Data presented by StockApps has indicated that global revenue from 3D printing is expected to double and hit a whopping $25bn value by 2024.
This is even as evolving value chains, market innovations, and cutting-edge technology developments have pushed 3D printing into the mainstream market, which production has surged in recent years, and a growing number of businesses use 3D printing solutions, allowing speed and flexibility while reducing costs.
In the heat of the Covid-19 pandemic, 3D printing has also become a vital technology to support improved healthcare and general response to the emergency. Moreover, the crisis has highlighted how 3D printing can be the basis of a greener and more environmentally friendly future.
In 2020, the global 3D printing industry hit $12.6bn value, revealed Additive Manufacturing Trend Report 2021. Over the next twelve months, 3D printing revenues are expected to jump by nearly 40% to $17.6bn. Statistics indicate the strong upward trend is set to continue in the following years, with revenues rising by 43% by 2024. By 2026, the entire sector is forecast to hit a $37.2bn value.
The State of 3D Printing Report by Sculpteo also revealed that in 2021, the most popular use case of 3D printing was research among 60% of those asked. Another 52% of companies and businesses used the technology for end-use mechanical parts and end-use consumer goods. Statistics show 32% of companies using 3D printing for tooling, while 27% of respondents used it for replacement parts.
The survey also showed that 36% of those asked said that speeding up product development is one of the main reasons they use 3D. Offering customized products and limited series ranked as the second most important reason for using the process. Increasing production flexibility was third among 12% of respondents.
Meanwhile, the Sculpteo data also revealed that 61% of companies will Increase 3D Printing Investments.