The 3D printing market is anticipated to attain revenues worth USD 8.6 billion by 2020. Its size was about 2.2 billion in 2012. The ability to enable low volume manufacturing with efficiency and low costs will drive market demand in the years ahead.
3D printing is a technology that has garnered interest from various industry verticals. Rising demand for customized and flexible products will positively affect the market. Majority of these products are manufactured using prototypes. As a result, spare industrial component parts can be manufactured easily and are popular globally.
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Lack of manpower and talent to manage 3D printing technology seems to be a restraint for the 3D printing market. The market is divided on the basis of technologies, applications, raw materials, and regions. On the basis of technologies, the market is segmented into SLA (stereo lithography), SLS (selective laser sintering), EBM (electron beam additive manufacturing), FDM (fused deposition modeling), and LOM (laminated object manufacturing).
Applications of the 3D printing market include aerospace, automotives, consumer products, medical, government, and defense. Automotives contributed more than 40% share in 2012. Medical is another growing sector that utilizes 3D printing technology to procure dental implants and hearing-aid devices. It would grow at 19.6% CAGR from 2013 to 2020 (forecast phase) and was valued worth USD 397.2 million in 2012.
Metals, ceramics, and polymers are the three raw materials. Metals had 26% market share, on the basis of revenues, in 2012. The company, General Electric is looking to produce 85, 000 fuel nozzles using metal as the material base for their LEAP jet engines. Polymers dominated the market with 35% share, in terms of income, in 2012.
Considering regions, North America dominated the 3D printing market in 2012, with 42% share. Europe has the potential for highest growth at 20.4% CAGR in the forecast phase, with regulatory bodies encouraging R&D (research and developments). Some of the participants in the worldwide market comprise 3D Systems Corporation, Materialise NV, Stratasys, Ltd., Mcor Technologies, Ltd., and ExOne GmbH.
The 3D printing market is reasonably consolidated and witnesses mergers & acquisitions as one of the prime strategies for expansion. Innovative technologies and product developments are also a part of its promotional initiatives.
Information Source: Radiants Insights