Industrial 3D printing Market Expected to Reach $107.7 Billion by 2031—Allied Market Research

Industrial 3D printing, also known as additive printing technology, allows manufacturers to build models using a variety of printing materials. The materials used for industrial 3D printing include various types of polymers, metals, ceramics and others. The selection of printing material depends on the traits expected from the printed object and the area of application. There are certain 3D printers that print models using multiple materials simultaneously as per the requirements, which make manufacturing process easier. The applications of industrial 3D printing have increased rapidly, as it offers greater speed with higher precision and finer resolution.

The industrial 3D printing market trends are primarily driven by the need to manufacture complex designs within a short span of time accompanied with the desire to utilize the resources efficiently. The use of 3D printing during the initial stages of production is beneficial, as designers can identify errors or defects from the built prototype; thereby ultimately reducing the production time and operational cost. Other factors that drive the industrial 3D printing market include manufacturing of customized parts, reduction in human error, depletion in cost and time of production, and higher resolution. However, high printing cost involved for individual use, unavailability of skilled labors, and lack of channel partner assistance for sale and distribution are some important factors restricting the  industrial 3D printing market growth.

According to industrial 3D printing market analysis, the hardware segment was the highest contributor to the market in 2021. The stereolithography (SLA) and fused deposition modeling (FDM) segments collectively accounted for around 53.2% market share in 2021. These technologies are based on additive printing technique to build 3D objects.The outbreak of the COVID-19 has significantly impacted the growth of the industrial 3D printing.

Decline in manufacturing activities has significantly impacted the demand for industrial 3D printing solutions during the pandemic. Further, lack of availability of a professional workforce due to partial and complete lockdown implemented by governments across the globe has restrained the growth of the industrial 3D printing market during the pandemic. However, rise in demand for Internet of Things and consumer electronics has led to the growth of the industrial 3D printing market post pandemic.

The industrial 3D printing market key players profiled in the report include 3D Systems, Arcam Ab (General Electric), Autodesk Inc, Canon Inc., Envisiontec, Inc., Eos GmbH. ExOne Company, General Electric Company,GE Additive. HOGANAS AB, HP Inc., Materialise. OPTOMEC INC, Organovo Holdings, Inc., Protolabs, SLM Solutions. Stratasys Ltd. and Voxeljet AG. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the industrial 3D printing market.

KEY FINDINGS OF THE STUDY

• In 2021, the hardware segment accounted for maximum revenue in the industrial 3D printing industry, and is projected to grow at a notable CAGR of 22.1% during the forecast period.
• The Stereolithography (SLA) and Fused deposition modeling (FDM) segments together accounted for around 53.2% of the industrial 3D printing trends in 2021.
• The manufacturing segment accounts for the major portion of the industrial 3D printing market share in 2021.
• North America contributed for the major fraction in the industrial 3D printing market size in 2021.

Key players profiled in the report include 3D Systems, Arcam Ab (General Electric), Autodesk Inc, Canon Inc., Envisiontec, Inc., Eos GmbH. ExOne Company, General Electric Company,GE Additive. HOGANAS AB, HP Inc., Materialise. OPTOMEC INC, Organovo Holdings, Inc., Protolabs, SLM Solutions. Stratasys Ltd. and Voxeljet AG. Market players have adopted various strategies, such as product launch, collaboration& partnership, joint venture, and acquisition to expand their foothold in the consumer product safety testing market.