The 3D printing market was USD 16,102 million in 2022, and it will touch USD 77,228 million, growing at a 21.7% compound annual growth rate, by 2030. 

The growth of this industry is primarily because of the increasing requirement for mass customization, the growing need for quick prototyping, and effective usage of material, less transportation and labor expenses.

In 2022, the printer category, based on component, was the largest contributor to the industry, of over 40%. This is because the technology is still in the adoption stage by numerous large establishments. The demand for industrial printers is continuously increasing, because of their capability to generate complex geometric forms in one step leading to lower expense and greater efficiency of production.

The service category is likely to advance at the highest rate in the years to come. This can be because of the growing need for equipment maintenance in the forthcoming years.

The vat photopolymerization category, based on process, will observe the fastest growth, of 22.8%, in the years to come. This can be primarily because of its high precision, reasonably quick process, and exceptional finish.

In 2022, the stereolithography category, based on technology, was the largest contributor to the 3D printing market, of 16%. This can be primarily because of the numerous advantages related to it, for instance, high accuracy, lesser duration required for casting, and lower price.

In 2022, the prototyping category, based on application, led the industry, and it will also observe the fastest growth in the years to come. Prototyping with 3D printing offers various benefits, including the capability to examine the products prior to mainstream production and enhancing the product design effectiveness in a relatively shorter duration than traditional approaches.

The healthcare category, based on industry, will advance at the fastest rate in the coming years. Recent advancements in 3D printing have led to lower costs, reduced lead durations, and the production of lighter, safer, and stronger items. Therefore, each patient’s requirements can be met with personalized products that offer more suitability. 

North America led the industry in 2022, with over 32% share. This is because of the extensive acceptance of 3D printing technology, rising research development funding, and numerous technological developments.

Moreover, in this region, there are various initiatives of the government that are financially assisting the advanced manufacturing 3D printing research. 

APAC will grow at the fastest rate in the years to come. Japan, India, and China are the major contributors to the industry in this region. Moreover, Japan led the industry in APAC, because it is the most technologically advanced nation in the region.   

It is because of the surging need for quick prototyping and increasing requirement for mass customization, the 3D printing industry will grow in the coming years.

Source: PS Intelligence