The global 3D printing industry is set to grow at a compound annual growth rate (CAGR) of 14% in the next six years, according to a new report by procurement intelligence and supplier compliance solutions provider Beroe.
The study suggested that the worldwide market was valued at $11.58bn (£8.34bn/€9.59bn) in 2019, but increasing demand for these services will drive growth between 2020 and 2027.
Some 1.42 million units of 3D printing machines were shipped in 2018, but with the uptake of this from of technology continuing to rise, this is expected to reach 8.04 million by 2027 as more companies adopt kit.
Stereolithography technology is cited as an area that could see significant growth, with kit here accounting for 11% of the 3D printing system market in 2019, while in terms of the materials printers are using, polymer came out on top ahead of metal and ceramics.
Looking at geographical performance, Beroe found demand from the automotive sector has been driving growth in North America, with this set to be the case over the next six years as a result of greater demand from the heavy vehicles market.
North America also has the largest market share – over 35% in 2019 – due to what Beroe described as an “explosion” in the adoption of 3D printers for 3D designing, manufacturing, and modelling in different industries.
In Europe, 3D printing technology is being used for the production of industrial products, education and research, healthcare, defence, aerospace and the automotive sectors. The highest sector of demand in Europe comes from the small and medium industries that need reliable and speedy prototypes.
Europe’s 3D printing market was valued at $4.61bn in 2019, is expected to touch $10.12bn by 2025, representing a CAGR of 14%.
Turning attention to Asia-Pacific and a rise in demand for customised products has, and will continue, to spur on growth in the 3D printing industry, with Beroe forecasting a CAGR of 18% until 2027.
This is particularly apparent in China, where an estimated 48% of the current 3D printing revenues in the country come from 3D printers.
Beroe also referenced the impact of the Covid-19 pandemic, saying this has driven demand in terms of medical and healthcare products for use in countries around the world as the battle continues against the virus.
“3D printing is a quick solution for faster production of clinical products at a high volume,” Beroe said. “Equipment spare parts can also be easily manufactured with this technology.”
by Rob Fletcher