[240 Pages Report] The overall 3D printing market is expected to grow from USD 9.9 billion in 2018 to USD 34.8 billion by 2024, at a CAGR of 23.25%. Ease in the development of customized products, reduction in manufacturing cost and process downtime, government investments in 3D printing projects, and development of new industrial-grade 3D printing materials are the key factors driving the growth of this market.
Service offerings to hold largest share of 3D printing market in 2018
The service segment accounts for the largest share of the 3D printing market based on offering. The projected growth of the market for service is attributed to the expected increase in the demand for custom design and manufacturing. The market for 3D printing has been growing at a significant rate with rapid progress in the verticals such as healthcare (including medical, orthopedic, and dentistry), aerospace, and automotive as these are the early adopters of the technology. However, with the advancement in the printing technology and materials, the 3D printing service sector is garnering significant traction as a source of profit generation, compared to printers and materials.
Power bed fusion process to hold largest share of 3D printing market in 2018
Power bed fusion process accounts for the largest share of the 3D printing market. The growth of the 3D printing market for power bed fusion process can be attributed to the ability to produce complex geometries, high-feature resolution, good strength, and decent surface finish. The 3D printing procedures based on powder bed fusion process in the aerospace, automotive, healthcare, and engineering verticals more commonly use technologies such as direct metal laser sintering (DMLS), electron beam melting (EBM), selective heat sintering (SHS), selective laser melting (SLM), and selective laser sintering (SLS) are most commonly used for the development of functional parts.
Prototyping to lead 3D printing market in terms of size during forecast period
Prototyping application accounts for the largest share of the 3D printing market. 3D printing helps produce prototypes and models from 3D computer-aided design (CAD). This helps several companies to reduce wastage during prototype transitions in traditional manufacturing and also helps them to bring down their operational costs. 3D printing also enables the quick production of cost-efficient prototypes based on the customer requirements regarding the geometry of the structure, accuracy, and well-defined smoothness of the products used in any industry.
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Market in APAC to grow at significant CAGR during 2018–2024
The 3D printing market in APAC is expected to grow at the highest CAGR during the forecast period. Government initiatives, funding in research and development, and extensive industrial base are the major factors that make APAC a dynamic region for 3D printing, with Japan and China being the major contributors. The establishment of the centers for 3D printing research, training, and education and the efforts by leading players in the market, such as Stratasys Lt. (Israel), 3D Systems (US), EOS GmbH (Germany), ExOne (US), and EnvisionTEC (Germany), to expand their distribution networks to the emerging markets in the Asian countries are expected to drive the market in APAC.
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