Top 10 Industry Growth Driving Factors of 3D Printing Market in North America
North America 3D Printing Market Report, published by Allied Market Research, forecasts that the North American market is expected to garner $5.01 billion by 2022, registering a CAGR of 20.1% during the period 2016-2022.
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1. Efficient use of materials
2. Use of multiple materials for printing
3. Reduction in human error
4. Customization of products
5. More competitive advantage
6. Delivering various innovation opportunities
7. Reduces development cost and time
8. Efficient logistic management
9. Higher resolution
1. Higher cost for individual user
2. Software required for 3D printing are expensive
3. Lack of channel partner assistance
4. Lack of skilled labour
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1. Applications in various industries and improved manufacturing process
2. Increasing applications in medical science
3. Additional choice of materials
There is a shift from basic applications of prototype production to advanced applications, including functional testing of prototypes and manufacturing of final products. Industries such as consumer products, industrial, healthcare, defense, aerospace, and education & research widely use 3D printing for manufacturing of complex design objects with the help of diverse 3D printing materials.
Defense and aerospace sectors utilize 3D printing for development of affordable, lightweight, and complex components. The healthcare and medical industry has also recognized the advantages of 3D printing for prosthetics, and dental and medical fixtures.
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3D printing uses diverse materials such as polymers, ceramics, and metal & alloys among others. Polymers occupied a major share in the North American 3D printing materials segment, accounting for over 40% of the total materials market revenue in 2019. Metals & alloys is expected to be the fastest growing material segment during the forecast period.
The major players in this market include 3D Systems, Stratasys Ltd., The ExOne Company, Autodesk Inc., Optomec, Inc., Organovo Holdings, Inc., and Arevo Labs. These players consistently launch new products and enhance their existing portfolios to expand their customer base and strengthen their market position. Partnerships and collaborations provide growth opportunities to these players for geographic expansion.
Also Read: https://www.gurufocus.com/news/994651/top-10-industry-booming-factors-driving-the-growth-of-3d-printing-market-in-north-america-by-2026
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