3D Printing Market Predicted to Witness Surge in the Near Future
3D printing materials provide various advantages such as high sensitivity, durability, stability and flexibility. Other advantages include reduction in time-to-market of new products and elimination of raw material wastage. Major application of 3D printing technology is done into industries like consumer goods, healthcare, aerospace and automotive. Out of which automotive industry is the largest end user segment of 3D technology and expected to remain dominant in future. Followed by healthcare industry, in which 3D printing is majorly used for production of dental implants and hearing shells. In aerospace and automotive industry 3D printing technique is used to reduce cost and increase productivity. This technique ensures quality of parts used in aircrafts and automobiles.
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Global 3D Printing Market Segmentation
By use of raw material the market is further sub segmented into metals, ceramics, polymers and others. End user application of 3D printing is done in industries like, consumer goods, healthcare, aerospace and automotive etc. Out which application of 3D printing in healthcare sector is expected to grow rapidly which further boosting the overall market growth of 3D printing. Aerospace and automotive are the largest end user segment and expected to grow fastest in future.
Global 3D Printing Market: Region-wise Outlook
North America is largest region in terms of market share, it is because of high development of 3D technology in this region. Also, large number of dental labs in North America is fuelling the market growth. Asia-Pacific and Europe market is also expected to grow rapidly in future. In Asia-Pacific region the largest market is Japan, it is because of favourable government policies, increasing spending of government on development of printing technology and high sale of professional-grade printers. China is second largest player in Asia-Pacific region.
Global 3D Printing Market: Drivers
Global 3D printing market is expected to grow enormously in coming years. Factors driving the growth of markets are, increasing spending by market players on product development and research & development activities, increasing regulatory support from government, growth in end user segments and ease of manufacturing. High material cost, unavailability of and poor quality of material is expected to be a restraining factor for market growth. Some other restraining factors includes, lack of talent to use and manage this technology, lack of training and lack of accessibility of technology. Technological development in healthcare industry increases the application of 3D printing, which provides good opportunity for market expansion and growth.
Product innovation and increasing spending on research & development are the major trends followed by the market players. Manufacturers are focusing on creation of low volume and low cost products which can be used across various industries. At present market is facing issues of intellectual property and copyright infringement, which should be taken into consideration by key players.
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Global 3D Printing Market: Key Players
Key players into 3D printing market are Stratasys Inc., Concept Laser GmbH, 3D Systems, Inc., Arcam AB, 3D Systems Corporation, Optomec, Microtec Gesellschaft Fur Microcomputervertrieb MBH, EOS GmbH ExOne GmbH and Materialise NV. Increasing competition among these key players is expected to resulting into cost reduction of 3D printing products which will further increase product demand.
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