BOSTON, April 8, 2021 /PRNewswire/ -- 3D printing has the potential to significantly disrupt traditional manufacturing, as it is increasingly being used beyond prototypes, molds, tools, or other one-off parts. The total 3D printing market will reach $51 billion in 2030, driven mainly by growth in production parts, according to new data from Lux Research, a leading provider of tech-enabled research and innovation advisory services.
Lux's new report, "Will 3D Printing Replace Conventional Manufacturing?" highlights the 3D printing market size and growth by application and material, provides an outlook on what 3D printing means for the future of manufacturing, and discusses how strategies and business models will evolve as well.
"3D printing will be a key in the future manufacturing landscape thanks to benefits that it can bring over injection molding, machining, casting, or other conventional methods," explains Anthony Schiavo, Research Director at Lux Research and one of the lead authors of the report. "These benefits include customization and personalization, the ability to create complex geometries, part consolidation, and in some cases lowering costs."
The value of 3D-printed parts will rise at a 15% compound annual growth rate (CAGR) over the next decade, from $12 billion in 2020 to $51 billion in 2030. "The largest share of this growth will be in end-use parts, which are just 23% of the market today but will reach 38% share in 2030," notes Schiavo. "The medical and dental industries will account for the largest share of end-use parts, reaching $4.5 billion in 2030, followed by aerospace at $3.9 billion."
As 3D printing for manufacturing matures, strategies will shift. Vertical integration is critical today, but horizontal specialists can capture more profits in the future. Due to the relative immaturity of 3D printing as a manufacturing technology, complete well-integrated ecosystems are needed to help make it competitive. Download the executive summary of the report to learn more.
SOURCE Lux Research