HVAC & Machines
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The global 3D printing market will be worth more than USD 116 billion by 2033.

The ongoing proliferation in demand for customized goods coupled with growing disposable income in developing regions is predicted to enormously support 3D printing market growth. The analysis has represented vast opportunities in the North American region. Along with the rise in disposable income, consumer interest is also inclining towards additive manufacturing. 3D printing and additive manufacturing will be critical in bridging the gaps between the digital and physical worlds and setting new standards for business. The traditional economies of scale and scope are altering, setting the stage for a novel generation of market prospects and end-to-end supply network proficiencies.

Along with 3D printers getting faster, their build volume and the size of the printable object are also increasing. A few years ago, an archetypal high-end metal printer could only build an object that was smaller than 10 x 10 x 10 centimeters or a cubic liter. In 2019, multiple printers were available with a 30 x 30 x 30-centimeter volume, or 27 cubic liters. This permitted bigger objects to be made without necessitating printing and assembling smaller objects. The growing preference for governments to develop a self-sustainable economy is triggering the market growth of 3D printing. In 2017, the Chinese government issued the 'Additive Manufacturing Industry Development Action Plan,' which forms part of the 'Made in China 2025' strategic roadmap for the country's manufacturing sector, outlining long-term ambitions and development goals to make China one of the leading 3D printing nations. One of the highlights of the plan is a goal to introduce over 100 AM pilot projects across ten key industries, including the medical, cultural, educational, and Internet sectors. To accomplish these goals, China is fostering promising AM companies, backing standardization for the Chinese AM industry, and investing in 3D printing workforce development. In 2015, China founded the first 3D Printing College in the world, Baiyun-Winbo 3D Printing Technology College, located in Guangzhou. The country also has plans to install 3D printers in 4,00,000 elementary schools. Initiatives such as these will benefit the Chinese economy in the long term, as the people will be educated and skilled in 3D technology from a young age.

The companies operating within the 3D printing industry are undergoing mergers, collaboration, acquisitions, long-term contracts, and service agreements to increase their global footprint. For instance, in December 2020, Stratasys acquired Origin for $100 million. In April 2021, Stratasys introduced the Stratasys Origin One 3D printer, designed for end-use manufacturing applications. Stratasys acquired Origin as a key part of its strategy to lead in polymer 3D printing for manufacturing. Stratasys introduced the Stratasys Origin One 3D printer, which uses proprietary P3 technology to produce parts in a wide range of high-performance materials with industry-leading accuracy, repeatability, and time to part. An update to the pre-existing Origin One includes a greater serviceable build envelope plus software and hardware workflow upgrades for ease of serviceability, higher performance, and higher utilization. The software upgrades were accessible to the then-existing installed base via a cloud-delivered update when the Origin One began shipping.

According to the CXOs and primary research conducted, the rise in disposable income and the growing influence of personalized goods in developing or developed regions would aggressively impact 3D printing market growth. Some huge companies are incoming in the 3D-printing market, corroborating the space and pushing the overall industry to modernize even faster. These large companies are fetching research investment, credibility, large customer bases, and marketing muscle, and fortuitously for the industry's growth, they are mostly escalating the inclusive pie rather than captivating sales away from prevailing players.

The 3D printing market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In line with the analyzed region, the North American region will witness the highest market growth, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. Increasing adoption of 3D printed products, growing interest from manufacturing companies, rise in disposable income, and major industry players within the region are primary factors supporting market potential within the North American region. The major companies operating within the market are 3D Systems Corporation, EOS, Envisiontec, Inc., GE Additive, HP, Markforged, Materialise NV, Renishaw, Stratasys Ltd., and Ultimaker.

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Dhvanil Dave
Quadrant Market Insights