3D printing market will be worth more than $60bn by 2030: GlobalData

3D printing market will be worth more than $60bn by 2030: GlobalData
Published: 14 October 2019 - 9:45 a.m.
By: Carla Sertin
The use of additive manufacturing, or 3D printing, is gradually increasing in the oil and gas industry. The 3D printing market currently accounts for less than 0.1% of overall global manufacturing, valued at $12.7trn. GlobalData estimates that the 3D printing market will be worth $32bn by 2025 and over $60bn by 2030.

GlobalData’s latest thematic report, ‘3D Printing in Oil & Gas’, states that 3D printing has emerged as one of the key enabling technologies in driving industrial productivity. Over the years, 3D printing technology has become prominent in different industries and has significantly influenced automotive and aerospace manufacturing. In the oil and gas sector, some of the technology’s applications include manufacturing spare parts on site, testing new product designs and simplifying inventory management to save costs.

"The oil and gas industry has shown slow but steady adoption of 3D printing in recent years," said Ravindra Puranik, oil & gas analyst at GlobalData. "Initially, this technology was largely limited to polymer-based products. However, recent advancements in metal-based 3D printing are making this technology more relevant to the oil and gas industry."

The key benefit of 3D printing technology lies in reducing the time it takes to produce complex prototypes. 3D printers can also lower the time required to manufacture functional products for use in operations.

"Due to stricter environmental norms, volatile oil prices and ever-increasing competition, companies are gravitating towards complex equipment designs to achieve operational efficiency," Puranik added. "The ability to produce complex components, which are otherwise impossible to manufacture using conventional processes, is turning 3D printing into a must-have technology."

In the industrial domain, 3D printing primarily enhances the speed of product manufacturing and addresses challenges associated with producing prototypes during product development. The process of 3D printing is additive in nature, making it possible to manufacture products in fewer steps, and sometimes even eliminating the need to assemble different parts together. This eventually reduces the time to develop a product.

The technology has the potential to engage companies into multiple product design cycles and enable faster validation of designs. In most cases, it enables companies to manufacture components of field equipment on site within a short time. This reduces the lead time in replacement of components that are critical for smooth functioning of operations.

'Lengthy procurement processes for obtaining spare parts often compel oil and gas companies to maintain extraordinarily high inventory levels, leading to warehousing costs," Puranik added. "3D printing technology can address this issue by enabling companies to manufacture parts on a need basis. Oil and gas companies will see a reduction in the overall costs spent on supply chain management by using 3D printing as a mainstream manufacturing technology, which would help them to enhance operational efficiency and foster growth."

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