The value of 3D printed parts will increase by 15% CAGR over the next decade
Boston, Massachusetts – 3D printing can disrupt traditional manufacturing significantly as it is increasingly used beyond prototypes, molds, tools, or other individual parts. The total 3D printing market will reach $ 51 billion in 2030, mainly due to the growth in production parts. This emerges from new data from Lux Research, a leading provider of technology-based research and innovation advisory services.
Lux’s New Report “Will 3D Printing Replace Conventional Manufacturing?” highlights the size and growth of the 3D printing market by application and material, provides an outlook on what 3D printing means for the future of manufacturing, and discusses how strategies and business models will evolve as well.
“3D printing will be a key in the future manufacturing landscape as it offers advantages over injection molding, machining, casting or other traditional methods,” said Anthony Schiavo, research director at Lux Research and one of the lead authors of the report. “These benefits include customization and personalization, the ability to create complex geometries, part consolidation, and in some cases lower costs.”
The value of 3D printed parts is set to grow from $ 12 billion in 2020 to $ 51 billion in 2030 at an average annual growth rate (CAGR) of 15% over the next decade. “Most of this growth will be in end-use segments, which today only make up 23% of the market but will reach 38% in 2030,” explains Schiavo. “The medical and dental industries will account for the largest share of end-use parts at $ 4.5 billion in 2030, followed by $ 3.9 billion in aerospace.”
As 3D printing matures for manufacturing, strategies will change. Vertical integration is vital today, but horizontal specialists may be more profitable in the future. Due to the relative immaturity of 3D printing as a manufacturing technology, full, well-integrated ecosystems are required to improve its competitiveness. Download the summary of the report to learn more.
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