3D Printing Market - Forecasts from 2018 to 2023
The 3D printing market was valued at US$5.933 billion in 2017 and is projected to grow at a CAGR of 30.20% over the forecast period to reach US$22.200 billion by 2022. 3D printing is a process of making three dimensional solid objects from a digital file using a 3D printer. The rapid growth of industries like consumer electronics, healthcare and automotive among others and increasing focus of industry players towards reducing costs is steering them towards advanced technologies which can streamline the development process while helping them improve their profit margins. This is driving the market for 3D printing. Heavy investments by major market players into research and development are speeding up technological advancements. As technologies become more advanced and more new and innovative products enter the market, their adoption can be expected to increase significantly both among professionals and hobbyists. This would further fuel the market growth.
By material, the global 3D printing market is segmented as metals, plastics, ceramics, and others. Plastics held the largest market share in 2017 with a total market share of approximately 41%. It is also expected to be the grow at the fastest rate as compared to other metals due to its increasing use in prototyping and tooling. There is an escalating use of plastic prototypes by the marketing and designing teams around the world to reduce lead time, trim down time-to-market and increase in profits. The demand for the metal as a material for 3D printing will be driven by ever-increasing investment by the aerospace industry to attain fuel efficiency and waste reduction. Cost-effectiveness of using paper and growing expenditure in the field of research and development will boost the demand for these materials. Ceramics has applications in home décor and the introduction of economical 3D printers will augment the demand this material over the forecast period.
By printer, 3D printing market is segmented as industrial printers and desktop 3D printers. Industrial printers hold the major market share in the 3D printing market owing to their wide application in industry verticals like healthcare, defense etc. Their ability to improve product performance and increase design freedom has further promoted their use in the majority of the sectors. There has been a growing demand for the desktop 3D printers due to the rising awareness and increased government engagement. However, the two major restraints in the industrial printer are their high costs and the costs of proprietary material which restricts its use for small manufacturers.
By industry vertical, the global 3D printing market is segmented as automotive, healthcare, consumer electronics, manufacturing, printed electronics, and others. Healthcare and manufacturing industry held the largest market share in 2017 due to increasing use of 3D printing solutions for prototyping and function tools. The rising need for printing of highly specialized tools on-demand from the automotive and aerospace industry will add to the demand for this printing solution. Cost-effectiveness, reduction in wastage and shrinking lead time have been the major factors responsible for the increasing penetration of this printing solution across industry verticals. Healthcare and aviation industry are expected to grow at a significant rate in the coming years. In the healthcare sector, increasing investment in research for 3D bioprinting and budding adoption of 3D printing solutions in the pharmaceutical will drive the demand. Whereas, rising penetration of this market due to cost-effectiveness and environment friendliness will boost its demand in the aerospace industry for the next five years.
By geography, the 3D printing market has been segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America holds a major share in the global market on account presence of a large number of players in the U.S. Being the early adopter of new technology, North America region contributes majorly to the growth of the global 3D printing market. Europe also holds a significantly large share in this market. The market growth in this region is mainly attributed to the upswing being observed on account of demand for these printers from end-user industries like healthcare, automotive, and consumer electronics among others. The market in the Asia Pacific is expected to witness an impressive growth over the projected period. Increasing investments by major market players in this region can be seen as one of the major factors driving the market growth.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the 3D printing market.
Key industry players profiled as part of the report are Sciaky, Mcor Technologies, Optomec, RepRap, 3D Ceram, Luxexcel Group along with others.
3D printing market has been analyzed through the following segments:
- Industrial Printer
- Desktop 3D Printers
By Industry Verticals
- Consumer Electronics
- Printed Electronics
- Functional Parts
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- South Korea