May 18, 2024

3D Printing Is Expected To Be Flourished By The Growing Demand For Customized Products

3D printing, also known as additive manufacturing, refers to various processes used to synthesize three-dimensional objects from digital CAD files or 3D model data sources. 3D printing allows customers to make customized designs and prototypes with high precision and intricate details which are difficult to achieve through conventional manufacturing methods. Products manufactured using 3D printing include parts for aircraft, dental implants, jewelry and medical prosthetics.

The global 3D printing market is estimated to be valued at US$ 85.69 Mn in 2023 and is expected to exhibit a CAGR of 16.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

3D printing has applications across multiple industries including automotive, aerospace, consumer products, medical implants and industrial products. 3D printed medical devices and implants allow customized designs to enhance patient outcomes. Car manufacturers use 3D printing to produce prototypes and complex internal vehicle parts. The ability to produce intricate geometries through additive manufacturing has helped aerospace companies reduce weight and improve efficiency of aircraft components. 3D printing also supports mass customization by enabling customers to customize designs according to their specific needs and preferences such as colors, textures and sizing.

Market Dynamics:

The growing demand for customized and personalized products is expected to drive the global 3D printing market over the forecast period. The ability of 3D printing to produce complex geometries and customized designs efficiently allows manufacturers to satisfy customer demand for unique products. In addition, 3D printing lowers manufacturing costs by reducing material wastage and requiring fewer production steps compared to traditional manufacturing methods. These advantages encourage more companies to adopt 3D printing to streamline production processes. The market is further propelled by the increasing research and development of advanced 3D printing materials such as nano-engineered composites and bio-compatible substances that enable new application areas.

Segment Analysis
The printing machine market is dominated by the offset segment which accounts for around 40% market share. Offset printing machines are used for mass high quality printing of books, newspapers and packages. Compared to other technologies, offset printing offers high image quality and very good color reproduction capabilities at reasonable costs for large print runs.

PEST Analysis
Political: The printing industry is being impacted by changing regulations around environmental standards. Stricter norms around emission levels and use of toxic chemicals are being introduced which printing machine manufacturers have to comply with.
Economic: The overall printing industry is facing headwinds due to the rise of digitization and online media. However certain segments like packaging continue growing due to rising e-commerce. The economic performance influences demand from key end-use industries.
Social: Younger population prefers content in digital formats on smartphones and tablets. However printing still has social uses like books, magazines, catalogs and birthday cards. The environmental impact of printing is also a social concern.
Technological: 3D printing and digital printing technologies are disrupting the traditional printing market. However for mass production needs of books and packaging, offset printing remains dominant. Technology upgrades allow higher speeds and improved print quality.

Key Takeaways
The Global Printing Machine Market Size is expected to witness high growth supported by expansion of the packaging industry. The global Printing Machine Market is estimated to be valued at US$ 85.69 Mn in 2023 and is expected to exhibit a CAGR of 16\% over the forecast period 2023 to 2030.

Regionally, Asia Pacific accounts for the largest share of around 35% of the global market led by China, India and other Southeast Asian countries. This is attributed to low production costs and a large customer base in the region for print media and packaging. North America is another major regional printing machine market supported by well-established printing industry in the US.

Key players operating in the printing machine market are Bio-Rad Laboratories, Biocept Inc., Guardant Health, QIAGEN N.V, Illumina, Inc., F. Hoffmann-La Roche Ltd., Johnson & Johnson, Laboratory Corporation of America Holdings, MDxHealth SA, Thermo Fisher Scientific Inc.. Some key players are focusing on development of technologically advanced equipment with higher speeds and automation to gain market share. Strategic partnerships are also being formed to enhance product portfolio and geographic reach.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it