The 3D printing industry is driven by recent technological developments which promise gains and flexibility, thereby enabling faster design, development and launch of products. 3D printing can also reduce the amount of material wasted in manufacturing and create objects that are difficult or impossible to produce with traditional techniques. Scientists have even bioprinted organs, using an inkjet printing technique to layer human stem cells along with supporting scaffolding.
The global 3D printing market is expected to witness a strong growth in the forthcoming years. 3D printing is touted as an innovative technology that will offer solutions for various design and developmental issues that currently exists. The global manufacturing sector is likely to benefit from the advances in 3D printing. The technology is expected to benefit the manufacturing world. 3D printing holds tremendous application potential, thereby holds significant market prospects.
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 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.
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Currently Europe is dominating the 3D printing market due to heavy investment in 3D technology and demand for various industries. Aerospace and Defense are some major application areas where the 3D printings are used. Asia-Pacific has emerged as fastest growing market due to heavy demand for consumer electronics products. China and Japan are the leading market followed by India. North America stands as third biggest market for 3d printing with the market share of XX%.
The 3D printing market growth 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.
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.