The Industrial 3D Printing Market is Expected to Reach $107.7B By 2031
There is no doubt that the additive manufacturing sector is booming. According to the recent study released by Allied Market Research, the industrial 3D printing market is expected to reach a value of $107.7 billion by 2031, representing a Compound Annual Growth Rate (CAGR) of 21.9%. This is due to two main reasons: the demand for customized products to gain a competitive advantage and the rapid adoption of 3D printing materials. The report presents a detailed study of several key aspects, such as the regional landscape, trends, industry segments, value chain and competitive landscape.
As already reflected earlier this year in the Wohlers Report 2022, the additive manufacturing industry is experiencing strong growth. In addition to this increase, the negative impact that the pandemic has had on the market is also mentioned. In the past two years, the health crisis affected major industry players, who witnessed a major slowdown due to a shortage of skilled labor for the development of 3D printing solutions. Still, it is clear that the industry is recovering and is expected to reach its highest market value by 2031. Furthermore, the analysis offers additive manufacturing companies, investors and users a way to gain insight into the sub-segments that should be leveraged to join that growth in the years to come.
Trends in Industrial 3D Printing
As shown in the graph above, the report analyzes the additive manufacturing market according to the type of user that adopts it as a production method. This technology offers the possibility of creating affordable, complex and lighter components than with other traditional methods. Thus, we see that the industrial sector is clearly the most prominent, whether for the creation of prototypes, tooling or final parts. Even so, it is worth noting that the aerospace and defense sector is in second position, and is expected to continue to grow in the coming years. In terms of regions, North America was expected to account for the largest share in 2021, contributing almost half of the total market share. However, Latin America, Middle East and Africa (LAMEA) countries are expected to register a CAGR of 24.1% during the forecast period.
If we focus on the 3D printing solutions themselves, we can see that the study emphasizes two important aspects: components and technology. Components refer to the elements that are indispensable for the operation of the machine, i.e. hardware and software. In this aspect, we can see that the hardware segment accounted for more than two-thirds of the total share in 2021, and is expected to maintain its leadership until 2031. On the other hand, different 3D printing technologies were used by many market players. The stereolithography (SLA) segment held more than a quarter of the market share, and is expected to continue to lead for the next few years. However, FDM 3D printing will register the highest CAGR during the forecast period.
One thing the report points out are the barriers to adoption of 3D printing. These include the high cost of the technology, along with the need for skilled professionals, which could explain the difficulty in increasing the value of the market. In contrast, applications in various industries and improved manufacturing processes offer a potential growth opportunity for industrial 3D printing by 2031. As we can see, Allied Market Research’s report is an essential source of information for new users as well as companies in the market. It helps companies define future strategies and take steps to strengthen their position in the 3D printing market. If you would like to get your hands on the report for more information, you can visit the website HERE.
What do you think of the expected market value for industrial 3D printing? Let us know in a comment below or on our LinkedIn, Facebook, and Twitter pages! Don’t forget to sign up for our free weekly Newsletter here, the latest 3D printing news straight to your inbox! You can also find all our videos on our YouTube channel.
*Cover Photo Credits: Proto3000 Inc.