3D Printing Market Predicted to Grow at a CAGR of 24.6%

Advancing at a 24.6% CAGR during the forecast period (2018–2023), the 3D printing market is predicted to ultimately reach $31,863.7 million, taking a massive leap from the $8,583.6 million revenue generated in 2017. On a global ground, in 2017, North America was the largest market for 3D printing, contributing more than 35.0% of the total revenue. The aerospace and defense and healthcare sectors are widely using 3D printing.

The U.S dominates the aerospace and defense market around the globe, which, in turn, is proving to be a major factor for the growth of the 3D printing market in North America. In addition, advancements in technology and increase in government initiatives in the region are likely to escalate the growth of the North America market further.

Unlike conventional printing, 3D printing is the building of three-dimensional objects by additive manufacturing, which is the successive addition of materials in a layered pattern using a computer-aided design model. The technology is widely used in many industries, ranging from automotive and medical to architecture & construction and aerospace & defense.

The 3 D printing technology helps in minimizing the amount of material used as compared to subtractive manufacturing. In other processes, the scraps left at the time of cutting the metals are wasted and destroyed, while 3D printing ensures a lot of waste reduction.

One of the key drivers of growth of 3D printing market globally is slashed manufacturing cost. Benefits, such as less labor cost and transportation, reduced material usage are helping manufacturers prosper, thereby boosting the growth of the market.

Some of the major companies operating in the global 3D printing market are 3D Systems Corporation, Stratasys 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.

Market Segmentation by Process