3D Printing Market worth $91.74 Billion by 2030 - Exclusive Report by The Insight Partners

Pune, India, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The demand for additive manufacturing technology is increasing in the automotive industry as it helps automotive companies to reduce costs, time and weight when manufacturing complex parts. In addition, the technology also helps in providing greater customization at the design level. Due to this, more and more automobile companies are developing and designing their new products through 3D printing.

3D Printing Market in terms of revenue was estimated to be worth $17.46 billion in 2022 and is poised to reach $91.74 billion by 2030, growing at a CAGR of 23.0% from 2022 to 2030 according to a new report published by The Insight Partners.

As 3D printing technology helps in producing low-volume and lightweight parts at low cost, its demand is increasing tremendously. This increasing demand for 3D printing may lead to more automated and integrated additive manufacturing workflows, as it helps to combine production and supply chains and also helps to connect all 3D printing players in the market, including software providers, material specialists, and others. Thus, the growing adoption by automobile manufacturers is driving the industrial 3D printing market growth.

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Global 3D Printing Market Scope:

This will further raise the demand for digital supply chains and digital warehousing, which will enable companies to manage their products more efficiently throughout their lifecycle. Also, this will help the companies to eliminate warehousing and start production on-demand, thus enabling the customers to directly order the required components through an integrated or connected ordering system and have them produced decentrally. Thus, the digital supply chain that uses additive manufacturing technology will lead to more transparency, flexibility, efficiency, and sustainability.

In addition, the growing construction industry in North America is expected to boost the 3D printing industry, as the current 3D printing technology helps to offer unprecedented design freedom, reduces material waste, and significantly reduces construction time. In addition, it also helps in the creation of complex architectural forms. Hence, the surging number of construction projects is increasing demand for 3D printing in North America. Some of the construction projects which are currently carried out in the region are:

• In May 2023, the Buffalo Bills announced that the construction of the new stadium had started in Western New York. This new Bills Stadium is built on 242 acres of land, and the construction is expected to be completed in July 2026. In addition, investment in residential construction is also rising in the above countries.
• In April 2021, in Canada, the investment in residential construction reached around US$ 15.3 billion, which was an increase of 8.1% compared to April 2020. With this, the investment in single-unit residential construction also increased in April 2021 by 8.9% compared to April 2020.

Thus, the growing construction industry is fueling the 3D printing market growth in North America.

Rising Adoption of 3D Printing Technology in the Automotive Industry Drive the Growth of the Market:
For instance, in October 2021, Porsche introduced its new 3D-print bodyform full bucket seat for various Boxster, Cayman and 911 models. The new central section of the seat is made up of the cushion and backrest surfaces and is produced using a 3D printer. It is available in three different rigidity grades, which means the seat can be customized as per the customer's needs. Similarly, in March 2020, Honda, along with Autodesk, designed and developed the lightweight car engine crankshaft. The prototype uses a 3D-printing process and has a unique shape which is half the weight of a conventional crankshaft. Also, in July 2022, Toyota announced its partnership with SOLIZE to 3D print spare car components on demand. For this, Toyota is using HP Multi Jet Fusion 3D printing to create stock parts. The technology helps the company with enhanced short-run production capabilities and allows it to optimize the designs and lead times of newly developed parts. In July 2021, Volkswagen announced that they have begun certifying prototype 3D-printed structural components, with an aim to produce 100,000 parts annually by 2025. For this, the company has teamed up with Siemens and HP to industrialize 3D printing of structural parts, under which HP will provide the printers, and Siemens will supply the manufacturing software. Also, Volkswagen will use an additive process, binder jetting, to make the components at its main plant in Germany.

3D Printing Market: Segmental Overview
Based on technology, the market is segmented into fused deposition modeling (FDM), stereolithography (SLA), digital light processing (DLP), selective laser sintering (SLS), electron beam melting (EBM), and laminated object manufacturing (LOM), and others. The stereolithography (SLA) segment held the largest 3D printing market share in 2022 and is also anticipated to register the highest CAGR in the market during the forecast period. Based on component, the market is segmented into hardware, software, and services. The hardware segment held the largest market share in 2022 and is also anticipated to register the highest CAGR in the market during the forecast period. Based on end users, the market is segmented into industrial, consumer products, aerospace and defense, automotive, healthcare, construction, research and education, and others. The automotive segment held the largest share in the market in 2022 and is also anticipated to register the highest CAGR in the market during the forecast period. Based on geography, the market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). APAC held the largest share in the Market in 2022 and is also anticipated to register the highest CAGR in the market during the forecast period.

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3D Printing Market Analysis: Competitive Landscape and Key Developments
3D Systems Corporation, AIO Robotics, Autodesk Inc, Amazon, General Electric, Materialise NV, The ExOne Company, Home Depot, Stratasys Ltd, and EOS GmbH are among the largest additive manufacturing companies or key market players. These market players focus on green tech product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.

Recent Developments:

• In June 2023, Volkswagen Group acquired a second MetalFAB 3D printing system from Netherlands-based metal 3D printer manufacturer Additive Industries. The MetalFAB system includes full-field lasers and automated build changeovers, allowing for high productivity rates and lights-out operations. Thus, the company is expanding its MetalFAB portfolio due to the 3D printer’s high level of automation, which eliminates manual processes and enhances safety.
• In May 2023, Fuji Corporation announced its partnership with J.A.M.E.S. GmbH to promote the growth of additive electronics. Fuji Corporation has developed an electronics 3D printer called FPM Trinity, which combines resin substrate printing, circuit printing, and component mounting to enable the complete 3D printing of electronic devices in a single machine. Through the partnership, Fuji aims to create opportunities to propose new ideas and solutions using FPM-Trinity and spread the use of additively manufactured electronics (AME) in the electronics industry.

Go through further research published by The Insight Partners:
3D Printing Medical Devices Market - Global Analysis and Forecast to 2028.
3D Printing Filament Market - Global Analysis and Forecast to 2030.
3D Printing in Healthcare Market - Global Analysis and Forecast to 2030.

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