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3D Printing: Emphasis on Component, Material, Technology – Insights and Forecast, 2018-2024

12-01-2018 07:58 AM CET | Science & Education

Press release from: Grand Research Store

3D Printing

3D Printing

The Middle East and North Africa 3D printing market is segmented based on component, sub-component, applications, and technology and industrial verticals. Product (industrial and desktop printer), material (polymer, plastics, metal & alloy, ceramic and other) and services are the types of components considered while analysing and defining the penetration of 3D printing technology in different geographies and countries. In 2017, product segment dominated the Middle East and North Africa 3D printing market with maximum share in terms of revenue. Based on estimation, the segment occupied for around 36.8% share in the same year. However, increasing demand for desktop printers would help the product segment to grow at a faster rate of 30.4% during the forecast period (2018–2024).

Middle East and North Africa has displayed notable growth in 3D domain and is poised to spiral to new heights in years to come. Although 3D printing in Middle East and North Africa region is at nascent stage, countries as well as the companies of the region are in a pace to seize the opportunities arising from technological breakthroughs and which is witnessed among various industry verticals such as construction, healthcare and aerospace &defense. Apart from this, innovative and potentially transformative 3D printing deployments among medical suppliers, electronic manufacturers, and tools and components manufacturers also showcase rising acceptance.

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3D printing offers integration of metals & alloys with other raw materials as per the requirement of the end-user industry, to create specified 3-dimensional objects. During 2017, polymer held prominent share of 33.5% followed by plastic which held 30.6% during the same year. Polymer market in MENA 3D printing was valued at US$ 31 Million in 2017 and is projected to derive US$ 191.1 Million revenues by 2024 witnessing astonishing CAGR of 29.9% during the forecasted period. Numerous industrial sectors are influenced by 3D printing solutions. In addition, Custom Design and Manufacturing held more than 50% share and garnered US$ 38.9 Million revenues during 2017. Based on technology, the Middle East and North Africa market is segmented into stereo lithography, selective laser sintering, electron beam melting, fused deposition modeling, laminated object manufacturing and others. In 2017, Fused Deposition Modelling technology dominated the regional 3D printing market, and is expected to maintain its dominance throughout the analyzed period. It is projected to reach US$ 650.6 Million by 2024 showcasing significant CAGR of 28.4% during the analyzed period. Furthermore, depending on application type, the market is further classified into Functional Parts, Fit and Assembly, Prototype Modelling, Education, Metal Casting, Metal Casting, Visual Aids and Presentation Modelling. During 2017, functional parts occupied the largest share of 33.8% followed by Fit and assembly application type in regional 3D printing market.

Moreover, benefits of 3D printing can also be witnessed among various industry verticals such as Education, automotive, aerospace & defense, healthcare, consumer goods, manufacturing, construction and others where the additive manufacturing has turned out to be a game changer. Automakers and raw material suppliers for manufacturing sector have realized the benefits of 3D printing solutions, eventually increasing the demand for 3D printing solutions in these industries. In the automotive industry, the use of 3D printing technology has been successful in bring about new shapes to the industry, allowing the industry to produce lighter and more complex structures at affordable price ranges. Manufacturing sector was accounted as the fastest growing industry vertical in terms of its applications in 3D printing. Based on estimation, the respective segment is projected to generate revenue of US$ 396.6 Million in by 2024 displaying tremendous CAGR of 28.5% during the forecasted period in MENA 3D printing market.

3D printing has offered immense growth potential to the entire MENA region. The technology has portrayed its dynamism across various industrial sectors at a very high pace ranging from healthcare, education, construction to retail. In addition, lenient investment regulations by government bodies in developing countries such as MENA has allowed the companies to invest in the country?s 3D printing space. 3D printing has successfully transformed the world of business. It purposes to touch every industry and bring explosive transition in the same. 3D printing has offered numerous benefits to small scale and large scale manufacturing industry to drive more revenue in Middle East and North Africa region. However, high cost involved in 3D printing, lack of awareness and limited skills sets in the region encompass some of the obstacles that hinder the growth of 3D printing in Middle East Region. Furthermore, technological advancements in healthcare industry specifically the way medical devices are utilized to treat the patients and faster supply chain and reduced lead times form as an integrated services that have resulted into measurable impact thus aiding the manufacturers in developing precise 3D solution.

Also, for better understanding of 3D printing market penetration, the market is analyzed in different geographies and countries comprising of Middle East and North Africa (UAE, Saudi Arabia, Qatar, Kuwait, Egypt, Algeria and rest of MENA. Based on estimation, Middle East and North Africa accounted for revenue share of 6.6% in 2017. Ever expanding manufacturing domain, supportive government policies in regard to 3D printing coupled with increasing Research and Development in advanced technology has exorbitantly proliferated the 3D printing market in the region. Spending on 3D printing in MENA region is also set to increase from US$ 0.47 Billion in 2015 to US$ 1.3 Billion by 2019 registering astonishing CAGR of approximately 31% over 2015–2019 period outperforming the worldwide growth rate of around 27%. Countries such as Saudi Arabia and UAE are actively operating in 3D technology wherein several initiatives from research and development aspect have been undertaken to revolutionize the advanced technology applications in the region. United Arab Emirates led the Middle East and North Africa region and contributed around US$ 66.3 Million in 2017 towards regional 3D printing sales and is further projected to garner US$ 386.4 Million by 2024 registering substantial CAGR of 28.8% over the period.

Considering the presence of 3D printing players in Middle East and North Africa region, 3D Systems Corporation, Arcam AB, Royal DSM N.V., ExOne Company, Autodesk, Inc., Stratasys Ltd., Organovo Holdings, Inc , Hoganas AB, Mcor Technologies Limited and Voxeljet AG, constitute as some of the prominent players operating in 3D space. The players consistently aim to focus on product development, launch new products and enhance their existing portfolios to expand their customer base and strengthen their market position through partnerships and collaborations which further offers them growth opportunities for geographic expansion.

Get the Complete Report & TOC @ www.grandresearchstore.com/ict-and-media/mena-2018-2024-47

Table of content

1 MARKET INTRODUCTION
1.1 Market Definition
1.2 Objective of the Study
1.3 Limitation
1.4 Stakeholders
1.5 Currency used in the Report

2 RESEARCH METHODOLOGY OR ASSUMPTION
2.1 Secondary Data
2.1.1 Key Secondary Sources
2.2 Primary Data
2.2.1 Sampling Techniques & Data Collection Methods
2.2.2 Primary Participants
2.3 Supply Side & Demand Side Analysis

3 INDUSTRY PERFORMANCE

4 EXECUTIVE SUMMARY

5 MARKET OVERVIEW
5.1 Introduction
5.2 Market Dynamics
5.2.1 Market Drivers
5.2.1.1 Booming 3D technique in Various Verticals
5.2.1.2 Rising Regulatory Support by National and Local Government Bodies
5.2.1.3 Disrupting Manufacturing Sector
5.2.2 Market Restraints
5.2.2.1 3D Printing held back by High Cost
5.2.2.2 Limited Resource Pool in 3D Printing
5.2.2.3 Lack of Awareness
5.2.3 Opportunities in the Market
5.2.3.1 Technological advancement in Healthcare industry, especially Medical Devices
5.2.3.2 Faster Supply Chain and Reduced Lead Times

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