3D Printing Market worth $8.41 Billion by 2020
According to a new market research report on "3D Printing Market [by Technology (SLA, SLS, EBM, FDM, EBM, LOM, 3DP), Materials (Polymers, Metal), Application (Aerospace, Automotive, Consumer, Healthcare, Government & Defense) & Geography (Americas, Europe, APAC & ROW)] (2013-2020)" published by MarketsandMarkets, the 3D Printing Market is expected to grow at a CAGR of 23% from 2013 to 2020, and reach $8.41 billion in 2020.
3D printing is a technique to create 3D objects by placing layer over layer with the help of an additive material and a digital file (CAD). The common 3D printing methods include: Stereo Lithography (SLA), Laser Sintering (LS), Electron Beam Melting (EBM), Fused Disposition Modeling (FDM), Laminated Object manufacturing (LOM), and others.
Initially, these models were limited to prototyping purpose but recently 3D printing has made a radical shift towards mainstream product manufacturing in industries ranging from aerospace to consumer products. 3D printing has a huge growth potential, especially, in markets that are characterized by low volume, complex architecture and highly individualized applications.
The main driving factors responsible for the explosive growth of the 3D printing market include new and improved technologies, variety of materials ranging from polymers to living tissue, supportive regulations, government funding, and huge untapped market. In addition, the upcoming (in 2014) expiration of patents with respect to the Selective Laser Sintering (SLS) is also believed to provide a further impetus to the growth of the 3D Printer Market.
Among all the application sectors, automotive industry, consumer products, aerospace, and healthcare have contributed the largest market share. Moreover, aerospace and healthcare are estimated to grow exponentially in the coming future.
In geographical analysis of the 3D printing market with regards to the 3D printers, materials and related services-the Americas have been accounting for the largest market share followed by Europe.
Europe is also expected to surpass America in terms of the 3D Printing Market revenue by 2020. The foremost factors accountable for the expansion of 3D Printing Market include new and improved 3D printing technologies, wide range of materials (polymers, metals/alloys, sand, ceramics, living tissue), government funding, broad application scope, and increased awareness regarding the benefits of 3D printing over traditional techniques (injection molding and CNC machining).
However, APAC is the fastest growing and most promising market for 3D printing due to high industrial growth, technological awareness, supportive government policies, and financial investment by the governments in R&D.
Some of the major players in the 3D printing market include 3D Systems (U.S.), Stratasys (U.S.), ExOne (U.S.), Arcam (Sweden),Optomec (U.S.), EnvisionTEC (Germany), EOS (Germany), Layerwise (Belgium), microTEC (Germany), and Materialise (Belgium), among others.