The global 3D printer manufacturing market is expected to decline from $10.10 billion in 2019 to $8.71 billion in 2020 at a compound annual growth rate (CAGR) of -13.76%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The 3D printer manufacturing market is then expected to recover and reach $16.69 billion in 2023 at a CAGR of 24.20%.
The increasing use of 3D printed products in the automotive industry is a key factor driving the growth of the 3D printer manufacturing market. The manufacture of lightweight vehicle components is possible with the aid of 3D printing that reduces vehicle weight, boosts car performance, increases fuel economy, and helps achieve greater productivity in injection molding equipment manufacturing using 3D printing technology. For instance, BMW released a new version of their bike in 2018, the s1000RR, which uses 3D printing. The bike’s prototype consists of a 3D printed frame and a swing arm. Therefore, the growth in demand for 3D printed products in the automotive industry drives the demand for manufacturing 3D printers and contributes to the growth of the 3D printing market.
Major companies in the 3D printing market are producing printers that have a vast capacity and can print faster than conventional 3D printers. For instance, stereo lithograph apparatus (SLA) 3D printer from Nexa3D will be 6 times faster than machines of other competitors and its capacity would also be 2.5 times larger. The project production time for prototypes is also reduced from hours to minutes and it is equipped with durable materials that can withstand ultra-fast 3D printing. In 2019, Nexa3D presented to the North American market its new SLA machine, the NXE400 3D printer.
The 3D printer manufacturing market consists of sales of 3D printers and related services that are used in automotive, healthcare, industrial, consumer electronics, aerospace and defense industries. 3D printing is the method of creating three-dimensional objects by transferring consecutive material layers through a 3D printer.
The high cost associated with 3D printing hampers the growth of the 3D printer manufacturing market. Various factors contribute to the higher costs of 3D printing tools. To name a few, the energy that 3D printing requires to manufacture objects is massively expensive and the energy required by some 3D printing processes uses up to 50-100 times more electricity than injection molding machines. Furthermore, the software needed to run 3D printers is costly and must be modified regularly to make it functional and effective. The cost of a 3D printer can vary by tens of thousands of dollars, from basic $200 fused filament fabrication (FDM) machines to the most advanced ones. The high cost associated with 3D printing limits the demand for 3D printers, thereby restraining the growth of the 3D printer manufacturing market.
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