MARKET OVERVIEW- GLOBAL 3 D PRINTER MARKET
The advantages of 3D printing over traditional production methods offer many opportunities for vertical markets, from product design, development and customization services to more efficient supply chain restructuring. Continuous innovation and updating of our product portfolio help to attract a wide range of consumers working in the industry. 3D printing technology completes the production of finished products for a variety of vertical purposes. The use of 3D printing continues to grow in a variety of industries, increasing efficiency and accessibility, and providing financial and operational benefits to the business environment. One of the main reasons for the exponential growth of the adoption of 3D printing technology is the complexity of models that cannot be created with traditional production methods. Conventional production processes are based on the removal of raw materials to produce finished products.
MARKET DRIVERS
The key factor driving the market growth in technology is the complexity of models that cannot be created with traditional production methods. One of the main reasons for the exponential growth of the adoption of 3D printing technology is the complexity of models that cannot be created with traditional production methods. Conventional production processes are based on the removal of raw materials to produce finished products. Instead, 3D printing is also called additive production, because it is done by building a product layer by layer. With the rapid development of materials, such as the new conditions of use of polymers and metals, additive manufacturing is evolving from a prototyping tool to a functional part of the production. New materials that meet the standards (FDA, ASTM, and ISO), short delivery times, and innovative finishing technologies allow the integration of technology in production processes. In addition, the availability of this technology has increased due to additional production and lower car prices due to increased experience and awareness. New and improved modeling methods for melting have allowed the use of different materials and have been widely used in various fields in recent years.
MARKET OPPORTUNITY
The global 3D printing market is expected to witness increasing new growth opportunities for the market with growing medical demand due to the COVID-19 pandemic. The global health sector has been severely affected by the spread of COVID-19. The growing demand for masks, personal protective equipment, test equipment, and other medical devices has forced manufacturers of these components to focus on production. The growing number of patients and the lack of access to raw materials for the production of medical devices and personal protective equipment have significantly disrupted global supply chains. This has encouraged manufacturers to look for effective alternatives, such as original equipment, to help mass produce these components.
MARKET RESTRAINT
The major restraining factor for the global 3D printing market is limited availability and high material costs. There is a wider range of raw materials for traditional production than production processes based on 3D printing. The production of products using 3D printing technology is a major obstacle to the market due to the expensive process due to the high cost of the material. Technology is a major technological breakthrough, but the materials available are still limited. The accuracy and reproducibility of 3D printed products are hampered by the lack of good standards for the mechanical properties of the materials used. These factors are expected to restrain the market growth over the forecast period.
MARKET GROWTH CHALLENGE
The major growth challenge for the market is the threat of copyright infringement. 3D printers could become very popular due to the increasing use of this technology and the expiration of the patent. Companies are starting to upload files to their websites so that consumers can select a product and then send it to the consumer. With this increased use, consumers can expect a higher level of customization for the products they purchase. Increasing consumer acceptance may increase 3D piracy. This means that consumers can produce their own products instead of buying them from suppliers.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the global 3 D Printer market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. The increasing demand for various 3 D Printer in various applications has led to the increasing demand for the market and is expected to witness growth at a CAGR at specific CAGR from 2021-2028.
3 D PRINTER MARKET SEGMENTAL OVERVIEW
The global 3-D Printer market comprises different market segments like technology, application, end-user and geography.
3-D PRINTER MARKET BY TECHNOLOGY
By technology, the 3 D Printer includes a key segment of
- PolyJet
- Stereolithography
- Fused Deposition Modelling (FDM)
- Electron Beam Melting (EBM)
- Selective Laser Sintering (SLS)
- Other
Selective Laser Sintering (SLS) is expected to dominate the market over the forecast period.. Due to its unique advantages over other technologies, it is expected to record the highest CAGR in the forecast period. SLS uses 12 nylon powders as raw material to replace the photosensitive resin used in stereolithography. It has been found that companies and research institutes around the world use this material and technology to solve problems such as the fragility of resin in sunlight. SLS has also proven to be inexpensive and materially viable as it does not require special post-printing support structures. SLS also offers increased durability and can be made with functional parts or prototypes. SLS also finds a wide range of applications in a variety of industries, including the aerospace and defense industry and the automotive industry.
3 D PRINTER MARKET BY APPLICATION
The 3 D Printer market has major application in
- Prototypes
- Tools
- Functional Parts
Prototypes are anticipated to lead the market to gain a majority of the market share in 2021 and are expected to maintain their dominance over the estimated time period. Prototyping allows manufacturers to achieve high accuracy and develop reliable end products. Therefore, the prototype segment is expected to dominate the market during the forecast period. Functional parts include metal fasteners for smaller connections and other hardware. The accuracy and precise dimensions of these functional parts are of paramount importance in the design of the machine and the system.
3-D PRINTER MARKET BY END USER
The 3 D Printer market has end user like
- Aerospace And Defense
- Engineering
- Healthcare
- Consumer Products
- Automotive
- Jewellery
- Education
- Energy
- Architecture And Construction
- Consumer Good
- Food And Culinary
- Others
The industry is expected to gain significant market share in the consumer goods segment as 3D printing solutions are increasingly used to meet the growing demand for customized solutions and products. It is expected to increase to a CAGR level of approximately 20.3% higher in the forecast period. The first users of 3D printing services and solutions in the industrial, automotive, aerospace. and medical sectors. In the medical world, dentists are already using 3D printing technology. In addition, with the development of 3D bioprinting, 3D printing will bring a new industrial revolution in medicine. In addition, the 3D printing market is primarily due to the growing use of 3D printing in the automotive industry. 3D printers are in high demand. It accounts for about half of all parts sold in various industries. However, the demand for 3D printing services is expected to grow faster than 3D printers.
3 D PRINTER MARKET BY GEOGRAPHY
The global 3 D Printer market is studied for the following region
- North America
- Europe
- Asia-Pacific
- Rest of the world (RoW)
North America is expected to dominate the 3D printing market as it has led to the adoption of the technology. According to the 3D Print Mood Index, developed by Ultimaker Desktop 3D Printing Company in November 2019, the United States has become a leader in 3D printing. A series of new products, innovations, and product developments are expected to further drive market growth. More and more 3D printing solutions providers around the world are expanding their presence in the North American market to better represent the market. There have also been numerous new product launches, mergers, and acquisitions in North America to realize the potential of 3D printing.
COVID-19 IMPACT ANALYSIS ON THE GLOBAL 3 D PRINTER MARKET
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360-degree analysis of micro and macro-economic factors in the global 3-D Printer market. In addition, complete analysis of changes in the global 3 D Printer market expenditure, and economic and international policies on the supply and demand side. The report also studies the impact of a pandemic on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. Likewise, the COVID-19 virus spread on one side has provided ample of growth opportunity for the market with a rise in automotive or vehicle demand. And on the other hand supply chain disruption has affected the market. In addition, the growing demand for turbochargers in the automotive industry and the requirement for 3 D Printer has driven the global 3 D Printer market.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the 3 D Printer market is majorly focused on expanding the global growth of 3 D Printer with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in 3 D Printer has led to the growing demand for the market. Besides, the market offers a range of products in different applications to fulfill the required demand of consumers which is further contributing to healthy growth in the market.
The key players studied in the market are
- Stratasys Ltd. (US)
- 3D Systems Corporation (US)
- EOS GmbH (Germany)
- Materialise NV (Belgium)
- SLM Solutions Group AG (Germany)
- Arcam AB (Sweden)
- Concept Laser GmbH (Germany)
- The ExOne Company (US)
- Voxeljet AG (Germany)
- Proto Labs, Inc. (US)
- Optomec Inc. (US)
- ARC Group Worldwide, Inc. (US)
- Groupe Gorgé (France)
- EnvisionTEC GmbH (Germany)
- Mcor Technologies Ltd. (Ireland)
- Beijing Tiertime Technology Co. Ltd. (China)
- Renishaw plc
- XYZprinting (Taiwan)
- Ultimaker BV (Netherland)
- Koninklijke DSM N.V. (Netherlands)
- Höganäs AB (Sweden)
- taulman3D, LLC (US)
- Nano Dimension (Israel)
- Carbon Inc. (US)
- Markforged, Inc. (US)
- Cookson Precious Metals Ltd. (UK)
RECENT DEVELOPMENT:
May 2021: Together with GE Additive Protolabs and fashion designer Zach Posen, we created four dresses and hats for the Met Gala show. This element uses electron beam melting (EBM), fusion multi-jet (MJF) and stereolithography (SLA) technologies to meet the design requirements of clothing.
March 2021: Stratasys has launched a 3D printer that can combine the efficiency of 3D printing in dental laboratories with the realism and accuracy of the company's PolyJet technology. J5 DentaJet 3D Printer is a 3D composite dental printer that allows technicians to insert trays for mixing dental parts. The new 3D printer has only 0.43 m². m) A single mixing tray can produce at least 5 times more toothpicks than competing 3D printers with floor space.
