3D Printing Market Size to Grow at 14 Percent CAGR till 2027, Says Beroe Inc
Source: PR Newswire
RALEIGH, North Carolina, Apr 13, 2021 - The global 3D printing industry will grow exponentially in the next six years on the back of the biggest 3D printing companies, charting a growth figure of 14 percent, says Beroe Inc.
The global 3D printing market size, which was at $11.58 billion in 2019, is now expected to see significant and consistent growth in the forecast period of 2020-27. The 3D printing industry – which comprises all 3D printing products – had 1.42 million units of 3D printers shipped in 2018. This is expected to quickly scale to 8.04 million units by 2027.
Among the key technologies that contributed to the 3D printing market growth is the Stereolithography segment, which made for 11 percent of the 3D systems market share in 2019. When it comes to materials, it is the polymer segment that accounted for the biggest market share in 2019, when compared to metal and ceramic segments. Among all, the metal segment is expected to hold the market and continue leading the table. It is expected to grow at the highest CAGR of 19 percent per the 3D printing industry forecast.
Beroe, which is based in North Carolina, further stated that procurement experts
can access this report on its recently launched market intelligence platform Beroe
In North America, the 3D printing market potential is primarily driven by demand from the automotive industry. This will grow very quickly because of the demand in the heavy vehicles sector. The continuous evolution and adoption of new technology have opened up the previously untapped area of the manufacturing sector. North America has the largest market share, over 35 percent in 2019, because of the explosion in the adoption of 3D printers for 3D designing, manufacturing, and modeling in different industries.
For Europe, the rise in the adoption rate of 3D printing technology in industrial products, education and research, healthcare, defense, aerospace, and the automotive sectors boosted the demand of the 3D printing market. Europe’s highest demand comes from the small and medium industries that need reliable and speedy prototypes. The 3D printing market potential is huge and is helping in the creation of efficient processes in the aerospace sector with aircraft manufacturers investing an immense amount of capital in 3D technology for the production of jet engine combustion nozzles, turbine blades, and structural parts.
In the Asia-Pacific, governments are promoting high-end technologies in manufacturing. The rise in demand for customized products spurs the 3D printing industry. China’s 3D printing market strategy has ensured that it grows fast as an estimated 48 percent of the current 3D printing revenues in China come from 3D printers. This figure shows that there is a huge demand for 3D printing hardware in the country.
Because of the pandemic, the healthcare industry has suddenly placed massive demands on more clinical products and technologies in the market. 3D printing is a quick solution for faster production of clinical products at a high volume. Equipment spare parts can also be easily manufactured with this technology.
New manufacturers are coming into the market at a good rate and providing machines at a lower price. “Slow adapters, like China and India, are now investing in the same. These factors are translating into the materials usage trend, as more and more precious metals are used to print functional spare parts across the industries,” says the report from Beroe Inc.
- North America has emerged as the biggest 3D printing target market. It contributed the largest 3D printing market share of more than 35 percent in 2019.
- More investment in advanced manufacturing technologies, the presence of major players, a growing automotive industry, and a stable economy are the factors that contribute to the growth in North America.
- The Europe 3D printing market, which was at $4.61 billion in 2019, is soon expected to touch $10.12 billion by 2025. This is at a CAGR of 14 percent.
- The automotive, aerospace, healthcare, defense, education, and research are the key drivers in Europe.
- The Asia Pacific is expected to grow the fastest, at 18 percent. There is a strong demand for 3D printing in China, and the government’s promotion of new-age technologies drives the growth in the region.
The report from Beroe includes:
- Executive summary
- Market analysis
- Supplier analysis
- COVID-19 impact
- Innovation and sustainability
- Market monitoring insights
- Procurement best practices
About Beroe Inc.
Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions—leading to lower costs, greater profits and reduced risk. Beroe has been providing these services for more than 15 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies.
To learn more about Beroe Inc., please visit: https://www.beroeinc.com