3D Printing Market by expanding at a CAGR of 18.0% over the assessment period Through 2017-2025
Posted: Oct 12, 2017
An up-to-date study by Transparency Market Research (TMR) has detected that the global 3D printing market is distributed among a vast number of large and mid-level vendors, and going forward, the competitive landscape will remain fragmented. However, a few companies do hold a position of strength in the global 3D printing market, such as Stratasys, Ltd., EOS GmbH, and Solidscape, Inc. These three companies accounted for the most prominent chunk of the pie in 2016, staying ahead via strong geographical presence. Some of the other key participants of the 3D printing market identified by the report are: Concept Laser GmbH, Optomec, ExOne GmbH, Voxeljet Technology GmbH, SLM Solutions GmbH, and Arcam AB.
The TMR report projects the demand in the global 3D printing market to increase at a phenomenal CAGR of 18.0% during the forecast period of 2017 to 2025, and estimates it to reach a global valuation of US$32.3 bn by the end of 2025, substantially up from its evaluated worth of US$7.3 bn in 2016. In the near future, as the market for 3D printing is still in emerging stage, the report expects entrance of new players with innovations to further intensify the competition. Another key observation of the report is that the global 3D printing market is heavily dependent on research and development of new techniques that can add value to diverse end-use industries it finds applications in.
The commercial sector serves considerably more demand than personal usage in the global 3D printing market, whereas fuel deposition modeling (FDM) and polyjet are most widely used technology segments. Low cost of FDM in comparison to polyjet is increasing its adoption, especially in the personal use segment. However, polyjet may be expensive but finds strong commercial applications. Application-wise, consumer products and electronics is emerging as a highly profitable category, although the automotive sector is highly profitable too. Geographically, North America is currently the most lucrative region, while Asia Pacific is projected to increment the demand in the global 3D printing market at most robust CAGR during the forecast period.
Benefits over Conventional Methods Driving Demand
3D printing industry has experienced robust growth in the last few years due to its expanding application areas. Increasing awareness about the benefits of using 3D printing over conventional methods of manufacturing is supporting its growth. Furthermore, the ongoing technological advancements, such as incorporation of new materials and surface enhancement of the final model, are expected to expand the application areas of 3D printing thus driving the growth of the 3D printing industry during the forecast period. Ease in the development of customized products, reduction in manufacturing cost, and government investments in 3D printing projects are some of the other factors favoring the prosperity of the global 3D printing market. On the other hand, limited availability and high cost of materials, reduction in manufacturing cost, and the lack of a standard process control are a few restraints faced by the global 3D printing market.
Lack of Efficient Supply Chain Management Obstructing Market Prosperity
As per the author of the report, there are significant potential to enhance manufacturing processes and a glaring requirement for efficient supply chain management. In addition to that, vast untapped market in several end-use industries such as printed electronics, education, jewelry, and automotive will continue to open new opportunities for the vendors, provided they can ensure product quality and limit designing tools.
Transparency Market Research (Tmr) is a market intelligence company, providing global business information reports and services.