Global 3D Printing Industry Revenue to Surge 155% and Hit $40.8bn Value by 2024
Constantly evolving value chains, market innovations, and cutting-edge technology developments are pushing 3D printing into the mainstream market. This type of production has surged in recent years and a growing number of businesses use 3D printing solutions, allowing them speed and flexibility while reducing costs.
The global 3D printing industry revenue is expected to continue its surge 155% hitting $40.8bn in value by 2024, according to data gathered by LearnBonds.
Prototype and Proof of Concept Main Reasons for Using 3D Printers
3D printing enables the production of complex shapes using less material than traditional manufacturing methods, which is why it is widely used for small production runs, prototyping, small business, and educational use.
In 2020, the global 3D printing industry is expected to be worth $16bn, revealed Wohlers Associates Annual Report on the State of 3D Printing. In the next two years, the market revenue is forecast to touch $25.5bn. Statistics indicate the strong upward trend is set to continue in the following years, with the market revenue growing by a compound annual growth rate of 26.4% between 2020 and 2024.
The State of 3D Printing Report by Sculpteo also revealed that in 2020, the most popular use case of 3D printing was prototyping among 68% of those asked, a 34% rise compared to 2017 figures. Another 59% of companies and businesses used the technology for proof of concept purposes, 36% more than three years ago.
New AWA report promises post-COVID-19 update
With a 40% share of the total labeling market, pressure-sensitive labels are still the leading label format around the world, as the sixth edition of AWA Alexander Watson Associates’ new AWAreness™ Report: Global Pressure-sensitive Label Market 2020 confirms. Not only that -- in 2019, pressure-sensitive labeling enjoyed 3.3% growth.
Current capacity utilization of printing companies in China has recovered significantly
This year’s drupa Spotlight report, Strategic choices in a competitive and converging marketplace, will be published in May. In a survey (conducted before the coronavirus outbreak) over 500 printers and almost 200 suppliers described the challenges and successes of launching new products and services. For many in the industry, planning their recovery from the coronavirus recession may well necessitate such launches, so lessons must be drawn on how best to do so.
Our recent automotive sector rating actions reflected the breadth and severity of the impact that the coronavirus outbreak is having on automotive demand. In late March, we placed the ratings of most US, Asian and European automakers and parts suppliers on review for downgrade and downgraded a number of them as well. We also cut our 2020 forecast for global auto unit sales, which we now believe will plunge 14% this year (see “Automotive Manufacturing and Parts Suppliers – Global: Outlook update: Decline in auto sales to accelerate on expanding coronavirus impact”). There is a significant risk that we will lower our sales projection again if it appears that the accelerating spread of the pandemic in the US and Europe will keep lockdowns and “shelter in place” mandates in place well beyond Easter.
Awareness Report: Global Wine Label Market 2020 is the latest edition in AWA Alexander Watson Associates’ timely updates on this increasingly-changing marketplace for labeling and packaging.
The global electric vehicle adhesives market was valued at US$ 261.3 Mn in 2018 and is anticipated to expand at a CAGR of ~32% during the forecast period. Asia Pacific has become the hub of the automotive industry over the last few years. Increase in demand for electric vehicles in emerging countries such as China and India is driving the automobile industry in the region. This is boosting the demand for electric vehicle adhesives. Strong government support and ad-hoc tax incentives have led to robust double-digit sales growth in automotive and electric vehicle industries in China. Rise in demand for small and battery-based efficient passenger vehicles in countries such as Thailand, Malaysia, and Indonesia is also anticipated to propel the automobile sector. This, in turn, is projected to augment the electric vehicle adhesives market.
From 2020 to 2022 almost 2 million new units of industrial robots are expected to be installed in factories around the world. New technology trends and market developments enable companies to react to changing requirements. The International Federation of Robotics shows top trends to innovate.
The global market for 3D printing in construction sector (including various technologies that use 3D printing as a core method to fabricate buildings or construction components) is poised for solid growth over the next six years with a compoud annual growth rate (CAGR) of over 16 per cent by 2025, according to a new report.
