Current Market Trends in Printing Technology
3D Printing is a process of transformation of a digital 2D file into a three-dimensional solid object. It allows less usage of materials employed in conventional printing. There is 3D modeling software available, such as Tinkercad, which is a free open source software that gets installed directly to the browser, to build your 3D model, along with several slicing software to carry out the slicing of the 3D model into hundreds or thousands of horizontal layers.
The 3D printing market size is anticipated to reach US$39.640billion by 2024. The 3D printing market has been segmented by components, technology, end-user, and geography. By component, the segments are categorized as hardware, software (CAD Tools, Slicers, Others), services, and material (metals, plastic, ceramics, others). By technology, the categories are vat photo-polymerization (stereolithography, digital light processing, continuous digital light processing), metal extrusion, material jetting, binder jetting, direct energy deposition, powder bed deposition (multi-jet fusion, selective laser sintering, direct metal sintering, electron beam melting), and sheet lamination. The end-user segment has been divided into healthcare, automotive, aerospace and defense, construction, and others. By geography, the segmentation has been done as North America, South America, Europe, The Middle East and Africa, and the Asia-Pacific region. The American region is projected to expand at a high CAGR over the forecast period due to high investments by major players in this region.
As of now, the application of 3D printing market under the category of semiconductors is prominently in industries but it is expected to become a production technology soon for other sectors as well. Some of the products that can be developed using 3D printing are consumer products like eyewear, dental products, prosthetics, movie props, and ancient artifact replicas.
Major market developments for the year 2020
- German specialty chemicals company Evonik launched its first 3D printing software for process and material selection. The software was developed by Castor, an Israeli start-up in which Evonik invested in the year 2019.
- Somerset Community College in Kentucky, successfully 3D printed numerous 316L stainless steel metal parts to be used in industries in the future.
- Australian Army has invested $1.5 million in a one-year pilot program to leverage SPEE3D printing technology for multiple Army exercises.
- COBOD and PERI 3D printed 3.5 houses in 4 days at the International Bautecconstruction exhibition in Berlin. The visitors got a chance to see live a house being printed.
- VERASHAPE, a Polish 3D printer manufacturer announced the launch of a new 3D printer under its subsidiary VSHAPER. The printer is specifically designed for the engineering applications of 3D printing.
- AON3D, a Canadian 3D printer manufacturer has launched a new FFF 3D printer named “AON-M2 2020”. It is designed for printing 3D parts capable of resisting harsh chemicals, enduring extreme temperatures, and tolerating excessive mechanical pressure.
Applications of this market
- Automotive: This sector has been employing 3D printing for several years. The printing of spare parts, tools, and other fixtures can be done using 3D printers. Companies are also building parts of the old version cars using this technique. For instance, Australian engineers printed several parts of out of production Delage Type-C.
- Aviation: 3D printing has multiple applications in the aviation sector. An example being, GE Aviation, which printed 30,000 cobalt-chrome fuel nozzles for LEAP aircraft engines using this technique in October 2018.
- Construction: With the deployment of 3D printing, it has become possible to print walls, doors, floors, and houses.
- Consumer Products: Footwear, eyewear, jewelry are some of the examples of consumer products that can be printing using 3D printers. An example being, Adidas, a multinational shoe and clothing manufacturer, produces midsole for 4D range using 3D printers.
- Healthcare: Some of the medical equipment and machines have been printing by 3D printers. For example, crowns and dentures, hip replacements, and hearing aids. Several pieces of research are also happening in biotech firms for the possible use of this technology in tissue engineering.
- Aerospace:A United Kingdom-based start-up named Orbex built the world’s largest 3D printed engine for the rocket. Several other parts used in aerospace are also getting added to the list with the development of more sophisticated printing equipment.
- Education: 3D printers can materialize the theoretical ideas for students for better comprehension of the subjects. Several universities have started offering courses on topics associated with 3D printing like CAD and 3D design.
Key Questions Answered in This Report:
- What are the key regions having a significant market share of the 3D printing market?
- What are the drivers and restraints of the 3D printing market?
- Who are the key market players in the 3D printing market?
- What is market segmentation of the Report 3D printing market?
- Who are the end-users of the Report 3D printing market?