According to the market research report "3D Printing Market by Offering (Printer, Material, Software, Service), Process (Binder Jetting, Direct Energy Deposition, Material Extrusion, Material Jetting, Powder Bed Fusion), Application, Vertical, and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the 3D printing market is expected to be worth USD 32.78 Billion by 2023, at a CAGR of 25.76% between 2017 and 2023. The growth is attributed to the factors such as the ease of development of customized products, ability to reduce overall manufacturing costs, and government investments in the 3D printing projects for the development and deployment of the technology.
The major players adopted the strategies of agreements, partnerships and collaborations; mergers and acquisitions; and product launches to expand their global presence and increase presence in their respective areas of 3D printing expertise. For instance, in May 2017, Stratasys Ltd. (US) announced the extension of its partnership agreement with Desktop Metal (US) to increase accessibility and adoption rate of metal 3D printing. Stratasys also entered into a multiyear agreement with Team Penske in February 2017 to provide equipment and support services to assist NASCAR and IndyCar racing platforms of Team Penske. In March 2017, 3D Systems Corporation (US) introduced ProJet MJP 2500W and VisiJet M2 CAST RealWax material for applications in jewelry and industrial casting.
Stratasys Ltd. (US) and 3D Systems Corporation (US) are two of the key players in the 3D printing market. 3D printers offered by Stratasys are marketed under the idea series, design series, production series, and dental series. Stratasys Ltd. provides 3D printing solutions for various industries such as automotive, aerospace and defense, industrial, recreational, electronic, medical, and consumer products. As part of its business strategy, Stratasys made various agreements, partnerships, and collaborations to expand its presence across emerging applications and extend its geographic reach. For instance, in 2017, Stratasys strengthened its 3D printing service offerings with the introduction of Expert Services Group for the market in North America. The company also partnered with McLaren Racing (UK) in 2017 to foster its growth across the automobile industry.
Currently, the 3D printers, materials, software support, and related services are most widely used across several industry verticals. Among various verticals deploying the 3D printing technology, the aerospace and defense industry accounted for the major share of the market in 2016. In the aerospace industry, 3D printing is mainly used to manufacture critical parts of airplanes or for low-scale production associated with high performance and quality components. The aerospace industry offers tremendous opportunity for 3D printing technologies and holds a promising market potential in the coming future. The stringent requirements such as lightweight components, and accurate and precise designs of airplane parts are the major factors driving the growth of the 3D printing market for the aerospace industry.
The market for desktop 3D printers is expected to grow at a higher rate owing to a reduction in printer prices along with technological advancements for fitting into do-it-yourself (DIY) applications. Also, the 3D printing service market is expected to grow at the highest CAGR during the forecast period due to expected increase in the demand for custom designs and manufacturing of customized functional parts from the end-user industries.
Plastic and metal led the 3D printing material market, in terms of market share, in 2016, and the same is expected in nearest future as well. However, the market for other materials is expected to grow at the highest CAGR between 2017 and 2023, driven by the increasing demand for biomaterials used in the healthcare vertical and certain specialized materials (such as laywood, wax, and paper) in emerging applications.
North America accounted for the largest share of 3D printing market in 2016. Demand from the US-based companies active in the manufacturing, aerospace and defense, and healthcare sectors, as well as continuous technological advancements and financial support from the government, are some of the key factors supporting the growth of the market in North America. However, the market in APAC is expected to grow at the highest CAGR owing to recent government initiatives, funding in research and development, and extensive industrial base, especially across China, Japan, South Korea, and Australia.