According to Future Industry Insights (FMI), the global 3D printing market would grow at a CAGR of 20.4 percent between 2021 and 2031. Countries in the Asia Pacific and Europe, such as India, China, Italy, and France, are projected to have increased growth prospects as innovative solutions become more widely used and new business models emerge as a result of Industry 4.0. The rise of the market in the aforementioned regions will be aided by rapid growth in their IT infrastructure and increased penetration of smart devices. To take advantage of the present prospects, 3D printing companies are focusing on increasing their global presence.
3D printing technology is increasingly being used in a variety of industries, including aerospace, defense, industrial equipment, consumer goods, medical, and automotive. The consumer goods industry vertical accounts for more than 22% of the global market share, followed by the automotive, healthcare, and aerospace industries.
Takeaways from the Market Research
- By 2021, the global 3D printing market is expected to be worth more than US$ 19.16 billion.
- The US market will continue to be lucrative, accounting for almost 70% of all sales in North America.
- Germany and the United Kingdom will both increase by double digits. In 2021, the UK market will rise by more than 23% year on year.
- 3D printing will continue to be in great demand in China, Japan, and South Korea. Between 2021 and 2031, the East Asian market will grow at a rate of almost 21%.
- Over the predicted period, India’s growth will be aided by the expansion of the consumer goods industry.
Who is the victor?
3D Systems, Inc., Stratasys, ExOne, SLM Solutions, Voxeljet, Proto Labs, Nano Dimension Ltd., Renishaw Plc, Nanoscribe GmbH, Optomec Inc., Ultimaker BV, and Arcam EBM (General Electric) are among the top competitors in the 3D printing sector.