3D printing is a manufacturing process that helps in building multiple layers for a three-dimensional object from a digital specimen. A few years ago, the cost of using 3D printing technology was very high and it was used by large corporations and organizations, however with the advent of desktop-based 3D printers the technology is becoming more accessible in small and medium enterprises and home users as well.
Currently, 3D printers are increasingly used to manufacture customized prototypes during testing phases. The 3D printing technology helps the business organizations in creating prototype at lower costs, reduced time and do not require specific labor skill for developing a product thereby enhancing the growth of the 3D printing market across the globe.
Insight by Printer
On the basis of printer, 3D printing market is categorized into industrial printers and desktop 3D printers. Among all these segments, desktop 3D printers are anticipated to witness fastest growth during the forecast period helps in developing new and innovative products for the customers along with providing customized products to the users. These factors are thereby pertaining towards the growth of the 3D printing market across the globe at an extensive rate.
Insight by Material Type
The 3D printing market is also segmented on the basis of material type into metals, wax, plastics, laywood, ceramics, paper and bio-compatible material. Among all these segments plastic contributed largest revenue to the market since plastic is the most common and crucial material used in 3D printing. Increasing demand for 3D printing in manufacturing domain has bolstered the demand for developing strong materials both mechanically and physically and the materials used in 3D printing helps in achieving that rigidity and flexibility in products.
Insight by Industry
Based upon application, 3D printing market is segmented into healthcare, automotive, printed electronics, architecture & construction, consumer products, education, aerospace & defense, jewelry, energy, industrial, food & culinary and others. Aerospace & defense is the key end user of the technology since this industry utilizes 3D printing technique for developing products that require superior quality and performance at the time of its development.
Increasing demand for latest technology among various business enterprises to develop more affordable and accessible alternatives in small and medium enterprises is the key trend observed in the growth of 3D printing market globally. The technology is transforming the traditional functioning of the business and redefining the business process in several organizations. 3D printing allows the manufacturing of a 3D object to form a computer-driven digital process. The additive printing process use varies in accordance to the materials and budget acquired for the functioning of technology. The adoption of 3D printing is increasing in engineering, architecture, medical, industrial design and construction industry.
Increasing investments undertaken by government authorities towards 3D printing projects, increasing trend of developing customized products for the customers and reduced manufacturing cost are the key factors driving the growth of the 3D printing market. The potential of 3D printing technology to enhance the manufacturing and supply chain management process of the business organization is the key factor driving the growth of the 3D printing market. 3D printing technology helps in providing ease to manufacturing process of the organizations and provides several benefits to the traditional production techniques.
Furthermore, it helps the organizations to produce different variety of products with the help of single 3D printer. This helps the manufacturers in reducing the various numbers of steps involved in a production chain and helps the enterprises to leverage production concepts and on-demand concepts. 3D printing thus enables the overall simplification of the management and supply chain process thereby providing significant economic savings for the organization on production and logistics costs. Moreover, the limited designing tools offered by 3D printing technology is the major restraint observed for the growth of the 3D printing market.
The high costs of materials and restraint pertaining to the size of the product are the major factors that are hampering the growth of 3D printing market across the globe. Moreover, lack of acceptance of such technology and limited designing tools offered by 3D printing technology is the major restraint observed for the growth of global 3D printing market.
Globally industry players in 3D printing market are leveraging market growth through the development of innovative solutions. The vendors of 3D printing technology are providing various solutions to users such as customization, cost efficiencies, developing new products and are further improving productivity with the help of latest technologies.
Geographically, North America is the largest 3D printing market in since the region is constantly revamping their technology and increasingly using 3D printing technology in healthcare and aerospace and defense domain. Furthermore, increasing demand for customized products by the customers and need for reducing operational costs by several business organizations is driving the demand for 3D printing in this region.
Moreover, 3D printing market in Asia-Pacific is expected to witness the fastest growth due to the availability of informed consumers and the increasing demand for customized products from the end-users. 3D printing technology is enabling business enterprises in this region for improving product evolution, customer relationships and business growth by delivering products in a timely and speedy manner. Additionally, this technology is helping the suppliers in reducing the cost and time of their manufacturing and logistics process. Moreover, the adoption of 3D printing by healthcare domain is enhancing the growth of 3D printing market in this region.
Key players in the 3D printing market are investing heavily towards improvising the quality of product and developing the latest technologies that is further strengthening their position in the market. Moreover, local vendors are developing new products to develop cost efficiencies in their business processes thereby extending the rivalry in the market to certain. Some of the major players in the 3D printing market include Materialise NV, Stratasys Ltd., 3D Systems Corporation, Envisiontec GmbH, The Exone Company, Sciaky Inc., Voxeljet AG, SLM Solutions Group AG., Proto Labs, Arcam Group and Mcor Technologies Ltd.