Published: June 2018 | Report Code: SE10257 | Available Format: PDF | Pages: 236
The 3D printing market revenue stood at $8.5 billion in 2017, and it is expected to reach $31.8 million by 2023, registering a CAGR of 24.6% during 2018–2023.
Asia-Pacific (APAC) is projected to showcase the fastest-growing demand for such solutions in the coming years owing to the expansive industrial base, supportive government policies, and huge funding in research and development (R&D). For instance, as of 2017, the Ministry of Industry and Information Technology of China and 12 other government departments were working on an action plan to strengthen the 3D printing industry in the country.
Currently, the market is observing a key trend of customized products. Mass production offers no margin for customization, whereas 3D printing offers the flexibility to customers to have the products personalized.
Additionally, the burgeoning demand for rapid prototyping plays a vital role in the growth of the market globally. The prototyping market stood at $2,057.8 million in 2017, while progressing at a CAGR of 23.4% during 2013–2017. 3D printing enables the accurate and rapid construction of a model, which allows manufacturers to enhance efficiency and reduce the cost of production processes.
Thus, the 3D printing market growth can be credited to the rising utilization of rapid prototyping in the aerospace and defense, automotive, and consumer electronics industries. Additionally, the booming number of start-ups will facilitate the market growth in the coming years owing to the wide adoption of 3D printers for prototyping in such companies.
The printer category held the largest revenue share in 2017, under the component segment, because the 3D printing technology is still in the initial adoption stage in several large enterprises. Within the printer category, the industrial classification held the larger share in 2017 owing to the ability of industrial 3D printers to manufacture complex geometric forms easily. This has further resulted in a higher efficiency and lower manufacturing cost.
Of the two types of services, the aftersales service bifurcation is expected to witness the faster growth in the coming years due to the burgeoning sales of 3D printers across the world. These printers require periodic maintenance and replacement of parts.
The prototyping category is expected to display the fastest growth under the application segment, till 2023. This will be because prototyping offers the flexibility to test the objects before mass production and improves the efficiency of the product design in comparatively lesser time than conventional methods.
In 2017, the aerospace & defense category generated the highest revenue in the 3D printing market, within the industry segment. This was due to the widespread deployment of the 3D printing technology in the aerospace & defense sector for designing and testing parts and products in a short duration.
The North American market for 3D printing solutions generated the highest revenue between 2013 and 2017 due to the large-scale adoption of this manufacturing technology, advancements in it, and hefty R&D investments for the same. In 2017, the U.S. held the larger revenue share in the regional market, primarily on account of the escalating demand for quick prototyping from several sectors. Besides, the surging number of government initiatives for R&D in this manufacturing technology supports the market growth in the region.
In the coming years, APAC will exhibit the fastest growth due to the declining manufacturing cost of the final products, spurring demand for personalized items, and soaring investments in R&D, especially in India, Japan, and China.
In recent years, the major players in the 3D printing market have taken several strategic measures, such as product launches, partnerships, and geographical expansions, to improve their position in the industry. For instance, in November 2017, 3D Systems Corporation announced the expansion of its e-commerce platform, ‘On Demand Manufacturing Services Quickparts’, in the Europe, Middle East, and Africa (EMEA) region. The platform allows the users in the region to upload computer-aided design (CAD) files, receive quotes, and purchase prototypes of the product.
Moreover, in April 2018, EnvisionTEC GmbH launched E-RigidForm, a polyurethane resin which helps 3D print stiff and hard parts. The material has a tensile strength of a 68–73 MPa with a 7% elongation ability. The company showcased it in a 328-foot 3D printed chain, along with its potential to offer high heat resistance and compatibility with both prototypes and end-use products.
The 3D printing market report offers comprehensive market segmentation analysis along with market estimation for the period 2013–2023.
Based on Component
Based on Process
Based on Technology
Based on Application
Based on Industry
Key Questions Answered in the Report
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