3D Printing Market Set to Reach $37.4 billion by 2029 at a CAGR of 16.4%

(IT-NEWSWIRE.COM, April 24, 2024 ) The 3D Printing Market is projected to grow from USD 17.5 billion in 2024 and is projected to reach USD 37.4 billion by 2029; it is expected to grow at a CAGR of 16.4% from 2024 to 2029. The growth of the 3D Printing market is driven by global government investment in 3D printing projects; the availability of a wide variety of industrial-grade 3D printing materials; complex part manufacturing in the aerospace & defense sector.

Key Market Players:

Key companies operating in the 3D Printing market are Stratasys (US), 3D Systems, Inc. (US), HP Development Company, L.P. (US), EOS GmbH (Germany), General Electric (US), Materialise NV (Belgium), Desktop Metal, Inc. (US), voxeljet AG (Germany), SLM Solutions (Germany), Renishaw plc. (UK).

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Hybrid Manufacturing is a pivotal technology driving growth in the 3D Printing Market. Seamlessly integrating additive and subtractive manufacturing processes within a single machine unlocks a realm of possibilities for producing intricate parts with unparalleled precision and surface finish. This capability is particularly valuable across aerospace, automotive, and healthcare industries, where complex geometries and stringent quality standards are paramount. Hybrid Manufacturing empowers manufacturers to create previously unattainable components with traditional methods, fueling innovation and expanding the market's scope. For instance, in April 2023, Fabrisonic (US), a renowned manufacturer in Ultrasonic Additive Manufacturing (UAM) 3D printing, unveiled the SonicLayer 1600, a hybrid printer combining additive and subtractive 3D metal printing processes. Featuring a 14.5” x 14.5” x 17” build envelope and a 9-kW head on a CNC milling center frame, it enabled the creation of new alloys, embedded sensors, and intricate internal geometries, meeting diverse manufacturing needs.

The industrial segment holds the largest market share in value in 2024. 3D printing has revolutionized tooling, special machinery manufacturing, and robotics in industrial applications. Tooling enables faster prototyping, reduced costs, and intricate designs with features like conformal cooling channels, enhancing productivity and quality in processes like injection molding. Special machinery manufacturing benefits from customized, lightweight, and performance-optimized components, meeting strict industry standards while reducing weight and complexity. Additive manufacturing in robotics allows for lightweight yet robust components, rapid prototyping, and integration of advanced materials, improving functionality and reliability in dynamic sectors like logistics and healthcare. Overall, additive manufacturing's impact on these industries includes enhanced design freedom, customization, efficiency gains, and cost savings, driving innovation and competitiveness.

North America stands as a pivotal region in the 3D printing market, mainly driven by the dominant presence of the US, followed closely by Canada, with Mexico also exhibiting promising growth. Market dynamics are evolving beyond basic prototyping towards more advanced applications, such as functional testing of prototypes and direct 3D printing of end-use products, which align perfectly with the growing trend of customization and personalized manufacturing. One of the significant factors propelling this growth is the efficiency advantages offered by 3D printing, including reduced production time and costs, minimized material waste, and decreased human error, making it increasingly attractive across industries. Moreover, continuous technological advancements in 3D printing techniques and materials are expanding the capabilities and applications of this technology, contributing significantly to market expansion. Supportive government policies and initiatives to foster innovation and advanced manufacturing further bolster the 3D printing industry in the region. The increasing adoption of 3D printing across diverse sectors like aerospace, healthcare, automotive, and construction also drives market growth. Additionally, the maturing software landscape, with advancements in 3D design and printing software, is making 3D printing more accessible and user-friendly while evolving regulations are being developed to ensure product safety and quality. Overall, North America's robust focus on innovation and the inherent advantages of 3D printing positions the region for continued leadership in this rapidly expanding market.

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3D Printing Market Set to Reach $37.4 billion by 2029 at a CAGR of 16.4%