3D Printing Market to Transcend USD 110.29 Billion Valuation by 2031, Use of Additive Manufacturing to Bolster Market Development | SkyQuest Technology

WESTFORD, Mass., July 15, 2024 /PRNewswire/ -- According to SkyQuest, the global 3D Printing Market size was valued at USD 16.64 Billion in 2022 and is poised to grow from USD 20.65 Billion in 2023 to USD 110.29 Billion by 2031, at a CAGR of 23.3% during the forecast period (2024-2031).

3D printing refers to the use of printing technology to create 3-dimensional products/objects. The growing use of additive manufacturing around the world and advancements in 3D printing technology are projected to bolster 3D printing market development in the future. The market is still relatively new and investing in almost any segment would pay off big time for 3D printing providers. The global 3D printing market is segmented into offerings, technology, process, application, material, vertical, and region.

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3D Printing Market Overview:

Segments covered in 3D Printing Market are as follows:

• Offering
  • Hardware, Software, and Services
• Technology
  • Fused Deposition Modelling (FDM), Stereolithography (SLA), Selective Laser, Sintering (SLS), Poly-jet Printing/Multi-jet Printing (MJP), Electron Beam Melting (EBM), Digital Light Processing (DLP), Direct Metal Laser Sintering (DMLS), Other
• Process
  • Powder Bed Fusion, Vat Photopolymerization, Binder Jetting, Material Extrusion, Material Jetting, Other
• Application
  • Prototyping, Tooling, Functional Part Manufacturing
• Material
  • Polymer, Metal, Ceramic
• Vertical
  • Automotive, Aerospace & Defense, Healthcare, Architecture & Construction, Consumer Products, Education, Industrial, Energy, Printed Electronics, Others

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Development of New 3D printing Hardware Components to Be Prime Focus of Companies

3D printing companies should target the development of novel 3D printers and other hardware components that can make 3D printing more affordable. Multiple unique hardware components are required to make 3D printing possible, and this is why companies are targeting the development of these components to maximize their business scope. Making affordable 3D printers and 3D printing filaments will be the prime focus of all 3D printing market players in the future.

The need for advanced software to 3D print complex components is also increasing at a robust pace. 3D printing providers should also focus on the development of new software for 3D printing to maximize their business scope. New companies can specifically target this segment as software development requires less capital compared to hardware development.

Simple Operation of Stereolithography Technology Allows It Dominate the Market

Stereolithography has been used in printing for a long time and it is still a preferred technology owing to its simple operating mechanism. The technology creates 3D printed objects by layering different layers of material on top of one another. Photochemical processes are used in stereolithography to enable 3D printing. Using this technology allows 3D printing companies to get a smoother finish and acquire high precision in their products. However, advancements in 3D printing technologies could dethrone stereolithography technology's dominance in the future.

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Prototyping to be a Popular Application for 3D printing Owing to its High Accuracy of Replicating the Original Intended Model

3D printing companies should focus on development of solutions that help perfect prototyping for different industry verticals. Lower production times and costs as compared to other prototyping techniques and practices. Easy manufacturing of complex parts and components. Owing to these key benefits 3D printing is mostly used for prototyping applications. However, the demand for 3D printing for functional part manufacturing is slated to increase at a notable pace over the coming years.

Growing use of advanced manufacturing practices and advancements in 3D printing technology are setting the tone for market expansion. New companies have a great chance of winning in this market by targeting the software and prototyping segments in the future.

Related Report:

Industrial 3D Printing Market

3D Printing Material Market

Medical 3D Printing Market

Digital Twin Market

3D Printing Construction Market

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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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SOURCE SkyQuest Technology