Market Trends of 3D Printing Industry
Rapid Advancement in Printing Technologies and Materials to Drive Market
- Rapid developments in production technologies and materials are helping to drive demand for the 3D printing market. The rapid growth of 3D printing techniques and materials is taking place worldwide, opening up new possibilities in 3D printing and creating complex and custom design products.
- For example, new printing technologies like selective laser sintering (SLS) and direct metal laser sintering (DMLS) make it possible to create complex metal parts with high precision. This is opening up new opportunities for 3D printing in the automotive, aerospace, and defense industries. With space exploration witnessing a paradigm shift, the demand for SLS printing is expected to mount, with an increasing number of countries gearing up to launch satellites.
- New materials like carbon fiber and graphene are also being developed for 3D printing. These materials are solid and lightweight, making them ideal for various applications. For example, carbon fiber is used to create 3D-printed racing car parts, and graphene is used to create 3D-printed medical implants. For instance, in November 2022, Inkbit, a Massachusetts-based additive manufacturing company, introduced its latest additive manufacturing material, the Titan Tough Epoxy 85 elastomer, at Formnext. This material improves performance for applications requiring high accuracy and production-grade mechanical properties.
- The rapid advancement in printing technologies and materials is one of the key trends contributing to the growth of the 3D printing market. As these technologies continue to develop, manufacturers can use 3D printing in various end-use applications.
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North America Holds the Largest Share in the Market
- The North American region is expected to dominate the 3D printing market as the region is an early adopter of technology. A series of new product launches and innovations are expected to augment market growth. Several 3D printing solution providers worldwide are expanding their presence in the North American market for an enhanced market presence.
- Several players in the United States market are expanding their focus on 3D printing research and development. In May 2023, Siemens announced its increasing emphasis on 3D printing initiatives in the United States to accelerate the transformation of the US additive manufacturing industry through serial additive manufacturing. With these initiatives, the company is working on bringing fundamental changes to the landscape, end-to-end, from product to machine to manufacturing.
- The region is also witnessing a series of investments in North America's healthcare, aerospace and defense, industrial, and consumer products industries, which are expected to grow significantly. In November 2022, Med-tech start-up Axial3D received an investment round of USD 15 million led by a strategic investment of 10 million USD from Stratasys. The collaboration between the two companies would provide a combined offering to make 3D printing solutions that are patient-specific for hospitals and medical device manufacturers more accessible, pushing for its adoption as a mainstream healthcare solution.
- In addition, various government organizations, such as NASA, have identified that substantial investments in 3D printing technologies can contribute considerably to space applications and develop zero-G technologies, driving the market's growth.
- Fitness trackers and smart apparel are also expected to drive factors for 3D printing technology in the United States. Also, changing consumer preferences and a rising need for customization have brought about a need to create flexible bands and electronics systems that could be realized using 3D printing technology, thereby driving its growth.
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