According to a new market research report on "3D Printing Market by Technology (SLA, SLS, EBM, FDM, EBM, LOM, 3DP), Materials (Polymers, Metal), Application (Aerospace, Automotive, Consumer, Healthcare, Government & Defense) & Geography (Americas, Europe, APAC & ROW) (2013 – 2020)", the 3D printing market is expected to grow at a CAGR of 23% from 2013 to 2020, and reach $8.41 billion in 2020.
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The market is expected to reach $8.41 billion by 2020, at an estimated CAGR of 23% from 2013 to 2020. The major driving factors for the 3D printing market are: - ease in the manufacturing of low volume production of complex geometry components, and rapid manufacturing of customized products with regards to various applications such as aerospace, automotive, consumer and healthcare. In the report, different technologies such as stereolithography, laser sintering, electron beam melting, fused disposition modeling, and laminated object modeling- are discussed. The materials market includes -polymers- and -metals-. The 3D printing market finds its application in the aerospace, automotive, consumer, healthcare, government &-; defense, industrial machines, and education and research sectors. The geography market is categorized into Americas, Europe, APAC, and ROW.
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The elements behind the rapid upsurge in the 3D printing market are the innovative and advanced technologies, customized products, governments funding, wide unexploited application market, rapid development of the products at a low cost, and less time-to-market. In addition, the upcoming (in 2014) expiration of patents with respect to the Selective Laser Sintering (SLS) is also believed to provide a further impetus to the growth of the 3D Printer market.
As of 2013, the Americas holds the largest revenue share followed by Europe- in 3D printer machines, materials, and related services. However, Europe is also expected to surpass Americas in terms of the 3D printing market revenue by 2020. The foremost factors accountable for the expansion of 3D printing market include new and improved 3D printing technologies, wide range of materials (polymers, metals/alloys, sand, ceramics, living tissue), government funding, broad application scope, and increased awareness regarding the benefits of 3D printing over traditional techniques (injection molding and CNC machining). However, APAC is the fastest growing and most promising market for 3D printing due to high industrial growth, technological awareness, supportive government policies, and financial investment by the governments in R&D. The major companies operating in this market are 3D Systems (U.S.), Stratasys (U.S.), Arcam AB (Sweden), Exone (U.S.), and others.
3D Printing’ is a contemporary manner of manufacturing products, which is anticipated to revolutionize the manufacturing industry. The technology has innumerable application areas in diverse industries, namely automotive, aerospace, consumer products, industrial/ business machines, healthcare, education & research, government & defense, and so on.
Increased affordability of 3D printers and printing materials is making it, likely, to inculcate it in mainstream business operation. With the advancement in 3D printing technologies and materials, it has now moved from ‘rapid prototyping’ to ‘end-product manufacturing’. It offers a tremendous opportunity to customize product production for complex geometry of the object. The technology, today, discovers its application in many industries such as industrial design applications, architecture, jewelry design, and so on.
3D printing adds a high value towards developing a concerned product, and has application in various parts of the production phase; such as, it used for prototyping, tooling, and production of small parts. Its main attraction lies in producing highly complicated parts with ease. The availability of designs in 3D printing is far more than that in moldings. Also, it helps to optimize the supply chain and condense the lead times— from the manufacturing to the market.
3D Printing market is expected to reach $8.41 billion by 2020, at an estimated CAGR of 23% from 2013 to 2020. Companies are investing hugely in their R&D activities to develop more compelling methods of manufacturing, with regards to 3D Printing.
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