• Stacy Lawlor

Global 3D Printing Market is expected to grow $68.71 billion in 2028.

The Global 3D Printing Market Size is expected to increase at a CAGR of 24.0 %, from USD 15.26 billion in 2021 to USD 68.71 billion in 2028.

The Global 3D Printing Market Size is expected to increase at a CAGR of 24.0 %, from USD 15.26 billion in 2021 to USD 68.71 billion in 2028.

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The Global 3D Printing Market Size is expected to increase at a CAGR of 24.0 %, from USD 15.26 billion in 2021 to USD 68.71 billion in 2028. The demand for online 3D printing for simulation is being fueled by rapidly expanding digitization and increased adoption of innovative technologies such as Smart Factories, Industry 4.0, machine learning, Robotics, and others. These technologies boost the chances of greater utilization and broader adoption of this technology in several industries, such as automotive, aerospace, healthcare, and others. Furthermore, aerospace industries are looking into using this technology to manufacture various hardware components for their products. For instance, Boeing employs industrial 3D printing to build the interior elements of its planes, while NASA uses it to make rocket engines and satellite parts.

3D Printing Market

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The COVID-19 epidemic has had a significant influence on the global economy and, subsequently, the 3D printing market. In the beginning, the Asia Pacific and Europe were among the worst-affected regions in terms of COVID-19 patients worldwide. Furthermore, the situation in the United States deteriorated. The Architecture and Constructions issued an order for the entire closure of some key cities due to the virus's rapid spread. Manufacturers of 3D printers were affected by the entire lockdown. This is due to a manpower shortage and a full breakdown of the country's logistics and supply chain. The temporary halt in the manufacturing process of 3D printing is hampered market growth in the first and second quarters of 2020.


Increased Demand for Healthcare Supplies Due to Covid-19 Outbreak


The emergence of the COVID-19 outbreak has had a significant influence on the global healthcare business. Increased demand for masks, testing equipment, personal protective equipment, and other medical supplies has encouraged the manufacturers of medical products to focus on their production. The rising number of patients and shortage of raw materials for the production of personal protective equipment and medical products has created a huge disruption in the supply chain. This has prompted manufacturers to look for alternatives that might assist in the mass production of these components while remaining as efficient as the original equipment.


Substantial Investments of Architecture and Constructions to Foster the Market Growth


In modern industrial technology, many countries around the world are facing huge digital disruptions. North America is a potential user of 3D printing technology. For instance, The Department of Defense of the United States of America included this technology as an essential capability in its 2018 budget.


The Canadian Architecture and Construction awarded the University of Waterloo USD 8.9 million in May 2017 to establish a 3D facility to speed up additive manufacturing processes. This demonstrates that Architecture and Constructions are well-versed in the technology's benefits and advantages, and are hence focused on making a substantial investment in 3D printing.


North America is the largest market for 3D printers due to developed countries such as Canada and the United States increasing their expenditure on modern manufacturing technology. Moreover, several Architecture and Construction bodies, such as NASA, have recognized large R&D investments that can significantly contribute to space applications and produce new technologies that promote market growth during the forecast period.

3D Printing Market

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Europe is the second-largest market for 3D printing owing to significant demand for this technology in small and medium-sized sectors that require high-speed, dependable, and affordable prototypes for manufacturing purposes. The utilization of this technology in the semiconductors and manufacturing industries is predicted to develop rapidly in this region.


The Asia Pacific is expected to grow at the fastest rate during the forecast period due to manufacturers having aided in the establishment of a sustainable 3D printing environment, as well as the execution of multiple laws and legislative recommendations by Architecture and Constructions in various nations in the region. Given substantial investments of Architecture and Construction, China is likely to be the driving force behind Asia's adoption of this technology.


KEY INDUSTRY DEVELOPMENTS:

June 2019, Materialise has received permission from the FDA to develop a Cardiovascular Planning Software Suite to help with difficult transcatheter mitral valve replacement (TMVR). Healthcare professionals and physicians are expected to benefit from the company's Mimics Innovation Suite, which will assist them in creating patient-specific 3D models.


September 2021, ExOne. Launched its Industrial-Grade 3D Printed Tooling Solution lineup. This lineup includes the world's most comprehensive portfolio of 3D printed tooling solutions, including composites laying up, metal casting, plastic injection molding or forming, and others.


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