3D Printing & Additive Manufacturing is the process of creating an object by laying down successive layers of material until an object is made. It allows you to produce even complex shapes using less material than the traditional manufacturing processes. In the near future, the global market of 3D printing is predicted to witness rapid growth.
The global 3D Printing market size is projected to reach US$ 7063.1 million by 2026, from US$ 2467.2 million in 2019, according to a new report by Valuates Reports. The market is expected to expand at a CAGR of 16.3% from 2021 to 2026.
By region, North America had the highest share in 2019 at 37.76 percent, followed by Europe at 27.97 percent.
Ceramics, plastics and metals are the predominately used materials in the 3D printing market for various applications involving consumer products, automotive, medical and dental, aerospace and defence, others, etc.
3D Printing in consumer products has significant value because it allows for customization, faster production, more control over the product design, and also contributes towards sustainability. Similarly, 3D printing is essential in the automotive industry as it allows for more efficient car model design, prototyping, testing and production.
?In the medical and dental space, 3D printing helps in shorter lead times, reduced waste and opportunity for mass customization. 3D printing helps produce a wide range of devices such as hearing aids and even prosthetic limbs, which can be tailored to meet the specific needs of the patient. Coming to the aerospace and defence sector, 3D printing emerges useful with its ability to create parts that are stronger and lighter than parts made using traditional manufacturing.
1. Stratasys - a manufacturer of 3D printers and 3D production systems for office-based rapid prototyping and direct digital manufacturing solutions. This 30-year-old company is trusted by startups and giants of the tech world, including Ford, Airbus, Honda, Siemens, and so on.
2. Renishaw - a British engineering company that specializes in measurement, motion control, healthcare, spectroscopy, and manufacturing. The company is renowned for its coordinate-measuring machines as well as machine tool products.
3. ExOne - a global leader in additive manufacturing technology that offers industrial 3D printing systems and services. For more than 20 years, the company has been using binder jetting technology to spearhead industrial 3D printing systems.
4. Optomec - uses 3D technology to transform how companies design, build and maintain critical parts and products, thus paving the path for new manufacturing possibilities. With Optomec, customers can print full 3D parts, and also add materials onto existing 3D parts that were produced via traditional manufacturing methods, like injection molding and CNC machining.
5. EnvisionTEC - develops, manufactures and sells more than 40 configurations of desktop and production 3D printers. The premium 3D printers by EnvisionTEC serve a wide variety of medical, professional and industrial markets.
6. Sciaky - the worldwide leader in industrial 3D metal printing technology and the most trusted name in electron beam welding. The company was founded in 1939 and has since offered a wide selection of electron beam welders, electron beam additive manufacturing (EBAM) solutions and advanced arc welders.
In conclusion, the 3D printing technology market holds great potential in the coming years, and it's important to stay updated with the market's future outlook, growth opportunity, key players, and key industry.