According
to the market research report "Industrial
3D Printing Market by Offering (Printers, Materials, Services, Software),
Application (Tooling, Heavy Equipment & Machinery, Robotics), Process,
Technology, Industry (Aerospace & Defense, Automotive), and Geography -
Global Forecast to 2023", the industrial 3D printing market is estimated
to grow from USD 1.73 Billion in 2018 to reach USD 5.66 Billion by 2023, at a
CAGR of 27.21% between 2018 and 2023. The growth is attributed to the factors
such as the evolution of 3D printing from developing prototypes to end-use
parts production, ease of developing customized products, developments in
existing industrial 3D printing materials market, government investments in 3D
printing projects, and improvement in manufacturing efficiency.
Industrial 3D printing market for
materials expected to grow at highest CAGR during forecast period
The
market for the industrial 3D printing materials is expected to grow at the
highest CAGR between 2018 and 2013. Rising demand for metals for printing
customized functional parts, mainly across automotive, and aerospace and
defense industries, is a key factor fueling the growth of this market. The
overall growth of industrial 3D printing material market is also attributed to
the increasing demand for biomaterials used in the healthcare industry and
certain specialized materials (such as printed electronic materials) in
emerging applications. Evolving needs of end-user industries and emerging
application areas for 3D printed materials are further expected to increase the
consumption of printing materials, which would contribute to the significant
CAGR of the market for this offering in the next 5 years.
Industrial 3D printing market for
printed electronics expected to grow at highest CAGR during forecast period
The
industrial 3D printing technology has been witnessing the increase in
deployment across the printed electronics industry. Common electronic materials
including conductor, dielectric, resistor, and semiconductor inks can be
processed to print sensors, antennae, shielding transistors, solar cells,
light-emitting diodes, and other active and passive components. Recently,
Optomec, Inc. (US) achieved a breakthrough by introducing 3D printed antenna
that can be used in smartphones; this antenna was produced using the aerosol
jet technology. The market for the printed electronics industry is expected to
grow at a high CAGR as industrial 3D printing provides the opportunity to
engineers to develop objects with complex internal structures, which would be
difficult to produce using traditional methods
Industrial 3D printing market for laser
metal deposition expected to grow at highest CAGR during forecast period
The
laser metal deposition technology is used for repairing, cladding, and
producing parts. Some of the common applications of this technology include
repair of mold tool surfaces and repair and production of machinery parts, and
robotics. The benefits of laser metal deposition printing technology include
reduction of material wastage, reduced tooling costs, repair of parts that are
costly to replace, decreased lead time, and customization of parts according to
customers’ requirements.
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North America held largest share of
industrial 3D printing market in 2017
North
America held the largest share of the market in 2017, followed by Europe and
APAC. Major industries such as aerospace and defense, and automotive are
increasingly using industrial 3D printing technology for tooling, producing robotics parts such as arms and grippers, and
manufacturing machinery parts to maximize functional integration and consistency
while minimizing costs.
Major
players in the global industrial 3D printing market include 3D Systems
Corporation (US), Stratasys Ltd. (US), EOS GmbH (Germany), Materialise NV
(Belgium), The ExOne Company (US),
Voxeljet AG (Germany), EnvisionTEC GmbH (Germany), Arcam AB (Sweden),
Concept Laser GmbH (Germany), Optomec Inc. (US), SLM Solutions Group AG (Germany), GROUPE GORGÉ (France), Renishaw plc (UK), Koninklijke DSM
N.V. (Netherlands), Höganäs AB (Sweden), ARC Group Worldwide, Inc. (US),
Markforged, Inc. (US), Cookson Precious Metals Ltd. (UK), and Sculpteo
(France).
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