by The growing adoption of additive manufacturing technologies that can produce 3D objects from digital models, has enabled fabrication of complex customized designs and prototypes at low costs. 3D printing allows for localized production with less requirement of post-processing operations. 3D printing techniques such as fused deposition modeling, selective laser sintering, stereolithography and binder jetting are revolutionizing manufacturing across industries by reducing waste and enabling on-demand production. The global Digital Fabrication Market is estimated to be valued at US$ 38.01 Bn in 2023 and is expected to exhibit a CAGR of 30% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The digital fabrication market is witnessing significant technological advancements with major players focusing on developing new 3D printing materials and multi-material 3D printing capabilities. For instance, researchers have developed new polymer materials that exhibit shape memory properties enabling self-assembly of 3D printed components without any post-processing. There is also a growing trend of hybrid manufacturing where 3D printing is combined with other conventional fabrication methods such as CNC machining to enhance part properties. Industry stakeholders are also investing in large-scale 3D printing for applications in industrial-scale manufacturing. For example, autonomous robotic 3D printers can work non-stop and build large structures from multiple materials. Such technological developments are expected to revolutionize supply chains and accelerate the adoption of digital fabrication processes across industries.
Porter’s Analysis
Threat of new entrants: The digital fabrication market requires high initial investments in R&D and technology which poses significant barriers for new entrants.
Bargaining power of buyers: The presence of numerous manufacturers reduces the bargaining power of individual buyers in this market.
Bargaining power of suppliers: Specialized components and materials used in 3D printing pose some bargaining power for suppliers.
Threat of new substitutes: Advances in direct digital manufacturing technologies like desktop 3D printing pose a threat of substitution to traditional fabrication methods.
Competitive rivalry: The digital fabrication market experiences high competition due to presence of tech giants and large number of innovating SMEs.
Key Takeaways
The Global Digital Fabrication Market Size is expected to witness high growth. Advancements in additive manufacturing technologies have led to their widening applications across industries like automotive, aerospace, healthcare and more. North America currently dominates the digital fabrication market owing to significant investments in 3D printing R&D by major players in the US. Key players operating in the digital fabrication market are Stratasys Ltd., 3D Systems Corporation, HP Inc., General Electric Company, Materialise NV, Proto Labs Inc., Voxeljet AG, ExOne Company, Autodesk Inc., Siemens AG, EOS GmbH, Renishaw plc, SLM Solutions Group AG, Carbon Inc., Desktop Metal Inc. The healthcare industry emerged as the fastest growing application segment due to increasing utilization of 3D printing technologies for prosthetics, implants andPrecision medicine initiatives. Rapidly evolving materials and polymer technologies are also widening the application ambit of digital fabrication methods.
