production line. For applications with low to medium volume, 3D printing eliminates the need for expensive tool production, which leads to lower costs, lead times and associated labor.
The main factor holding back the growth of the 3D printing market is limited availability and high material costs, limitation of product size and lack of standard process control. A larger selection of raw materials is available for traditional manufacturing than for 3D printing-based manufacturing processes. 3D printing of products with mixed materials and technologies, such as circuit boards, is still under development. Although the technology is a major process breakthrough, the materials that can be used are still limited. In addition, the accuracy and reproducibility of products made by 3D printing are affected by the lack of appropriate standards regarding the mechanical properties of the materials used.
The market declined in 2020 mainly due to the impact of COVID-19. Supply chains were disrupted in 2020 due to the lockdown imposed by various governments and labor shortages in the automotive, aerospace, consumer electronics and consumer electronics industries due to travel restrictions, affecting the 3D printing market.
E-commerce flourished due to lockdowns in all regions and restrictions on logistics. Restrictions on imports and exports from China and other APAC countries have locked down manufacturing facilities in North America and Europe.
This has resulted in significant fluctuations in overhead costs and overall product quality for these manufacturers. Although the market was hit in 2020, it is expected to fully recover by 2021.
Prototyping: The largest segment of the 3D printing market by application
Prototyping is the leading application in the 3D printing market. Prototyping has been the main application of 3D printing for industries like aerospace, automotive, etc.
With the ability to produce multiple design iterations in less time, 3D printing is an effective tool for product development. The technology has now evolved so that it can be used to create functional prototypes from high-performance materials.
Functional prototyping and concept modeling enable design and engineering teams to view and test products. 3D printing also enables the rapid production of low-cost prototypes based on customer requirements for the geometry of the structure, accuracy and well-defined smoothness of the products used in each industry.
Automotive: The fastest growing segment of the 3D printing market by industry
The automotive industry is the fastest growing industry for the 3D printing market. The automotive industry has also shifted from using 3D printing for prototyping applications to manufacture end components and products.
The demand for newer, more powerful vehicles, as well as the need to optimize production and streamline supply chains and logistics, are driving the growth of the market. New trends such as autonomous vehicles, electric cars, and mass customization are forcing automakers and suppliers to introduce 3D printing technologies across the automotive application value chain.
To stay competitive in the Industry 4.0 stage, automotive companies are accelerating the adoption of 3D printing technologies.
North America has the largest market share in the 3D printing market
The North American region is expected to dominate the 3D printing market and have the largest market share over the forecast period. There are also countries in the region such as the United States, Canada, and Mexico that have several major players in the 3D printing market.
North America dominates the 3D printing market due to several factors including the presence of additive manufacturing companies, service bureaus, and engineering firms. In the US, 3D printing facilities such as the Emerging Technology Center in Athens, Alabama, have been built to support industries such as aerospace, transportation, oil, gas, and energy.
Similarly, Lawrence Livermore National Laboratory (LLNL), California, has added an Advanced Manufacturing Laboratory (AML) designed to accelerate research into additive manufacturing equipment. In the healthcare and dental sectors, the Jabil 3D printing competence center was finally founded -to-end scaled production of medical products.
Different actors are involved in R&D activities in different industries. There has also been an increase in investment in North America, which is an opportunity for the market
The study includes insights from various industry experts, from component suppliers to tier 1 companies. The division of the area codes is as follows:
• By type of company: Tier 1 – 35%, Tier 2 – 40% and Tier 3 – 25%
• By appointment: C-level executives – 30%, directors – 40% and others – 30%
• By region: North America – 40%, Europe – 25%, APAC – 30% and RoW – 5%
The report introduces the major players in the global 3D Printing Market with their respective market share analysis. Prominent players featured in this report are Stratasys (USA), 3D Systems (USA), Materialize (Belgium), EOS (Germany), GE Additive (USA), ExOne (USA), voxeljet (Germany), HP ( USA), SLM Solutions (Germany), Renishaw (Great Britain), Protolabs (USA), CleenGreen3D (Ireland), Optomec (USA), Groupe Gorgé (France), Ultimaker (Netherlands), Beijing Tiertime (China), XYZprinting (Taiwan) , Höganäs (Sweden), Covestro (Royal DSM) (Germany), Desktop Metal (USA), Nano Dimension (Israel), Formlabs (USA), Carbon (USA), TRUMPF (Germany) and Markforged (USA).
The report segments the 3D printing market and predicts its size by value based on region (North America, Europe, APAC and ROW), by supply (printer, material, metals, software, service), process (binder jetting, directional energy capture, material extrusion , Material jetting, powder bed melting, sheet lamination, VAT photopolymerization), technology (stereolithography (SLA), fused deposition modeling (FDM), selective laser sintering (SLS), direct metal laser sintering (DMLS), polyjet / multijet printing (MJP), Inkjet Printing, Electron Beam Melting (EBM), Laser Metal Deposition (LMD), Laminated Object Manufacturing (LOM) and Digital Light Processing (DLP)), application (prototyping, tooling and manufacturing of functional parts)), vertical (automotive, aerospace and Defense, Healthcare, Architecture and Construction, Consumer Goods, Education, Industry, Energy, Printed Electronics, Jewelry, Food and Hospitality).
The report also provides a comprehensive view of the market drivers, restraints, opportunities, and challenges in the 3D Printing market. In addition to the quantitative aspects of these markets, the report also deals with qualitative aspects.
Main benefits of purchasing the report
The report will assist the market leaders / new entrants in this market with information on the closest approximations to the sales figures for the overall market and sub-segments, and plan appropriate go-to-market strategies.
The report also helps the stakeholders to get the pulse of the 3D Printing market providing them with information regarding the key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p04998220/?utm_source=GNW
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