Global 3D Printing Market in 2028 will be $62.79 Billion
12 July 2021: “3D Printing Market Size, Share & Trends Analysis, 2021-2028” report has been published by ResearchAndMarkets.com. Global 3D Printing market size is estimated to reach USD 62.79 billion by 2028 and is expected to witness a CAGR of 21.0% from 2021 to 2028. 3D printing is widely adopted in the industrial sector owing to the growing need for enhanced product manufacturing and a shorter time to market. The industrial vertical happens to be the most significant adopter of the 3D printing technology and eventually leading to the highest market share of 3D printers for industrial applications over the forecast period. Additive manufacturing is anticipated to evolve over the forecast period.
3D printing continues to gain popularity among hobbyists and innovators. While individuals are using 3D printing for domestic and personal purposes, universities and educational institutes are using 3D printing for conducting technical training. The market is subject to witness a considerable economical appearance rather than being just a labor-intensive industrial manufacturing technique. Particularly in developing economies, such as Brazil, South Africa and India, machining shops have managed to adopt alternative business models by installing 3D printers and offer related services.
Based on application, the market has been segmented further into prototyping, tooling, and functional parts. Apart from the industrial vertical, the automotive, healthcare and aerospace and defence verticals are among the leading adopters of 3D printing technology. Incumbents of these verticals have an emphasis on accuracy, enhanced product designing, reliability, shorter time to market, and economical production processes.
North America accounted for the largest market share of more than 35% in 2020 as a result of the extensive adoption of 3D printers for 3D designing, 3D modeling and 3D manufacturing in several industries. On the other hand, the Asia Pacific region has emerged as a manufacturing hub owing to an expanding consumer base as well as the continued foreign investments happening in the region. Hence, the Asia Pacific regional market is expected to witness remarkable growth over the forecast period.
3D printing technology happens to be a capital-intensive technology. At the same time, manufacturers are holding to their misconception about prototyping rather than realizing the advantages associated with 3D printing. Moreover, the market lacks the standard process controls and a skilled workforce required for 3D printing.