According to the New Research Report by TMR, the global 3D printing market will rise at an impressive 18% CAGR between 2017 and 2025. At this pace the market will reach US$32.3 bn 2025 from US$7.3 bn in 2016. The global 3D printing market is still at its budding stage hence with the entry of new players the competition is likely to get fiercer in the coming years. Furthermore, the rising research and development initiatives will bring about various innovations, subsequently enabling the global 3D printing market gain significant momentum.
The transformative power of 3D printing technologies is seemingly limitless. This is, in part, driven by emerging a wide array of exciting consumer applications and the constantly expanding potential to manufacturing industries. Advances in 3D printing processes and relentless efforts for application-driven innovation have led to customized products catering to diverse vertical markets, such as the medical and automotive industries, to name a few. Driven by marked decline in the prices of 3D printers in recent years, additive manufacturing technology has been occupying a game-changing role in production systems, world over.
End-use industries are likely to witness unprecedented high demand for 3D printing
The several applications of 3D printing can be categorized broadly into consumer products and electronics, medical, automotive, industrial, aerospace, military and defense, education, and architecture. 3D printing has a massively high application in the consumer and electronics market and is emerging as a highly lucrative avenue for market players. The staggering number of new, exciting applications focused on consumer products industry will keep the demand for 3D printing technologies prominent in the segment.
The automotive segment appears no less promising, with substantial demand for the additive manufacturing technology to make innovative and sophisticated designs and products for internal and external automotive parts. The huge benefit of cutting down the time and cost in post-production serves as a compelling proposition fortifying the uptake.
Application segment is at the forefront of demand
The various uses of 3D printing can be bifurcated into commercial and personal. Of the two, the commercial sector served the dominant share of demand in 2016. According to TMR projections, the segment will continue to account for a substantial share in the coming years as well and will garner a CAGR of 17.8% during 2017-2025. The growth rides on the prolific demand for 3D printing software and hardware for developing customized and sophisticated end-use products. Adding massive value to the manufacturing and supply chain, the technology will witness a surge in adoption among players. Notwithstanding the vast advantage over traditional manufacturing processes, the adoption of 3D printing in the industry is likely to be marred by the lack of integration in supply chains.
However, growing number of collaborations will positively impact the technology adoption among manufacturing companies. Paragon Rapid Technologies announced in January, 2018 that it has entered into a collaboration with Carbon, Inc. CA., a U.S.-based company specializing in additive manufacturing, to launch a cutting-edge 3D printing technology into the U.K. Paragon will be using Digital Light Synthesis (DLS), Carbon's proprietary technology to bolster its capability in additive manufacturing processes and will be offering 3D-enginered parts.
Presence of several prominent players keep North America at the forefront of the development
On a geographic front, 3D printing has for long garnered the huge potential in North America. The large number of early industrial adopters looking to leverage the potential of the technology and the presence of copious number of prominent players have been constantly fueling the growth of the regional market. A major number of demand is likely to come from the U.S., with proliferating number of useful and exciting consumer applications.
However, the region exhibiting a huge propensity for demand for 3D printing is Asia Pacific. The regional market is prognosticate to expand at an attractively robust growth rate over the forecast period, and is projected to touch a valuation of US$ 8,207.3 million by 2025 end.