by 3D printing is a modern digitally-controlled fabrication process that utilizes a layer-by-layer method to print solid three-dimensional objects from digital designs or electronic data sources. In 3D printing, complex shapes can be built from digital file models without the need for tooling or molds and with minimal waste material. This allows the objects and structures to take almost any shape that can be imagined and designed on the computer. The global digital fabrication industry encompasses technologies focused on additive manufacturing, material extrusion, material jetting, binder jetting, directed energy deposition, sheet lamination, and vat photopolymerization. 3D printing and related digital fabrication technologies have wide-ranging applications in industries like automotive, aerospace, consumer goods, education, architecture, construction and medical industries.
The global Digital Fabrication Market is estimated to be valued at US$ 69.25 billion in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Advancements in materials and applications of 3D printing technologies have been a key trend driving growth of the digital fabrication market size. Earlier 3D printing was limited to plastics like ABS and PLA but now advanced materials such as metal alloys, ceramics, composites and other high-performance materials can be used. This expanding choice of materials is enabling new use cases and applications for 3D printing across industries. Some other notable trends include customized and personalized production using 3D printing technologies, growth in automation and robotics integrated with 3D printing, increased adoption of 3D printed products in medical devices and implants industry due to their custom-fit advantages.
Porter’s Analysis
Threat of new entrants: The digital fabrication market requires high initial investments in research and development as well as manufacturing infrastructure, creating significant barriers for new players.
Bargaining power of buyers: Buyers in the digital fabrication market have moderate bargaining power due to the presence of several vendors offering similar products.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitute raw materials and components.
Threat of new substitutes: Substitutes threats are low as digital fabrication machines offer unique advantages over traditional fabrication methods.
Competitive rivalry: The competition is high amongst the top vendors operating in the digital fabrication market.
Key Takeaways
The global digital fabrication market is expected to witness high growth over the forecast period of 2024-2030.
Regional analysis: North America currently dominates the digital fabrication market, accounting for over 35% of the global revenue. This is attributed to presence of several key players and early adoption of advanced manufacturing technologies across industries such as automotive, aerospace & defense, and electronics. Asia Pacific is expected to be the fastest growing region owing to rising industrialization and supportive government policies promoting manufacturing sector growth.
Key players: Key players operating in the digital fabrication market are Stratasys, 3D Systems, Materialise NV, EOS GmbH, GE Additive, HP, SLM Solutions, ExOne, Voxeljet AG. Stratasys and 3D Systems are the largest market leaders in the digital fabrication market known for offering robust and scalable 3D printing solutions for industries.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
