In the realm of modern manufacturing, additive manufacturing – commonly known as 3D printing -- has emerged as a transformative force in modern production. Far beyond a mere tool, it stands as a catalyst propelling economic growth, fostering innovation, and fundamentally transforming traditional manufacturing industries. In this article, we explore the intricate relationship between technological innovation in AM and its impact on economic growth.
Originally a novel method for quick prototyping, AM has swiftly ascended to a position of industrial significance. Spearheaded by breakthroughs in 3D printing technologies, materials, and techniques, AM's growth trajectory has upended conventional manufacturing dogmas, paving the way for novel product conceptualization and distribution.
Pictured: Roush 3D-printed camera mount.
The continuous evolution of underlying AM technology is a key driver of economic growth. Industry analysts project that the global 3D printing market will reach a staggering USD 43.15 billion by 2027, growing at a CAGR of 16.5% from 2021 to 2027. High-speed 3D printing, multi-material printing, and improved precision have expanded the range of applications, enabling the production of complex, functional end-use parts. McKinsey Global Institute forecasts the economic impact of 3D printing could surge to $550 billion a year by 2025, showcasing its immense economic potential.
As the lifeblood of manufacturing, materials play a pivotal role in the 3D printing revolution. Predictions suggest the 3D printing material market will eclipse $18.4 billion by 2030. The introduction of high-performance polymers, metal alloys, and biocompatible materials has radically extended AM's reach, crafting stronger and more resilient components. In response to escalating specialized material demands, companies like Stratasys Direct are augmenting their AM material portfolios, recently introducing five cutting-edge engineering materials in 2023 and planning for five more this year, including an FST resin and PEKK filaments. Material expansion ensures additive manufacturing will continue to evolve to meet diverse industry needs.
The synergistic blend of AM technologies and diverse materials has ushered in an era of unparalleled creativity in product design. Designers and engineers, liberated from the constraints of traditional methods, are embracing 3D printing for both prototypes and finished goods. According to a Deloitte survey, 72% of manufacturers are already using 3D printing technology, and the ability to create intricate geometries and highly customized components has led to a wave of innovative products once deemed impractical.
Pictured: Bimotal bicycle motor housing
Beyond novel product design, AM is transforming industries. An early adopter of AM, the aerospace industry leverages 3D printing to create lightweight, fuel-efficient aircraft components, constituting a significant segment of the overall 3D printing market. Similarly, automotive manufacturers have gone beyond utilizing AM for rapid prototyping, and have expanded AM utilization into complex part production.
As AM continues to permeate new sectors, the creation of new markets, expanded manufacturing capabilities, and innovative startups contribute to job creation and economic vitality. Ernst & Young estimates that the additive manufacturing industry will create over 1 million jobs by 2025. The agility afforded by 3D printing allows businesses to respond swiftly to market demands, fostering a dynamic and resilient economy.
AM's influence extends into reinforcing economic growth by redefining supply chain resilience. The technology's capacity for localized, just-in-time production slashes dependence on entrenched manufacturing pipelines and mitigates supply chain vulnerabilities. Such nimble and cost-effective local production overhauls conventional production frameworks, enhancing operational effectiveness. As various industries continue to integrate 3D printing, AM stands as an economic accelerator, revamping traditional paradigms and offering strategic leverage in navigating supply chain complexities.
Gurvinder S. Kahlon is the Vice President & General Manager of Stratasys Direct. With a wealth of experience in Digital Manufacturing, Semiconductor Technologies, Software Development, and Factory Automation spanning over 20 years, Gurvinder brings a unique blend of strategic insight and hands-on expertise to the table. He holds an MBA from the Carlson School of Management at the University of Minnesota and a Bachelor of Mechanical Engineering degree from the University of Mumbai.
