Why 3D Printing Market is Becoming Increasingly Popular in the Healthcare $ Automotive Industry?
3D printing, also referred to as additive manufacturing, is a combination of processes used to produce three-dimensional objects from 3D models or other electronic data sources. In case of 3D printing, numerous layers of different kinds of printing materials are formed under machine control to create a 3-dimensional object. The 3-dimensional images can be of varied shapes or geometries and can be created with computer-aided design packages or 3D scanners. 3D printing as an end-use manufacturing technology is still at an infancy stage but in the years to come, with the combination of various innovative technologies, it is expected to display tremendous potential to transform many designs, production, and logistics processes. Although 3D printing showcases an upward trend and is beyond expectations, it will require much more time to reach mass adoption level, hence signaling that mainstream adoption is expected to take off. As per the report published by UnivDatos Market Insights (UMI), the Global 3D Printing Market is anticipated to reach the market valuation of US$ 34,800.0 Million by 2025 expanding at a consistent CAGR of 12% during the forecasted period (2019–2025).
Products, materials, services paired with 3D printing technologies and applications are the major 3D printing technology segments analyzed during the forecast period. The benefits of 3D printing technology can be witnessed among various industrial verticals wherein the adoption of additive technology has been the game-changer for end-user industries ranging from manufacturing, healthcare, consumer, automotive to education. In 2018, the product segment dominated the global 3D printing market and is estimated to derive the revenue sales of US$ 6,336.0 million by 2019. Under the technology segment, fused deposition modeling is projected to witness the rapid expansion throughout the forecast period, credited to its user-friendly characteristics and growing awareness among the consumers. Moreover, 3D printing applications as direct manufacturing technologies have further brought wider disruption. Among applications, functional parts production is gaining prominence in the global 3D printing technology landscape.
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Dramatic uptake in investments with respect to product and development in 3D solutions, regulatory support, and growing manufacturing sector has considerably influenced the growth prospects of 3D printing technology globally. Moreover, as the technology has successfully transmitted to the phase of reaching the top of the plateau of productivity, the healthcare sector has turned itself to 3D techniques to design surgical guides, orthopedic devices, and medical implants. For instance, the booming concept of dental 3D printing and the launch of dental labs has completely revolutionized 3D printing technology in the healthcare sector, hence, displaying promising advancements in medical and dental fields.
Unique variations of 3D printing technology are bifurcated extensively into components, technologies, applications and end-user industries. Determined by component type, the product market is bifurcated into industrial and personal 3D Printers. The industrial 3D printer segment has fetched revenues of US$ 4,169.3 million in 2018. While among polymer, plastics, metal and alloys, and ceramics; polymers segment is anticipated to witness rapid adoption while ceramic material is predicted to witness the highest CAGR growth of 13.6% throughout the forecast period. Moreover, custom design & manufacturing dominated the service segment of the 3D printing market in 2018. Additionally, based on technology type, 3D printing is segmented into fused deposition modeling, selective laser sintering, stereolithography, electron beam melting, and laminated object manufacturing technologies. In 2018, fused deposition modeling dominated the market with maximum share. Among various 3D applications such as functional parts, fit and assembly, prototype modeling, education, metal casting, visual aids, and presentation modeling; functional parts captured the majority of the market share in 2018. Furthermore, manufacturing sector dominated the end-user industry segments of the global 3D printing technology market, with market size of US$ 2,649.6 million.
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Additionally, for better investigation and penetration of 3D printing solutions; the report provides detailed analysis of the global 3D printing technology market into distinct region and countries including North America (U.S., Canada, Mexico and Rest of North America), Europe (Russia, Germany, France, U.K., Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Malaysia and Rest of Asia-Pacific) , Latin America (Brazil, Argentina, Chile and Rest of Latin America) and Middle East and North Africa( UAE, Saudi Arabia, Kuwait,, Qatar, Algeria, Egypt and rest of Middle East and North Africa). In 2018, North America dominated the global 3D printing technology market with the United States holding the lead share in the region, owing to its matured manufacturing sector paired with first-mover advantage in the technological advancement space. Moreover, Asia-Pacific and MENA regions are anticipated to showcase drastic advancement throughout the forecast period owing to the numerous players foraying into the 3D technology, strong expertise in 3D printing technology, favorable government policies and surging expenditure on 3D solutions.
Some of the key players operating in the global 3D Printing market include 3D Systems Corporation, Arcam AB, Royal DSM NV, Stratasys Ltd, Autodesk Inc., ExOne Company, Hoganas AB, Organovo Holdings Inc., Mcor Technologies Ltd, and Voxeljet AG. Consistent objective to enhance their existing portfolios, expand their customer base and strengthen their market position through partnerships and collaborations, product innovations have influenced the market potential on a global scale.
Global 3D Printing Market Segmentation
Market Insight, by Component
Metal & Alloy
Custom Design and Manufacturing
After Sales Services
Market Insights, by Technology
Selective Laser Sintering
Electron Beam Melting
Fused Deposition Modelling
Laminated object Manufacturing
Market Insights, by Application
Fit and Assembly
Functional Parts Production
Market Insight, by Industrial Vertical
Aerospace & Defense
Market Insight, by Geography
North America 3D Printing Market
Rest of North America
Europe 3D Printing Market
Rest of Europe
Asia-Pacific 3D Printing Market
Rest of APAC
MENA 3D Printing Market
Rest of MENA
Latin America 3D Printing Market
Top Companies Profiled
3D Systems Corporation
Royal DSM N.V.
Mcor Technologies Limited
The Global 3D Printing Market can be customized to regional/country level or any other market segment. Besides this, UMI understands that you may have your own business need, hence we also provide fully customised solutions to clients.
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UnivDatos Market Insights (UMI)