According to the market research report "3D Printing Market by Offering, Application, Vertical, and Geography - Global Forecast to 2023", 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 market for desktop printers expected to grow at higher CAGR during forecast period
The market for the desktop segment is expected to grow at a higher CAGR between 2017 and 2023. Product innovation, customization, reduction in the cost of desktop 3D printers, and the introduction of new materials are the major drivers for the growth of the market. Desktop 3D printers are now being used by both hobbyists and professionals to develop functional parts, especially the consumer products, owing to the availability of advanced 3D printing technologies at an affordable cost.
Plastic and metal held large share of the 3D printing materials market in 2016
Plastic and metal segments occupied the largest and second-largest shares, respectively, of the global 3D printing material market. However, the market for other materials is expected to grow at the highest CAGR during the forecast period, driven by the increasing demand for biomaterials used in the healthcare vertical and certain specialized materials (such as laywood, wax, paper) in emerging applications. 3D printing has started penetrating into new verticals, such as electronics, biomedical, pharmaceuticals, and construction. Hence, with the growing demand, the rate of consumption of the mentioned printing materials is expected to grow at a significant rate in the next five years.
Aerospace and defense vertical to lead market, in terms of share, during forecast period
The aerospace and defense vertical held the largest share of the global 3D printing 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 the components demanding high performance and quality. The aerospace industry offers tremendous opportunity for 3D printing technologies and holds a promising potential for the market in the coming future. However, the markets for the emerging verticals, namely, food and culinary, printed electronics, education, and energy are expected to grow at the significant CAGR during the nearest future.
North America held largest share of 3D printing market in 2016
North America held the largest share of the market in 2016, followed by Europe and Asia Pacific for 3D printing market. The growth of the market in North America was driven by strong demand from aerospace and defense, healthcare, education, and consumer products industries. Additionally, the strong government support and presence of key manufacturers are further expected to add to the growth of the market in this region. The US held the largest share of the North American 3D printing market.
Major players in the global 3D printing market include Stratasys Ltd. (US), 3D Systems Corporation (US), EOS GmbH (Germany), Materialise NV (Belgium), SLM Solutions Group AG (Germany), Arcam AB (Sweden), Concept Laser GmbH (Germany), The ExOne Company (US), Voxeljet AG (Germany), Proto Labs, Inc. (US), Optomec Inc. (US), ARC Group Worldwide, Inc. (US), GROUPE GORGÉ (France), EnvisionTEC GmbH (Germany), Mcor Technologies Ltd. (Ireland), Beijing Tiertime Technology Co. Ltd. (China), Renishaw plc (UK), XYZprinting (Taiwan), Ultimaker BV (Netherlands), Koninklijke DSM N.V. (Netherlands), Höganäs AB (Sweden), taulman3D, LLC (US), Nano Dimension (Israel), Carbon Inc. (US), Markforged, Inc. (US), and Cookson Precious Metals Ltd. (UK).