3D printing market to reach a US$148.4 billion by 2032
The global 3D printing market is anticipated to create an absolute dollar opportunity with a valuation of US$22.9 billion by the year 2022, according to Future Market Insights.
The market is set to grow with an impressive CAGR of 20.5% by 2022-2032, while the 3D packaging market share is anticipated to be valued at approximately US$148.4 billion by the end of 2032.
According to FMI reports, the market is estimated to accelerate at a robust pace as a result of the active three-dimensional printing R&D along with that the rising preference for prototype applications from different industrial verticals is bound to accelerate growth in the market.
Similar to any other modern technology, 3D prints did not sell much in their initial years due to their high pricing but in the year 2014, more than US$2 billion in sales were reported by the global 3D printing market, and surprisingly enough, not all of the sales were driven by big publicly traded firms. Rather, it was increasingly being utilised by the entertainment and media industry. It was predicted that existing transportation firms, and component manufacturers would all experience severe short-term disruptions by the 3D printing market trends.
Owing to its multipurpose use in every industry that goes beyond just prototyping is expected to bolster growth in the 3D printing market during the forecast period of 2022-2032. 3D printers for beginners can produce a broader range of subjects quicker, bigger, and with more efficiency and finishing touch.
According to the report, tthe year 2017 witnessed impeccable sales in the 3D printing market with a total turnover of all firms together to be around US$9.6 billion that year. As per the previous 3D printing market analysis report by FMI, the annual industry growth rate was considerably over 10% in the following years.
The global exports of 3D printers were estimated to be 2.2 million units in 2021, and the sales are projected to reach 25 million by 2032. With more and more materials that are now potentially 3D printable, its global sales are skyrocketing.
FMI says mixed-material printers are becoming more widespread and strengthening the 3D printing business, of its applicability in several end-use verticals resulting in accelerated sales in the 3D printing market.
Across various industry verticals, modelling, prototyping, and forging are some of the most popular industrial applications that are driving the 3D printing market opportunities. For technical training and studies, academic institutions, and research centres are also adopting flash forge 3D printers and are propelling the market.
The European market is anticipated to emerge as the second largest regional 3D printing market accounting for an overall market share of 28.5%.
North America dominated the global 3D printing market and generated more than 35% of worldwide revenue in the year 2022. Industries in the U.S. and Canada are widely adopting additive manufacturing, resulting in the 3D printing market growth.
In terms of geographical segmentation, the U.S. 3D printing market is the dominating region for the target market. Due to the presence of several industry participants in additive manufacturing that have extensive technical knowledge of the procedures, the net worth of the 3D printing market size is figured out to be around US$ 5.76 Billion in the United States.
With a CAGR of 21.63% anticipated for the Asia Pacific area over the projection period, it is figured out to be the fastest growing among all the broad geographical regions.
As per the FMI analysis, the Asia Pacific region is divided into East Asia and South Asia geographical regions with a net worth of US4 3.7 billion and US$ 2.2 Billion respectively for the year 2022. The advancements made in the region's industrial sector have contributed to the fast adoption of 3D printing in Asia Pacific countries.