According to a new market research report "3D Printing Market by Printer Type, Material Type (Metals, Plastics, Ceramics & Others), Material Form (Powder, Liquid, Filament), Process, Technology, Software, Service, Application, Vertical and Geography - Global Forecast to 2022", the 3D printing market is expected to reach USD 30.19 Billion by 2022, growing at a CAGR of 28.5% between 2016 and 2022. Factors such as 3D printing evolving from developing prototypes to end-user products, mass customization, production of complex parts, government investments in 3D printing projects, and improvements in manufacturing efficiency are expected to drive the growth of the 3D printing market.
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The market for desktop 3D printers expected to grow at the highest rate during the forecast period
There is an increase in the demand for desktop 3D printers in schools and universities, allowing students to incline more toward inspiring and practical 3D modeling experimentations. There is also a rise in the personal usage of desktop 3D printers being to develop sculptures, custom avatars, characters, and figurines. Availability and reduction in the price of new materials such as metals and wax are driving the market for desktop 3D printers.
Laser metal deposition expected to be the fastest growing technology in the 3D printing market during the forecast period
The benefits of laser metal deposition (LMD) printing technology include reduction of material waste, tooling costs, repair of parts costly to replace, reduction in lead time, customization of parts as per customers’ requirements. LMD technology involves repairing, cladding, and producing parts. Some of the common applications of this technology include repair of mold tool surfaces, high value parts such as aero engine components and military vehicles, tipping of turbine blades with protective coatings, and surfacing of oil and gas drilling components.
North America expected to dominate the 3D printing market during the forecast period
North America is expected to account for the largest share of the 3D printing market during the forecast period, with the U.S. being the major driver for the growth of the market. Major industrial manufacturing, aerospace & defense, and healthcare companies, located in the U.S., are increasingly using the 3D printing technology, which is leading to the growth of the 3D printing market. Continuous technological advancements and financial support from the government are also propelling the growth of the North American market for 3D printing. Several companies are adopting 3D printing not only for developing prototypes but also for manufacturing end-user products.
The 3D printing market has been segmented based on printer (desktop and industrial), material type (metals, plastic, ceramics, and others), material form (powder, liquid, and filament), software (design, inspect, scan, and printer software), service (custom design & manufacturing and after-sales), process (material extrusion, material jetting, binder jetting, sheet lamination, vat photopolymerization, powder bed fusion, and directed energy deposition), technology (stereolithography, fuse deposition modeling, selective laser sintering, direct metal laser sintering, polyjet printing, inkjet printing, electron beam melting, laser metal deposition, direct light projection, laminated object manufacturing, and others), application (prototyping, tooling, and functional parts), vertical (automotive, aerospace & defense, healthcare, architecture & construction, consumer products, education, engineering, energy, printed electronics, jewelry, food & culinary, and others), and geography (North America, Europe, APAC, and RoW).
Apart from the market segmentation, the report also covers Porter’s five forces analysis, the market’s value chain with a detailed process flow diagram, and the market dynamics such as drivers, restraints, opportunities, and challenges in the overall 3D printing market.
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The major players in the 3D printing market include 3D Systems Corporation (U.S.), Stratasys Ltd. (U.S. & Israel), the ExOne Company(U.S.), Voxeljet AG (Germany), Arcam Group (Sweden), SLM Solutions Group AG (Germany), EOS GmbH (Germany), EnvisionTEC GmbH (Germany), Materialise NV (Belgium), Sciaky Inc. (U.S.), Concept Laser GmbH (Germany), Autodesk, Inc. (U.S.), Hoganas AB (Sweden), Renishaw PLC. (U.K.).
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