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The global 3D printing market was valued at $8.5 billion in 2017, and it is predicted to register a CAGR of 24.6% during the forecast period (2018–2023), reaching $31.8 million by 2023.
Asia-Pacific (APAC) is expected to be the fastest growing market for 3D printing during the forecast period. This can be mainly attributed to the extensive industrial base, funding in research and development (R&D), and supportive government policies. For instance, as of 2017, China’s Ministry of Industry and Information Technology, along with 12 other government departments, was working on an action plan to boost the 3D printing industry in the country.
Factors Governing 3D Printing Market
The key trend being observed in the 3D printing market is the customization of purchased products. 3D printing gives customers the flexibility to customize them according to their requirements. In standard mass production, the products coming from the molds are the same, due to which there is no margin for customization. Hence, as 3D printing helps in the personalization of the purchased products, its popularity is rising.
The rising demand for quick prototyping is a major factor driving the growth of the 3D printing market, globally. The market for prototyping was valued at $2,057.8 million in 2017, witnessing a CAGR of 23.4% during the period 2013–2017. 3D printing allows for the building of a model in a quick and accurate way that enables manufacturers to increase the efficiency and cost-effectiveness of the manufacturing processes. Various industries, such as aerospace & defense, consumer electronics, and automotive, are gradually using rapid prototyping to fulfill the demand of their customers. Moreover, due to the increasing number of start-ups and rising demand for personalized products, these industries are using 3D printers for prototyping and checking the viability of the products.
Structural Analysis of 3D Printing Market
The printer category generated the highest revenue in the 3D printing market in 2017. This is attributed to the fact that the technology is still in the adoption phase by various large organizations around the globe. Due to this demand for this component is high globally. Within the printer category, industrial 3D printers accounted for the largest share in the market in 2017, due to their ability to manufacture complex geometric forms in an easy way, thereby resulting in a lower manufacturing cost and higher efficiency.
The prototyping application is expected to register the fastest growth during the forecast period. This can be attributed to the various advantages of prototyping, such as the flexibility to test the products before mainstream production and improve the efficiency of the product design in relatively lesser time, as compared to the conventional methods.
The aerospace & defense industry category held the largest share in the 3D printing market in 2017, due to the extensive adoption of 3D printing by aerospace & defense component manufacturers, for designing and testing the products in a shorter time.
The market for after sales service is expected to register the fastest growth during the forecast period. This can be ascribed to the rising sale of 3D printers across the globe, which is driving the demand for after sales services, such as replacement of parts and periodic maintenance.
Geographical Analysis of 3D Printing Market
Globally, North America was the largest region in the 3D printing market during the historical period (2013–2017). This is attributed to the widespread adoption of the 3D printing technology, various technological advancements, and increasing R&D investments. In the region, the U.S. accounted for the largest revenue share in the market in 2017, due to the increasing demand for quick prototyping t across various industries in the country. Further, the increasing government initiatives for R&D in the technology is driving the market in the region.
During the forecast period, the global 3D printing market is expected to witness the fastest growth in APAC, mainly on account of the falling manufacturing cost of the products, increasing demand for customized goods, and increasing investments in R&D, primarily in China, Japan, and India.
Recent Strategic Developments of Major 3D Printing Market Players
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.
Market Size Breakdown by Segment
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