The growth prospects of the 3D printing market 2020 look quite promising as Market Research Future (MRFR) analyses the latest trends and growth opportunities during the forecast timeline (2016 to 2027).
Growth Drivers and Top Barriers
The top trend gaining prevalence in the 3D printing market includes the customization of the purchased products. 3D printing offers the customers the freedom to customize the products as per their requirements. The issue with the standard mass production lies with the products that are the same, since they come from moulds, preventing the margin for customization. Therefore, 3D printing is being viewed as the best option, since the technology helps personalize the purchased products. The high demand for fast prototyping also benefits the 3D printing market share to a large extent.
With the surge in technological advancements as well as product innovations, the 3D printing technology has noted a growth in its applications across a variety of areas, like advanced prosthetics, jet engines as well as living tissue. The 3D printing is constantly supported by continuous technological advancements that are leading to the emergence of products with better flexibility and quicker design. A huge number of manufacturers understand the benefits of using 3D printing, which include low labour and transportation costs coupled with the ability to optimize the material. More and more manufacturing units are now able to bring down material wastage via the use of 3D printing.
Governments around the world are making colossal investments in research and development (R&D) to churn out more advanced 3D printing technology, which can positively influence technology propagation as well as adoption.
The 3D printing market share is projected to increase exponentially, as more and more companies adopt strategic measures, including partnerships, geographical expansions and product launches, to boost their position in the 3D industry.
The names of the companies leading the 3D printing market include Beijing Tiertime Technology Co., Ltd. (China), Optomec Inc. (U.S.), The Argen Corporation (U.S.), Ultimaker (Netherlands), Zortrax (Poland), Formlab (U.S.), MyMiniFactory (U.K.), Envisiontec GmbH (Germany), Canon Inc. (Japan), HP Inc (U.S.), Graphene 3D Lab Inc. (U.S.), 3D Hubs (Netherlands), Stratasys Ltd. (U.S.), Shapeways, Inc. (U.S.), Wiivv Wearables Inc. (Canada), Amazon.Com, Inc. (U.S.), The Exone Company (U.S.), Arcam Group (Swedan), 3D Systems Corporation (U.S.), Carbon 3D (U.S.), Proto Labs (U.S.), Materialise NV (Belgium), 3d ceram (France), Reprap (Denmark), Local Motors (U.S.), Shapeways (U.S.), and others.
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The 3D printing market size is bound to increase in the coming years, says MRFR report. The report, in order to give a better understanding to the reader, has segmented the market according to technology, material, operational model and application.
The market segmentation by technology includes Digital Light Processing (DLP), Laminated object manufacturing (LOM), Selective Laser Sintering (SLS), Selective laser melting (SLM), Stereolithography (SLA), Electronic Beam Melting (EBM), Fused deposition modelling (FDM),
The market segments that are based on material are polymer, metal, ceramic, nylon, among others.
The operational models discussed in the report are In-house as well as service provider.
The applications of 3D printing covered in the report include aerospace, plastics, automotive, wholesale and retail, electronics, mechanical and plant engineering, consumer goods, pharma and medical, transport and energy logistics among others. The aerospace industry is the leading category in the 3D printing market, on account of the extensive use of 3D printing by aerospace component manufacturers, to design and test the products at a fast pace.
North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW) are the primary regions where the 3D printing market share can potentially expand during the review period.
In 2016, the largest share in the 3D printing market belonged to North America, with Europe and APAC securing the second and third positions, respectively. The United States (US) is the top-performing market for 3D printing in the region. Canada and Mexico are also growing at a significant pace in the region, thanks to the rapidly expanding aerospace and defence industries and subsequent increase in application areas of 3D printing. The regional market is largely supported by the high demand for fast prototyping across industries combined with the large number of government initiatives aimed at advancing the technology.
APAC can note the quickest rate of expansion in the global 3D printing market, owing to the rising applications in automobile, consumer electronics and healthcare industries. The declining manufacturing costs, mounting demand for customized goods, and the increase in investments in R&D, mostly in China, India and Japan can also favour the market growth in the region.
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