COVID-19 Impact on 3D Printing Market

Market Leader - COVID-19 Impact on 3D Printing Market

Post-COVID-19, the global 3D printing market is estimated to grow from USD 11.4 billion in 2020 to USD 30.2 billion by 2025; it is expected to grow at a CAGR of 18.0% during 2019-2025. The market in 2020 is estimated to experience a drop of more than 19% in comparison to the pre-COVID 2020 estimates. A key reason for this is that although the operation of 3D printers is expected to be high in 2020, most of the activities for which the printers/services are being employed are being done free of cost during this time of need.

Despite the negative effects of the current pandemic, there are certain COVID-19-specific drivers that are expected to allow the 3D printing market to grow. The disruption in the global supply chain has forced companies to look at technologies, which allow for remote manufacturing capabilities without the need for investment in large areas, and as such, 3D printing provides this answer. Further to this, the pandemic has shown the need for companies to maintain digital copies/assets relating to data for the manufacturing of a component/object. In any case, a 3D printer bridges the gap by being able to utilize these digital designs to produce products as and when required.

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Printer sales are expected to stagnate in 2020, however, they will pick up again during forecast period showing healthy double-digit growth rates

The 3D printing market will continue to generate revenue in 2020 although not as much as initially estimated before the pandemic. The losses of the first half of the year are expected to be compensated to a certain extent by the revenue generated in the second half of the year. There be will be growth in the following years as a result of backlog orders across all end-user industries as well as sales from new customers who previously had not thought of employing 3D printers until the pandemic had portrayed the benefits.

Material sales will follow a similar trend to that of printers with players in future investing more on emerging material types

The revenue generated from the sales of materials for 3D printers would be following a similar trend as that of printers. A large volume of printing has taken place in the first quarter of 2020, however, in most of the cases, the material has been provided free of cost. There will be a focus on the use of emerging materials for printing during the forecast period, however, the benefits of the same will start to emerge after the forecast period.

Overall 3D printing market will continue to be resilient during and post COVID-19 pandemic

The overall 3D printing market will witness a contraction in potential revenue that could be generated. For example, the drop in anticipated revenue for 2025 is expected to be USD 6.3, however, this is far better than what many other industries would be witnessing now as a result of the various implications of COVID-19. The encouraging fact for the 3D printing industry, however, is that the return to double-digit growth rate is expected to take place as early as next year, which is especially attractive for new players planning on entering the market in the next few years.

Related Reports:

COVID-19 Impact on 3D Printing Market by Offering (Service, Printer, Material, and Software) - Global Forecast to 2025

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
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USA : 1-888-600-6441
[email protected]

Report Code
SE 7703
RI Published ON
7/10/2020
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