The 3D printing market is expected to reach $31.8 Billion by 2023, growing at a CAGR of 24.4% between 2017-2023. 3D printing technology helps industries in various aspects, such as in product development, efficiency increment, supply chain improvement and others. Due to these advantages, 3D printing technology is widely being accepted in several industries, including aerospace and defense, healthcare, automotive, gems and jewelry and others.
Metal based 3D printing has been the largest revenue contributor to the global market; however, the market for polymer-based 3D printing is expected to register the fastest growth during the forecast period. Metal based 3D printing helps in serial production, especially in industries, such as aerospace and defense, and automotive, where products mainly contain metal components.
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The demand for other 3D printing materials, including ceramics, bio-compatible material and wax, is also expected to rise in the global 3D printing market. Several industries, including food and culinary, textile and building automation, are expected to generate demand for these materials-based 3D printing. Among all industries, aerospace and defense is expected to the largest user of 3D printing.
Geographically, North America has been the largest market for 3D printing. 3D printing is widely being used in aerospace and defense and healthcare industries. The U.S. leads the aerospace and defense and healthcare industries across the globe, which is the major factor supporting the growth of the 3D printing market in North America. Additionally, uninterrupted technological advancements and government initiatives in the region are likely to spur the growth of the North American market for 3D printing.
The market is expected to register the highest growth in Asia-Pacific, during the forecast period. 3D Printing is widely being adopted in the emerging nations of Asia-Pacific, such as India, China and Japan. Government initiatives, and investment in research and development to innovate new methods and applications of 3D printing are the major factors supporting the growth of the 3D printing market in Asia-Pacific.
Some of the major companies operating in the 3D printing market include 3D Systems Corporation, Stratesys Ltd., ExOne, voxeljet AG, Arcam AB, SLM Solutions GmbH, EOS GmbH, Envision TEC GmbH, Materialise NV, Concept Laser Gmbh, Autodesk, Inc. and Koninklijke DSM N.V.
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