3D printing market to reach $8.6B globally by 2020: report
The global 3D printing market will reach US$8.6 billion by 2020, a new report says, a surge of growth primarily due to rising demand for faster and more efficient ways to manufacture complex design objects using a wide array of...
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The global 3D printing market will reach US$8.6 billion by 2020, a new report says, a surge of growth primarily due to rising demand for faster and more efficient ways to manufacture complex design objects using a wide array of materials.
This finding comes in a study just released by Portland, Ore.-based Allied Market Research.
The growth will be in spite of restraints that have held the market adaptation of the technology back until this point: higher cost of personal printing, expensive software, and lack of channel partner assistance. “The adoption of 3D printing in various applications is growing on account of higher accuracy, efficient use of material and ability to build customized products,” the report said. “Its competency over traditional processes, time efficiency and simultaneous use of multiple materials has been the other prominent adoption drivers…[and] the economies of scale gained through advancement in technology and improved manufacturing process will help the market grow in future.”
Stereolithography, selective laser sintering, electron beam melting, fused deposition modeling, and laminated object manufacturing are some of the technologies currently being used for 3D printing. “Stereolithography accumulated the largest revenue in 2013, which accounted for about 33% of the overall market,” the report said “Electron beam melting is expected to be the fastest growing technology segment.”
Polymers, metals, and ceramics among others are the key 3D printing materials included for analysis in the report, and the study noted that polymers occupy major share in 3D printing materials market, generating revenue of US$193.3 million in 2013. Metal and alloy is projected to be the fastest growing material segment, however.
“The increasing adoption of 3D printing in various application segments such as consumer products, industrial products, aerospace, automotive, defense, healthcare, education and research, architecture and arts are facilitating the growth of 3D printing market,” the report also said. “The key industry segments such as healthcare and aerospace, which are growing at a promising rate, have witnessed significant penetration of 3D printing technology. Consumer product industry remains the largest application segment with about 22% of the market share, while defense sector is expected to exhibit the fastest growth during the forecast period.”
Breaking the global 3D printing market down by regions, the study said that North America leads the market with about 43.9% revenue share in 2013, followed closely by European region. “The dominance of North American market is attributed to the growth in healthcare, consumer, aerospace and automobile industry,” the report said. “Asia-Pacific will be the fastest growing market during 2014-2020, due to faster adoption of 3D printing in the developing industrial sectors.”
The complete study is available at http://www.alliedmarketresearch.com/3d-printing-market.