The global 3D printing market is expected to reach $31,863.7 million by 2023, registering a CAGR of 24.6% during the forecast period (2018–2023). The market is majorly driven by the rising government investments in 3D printing projects and surging demand for quick prototyping. Additionally, the growing adoption of 3D printing in the healthcare and aerospace & defense industries is supporting the market across the world.
Insights on market segments
On the basis of component, the 3D printing market is categorized into printer, material, software, and service. Of these, the service category is expected to register the highest CAGR during the forecast period, owing to the increasing requirement for equipment maintenance in the coming years. Within the material category, the 3D printing market is classified into metals, polymers, ceramics, and others; wherein others include wax, lay wood, paper, and biocompatible material. Of these, the polymers classification is expected to register the highest CAGR during the forecast period owing to their usage in lightweight engineering, food processing, and optics.
Based on technology, stereolithography contributed the highest revenue to the 3D printing market in 2017. This is due to the various benefits associated with it, such as lower cost, higher precision, and lesser manufacturing time. However, the fuse deposition modelling (FDM) technology is expected to witness the highest CAGR during the forecast period, owing to its increasing demand from regions including Asia-Pacific (APAC) and Europe.
Based on application the prototyping category contributed the highest revenue to the 3D printing market in 2017 and is further projected to register the highest CAGR over the forecast period. This is attributed to the fact that prototyping with 3D printing provides a fair number of advantages, such as the ability to test the products before mainstream production and make improvements in the efficiency of product design in relatively lesser time.
The market is expected to witness the fastest growth in APAC
APAC is projected to witness the highest CAGR, of 27.8%, in the 3D printing market over the forecast period. This can be attributed to the rising government initiatives and investments in research and development (R&D) to innovate methods and applications of 3D printing across the region. For instance, in December 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.
Rising demand for rapid prototyping is bolstering the 3D printing market
The rising demand for rapid prototyping is driving the 3D printing market across the globe. Various industries, including consumer products, electronics, automotive, defense, aerospace, and medical, are increasingly using the rapid-prototyping technology. With the increasing number of start-ups and rising demand for personalized products, companies are using 3D printers for prototyping and checking the economic viability of the products. For instance, Alta Motors, an electric motorcycle manufacturer, uses 3D printing before launching the product to test it in various conditions and ensure its safety and integrity.
Furthermore, 3D printing for building prototypes is gaining traction in the education sector, where educational institutions are using the prototypes for better explaining complicated concepts to students, while students use the 3D printing technology to create prototypes to build concept designs for practical applications. Thus, the increasing deployment of prototyping in various sectors is projected to drive the 3D printing market in the future.
Browse report overview with detailed TOC on "3D Printing Market by Components (Printer [Industrial Printer, Desktop 3D Printer], Material [Metals, Polymers, Ceramics], Software [Design Software, Printer Software, Scanning Software, Inspection Software], Service [Custom Design & Manufacturing, After-Sales Services], by Process (Powder Bed Fusion, Binder Jetting, Direct Energy Deposition, Sheet Lamination, Vat Photopolymerization, Material Extrusion, Material Jetting), by Technology, by Application, by Industry, by Geography (U.S., Canada, Germany, U.K., Italy, Spain, Japan, China, India, South Africa, Mexico, Brazil) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/3d-printing-market
3D printing market competitiveness
The global 3D printing market is quite competitive, primarily due to the presence of numerous players. Some of the key companies operating in the market are 3D Systems Inc., Stratasys Ltd., The ExOne Company, Voxeljet AG, Arcam AB, SLM Solutions Group AG, EnvisionTEC Inc., Materialise NV, Concept Laser GmbH, and Autodesk Inc.
3D Printing Market Segmentation