3D printing, also known as additive printing technology, allows manufacturers to develop objects using a digital file and variety of printing materials. The materials used in 3D printing include various types of polymers, metals, ceramics, etc. 3D printing offers methodologies that makes manufacturing of complex designs an apparent reality. The global 3D printing market is in the progressive phase of its life cycle and was valued $2.3 billion in 2013 and is anticipated to reach $8.6 billion by 2020, growing at a CAGR of 20.6%. The anticipated advancement is due to the widespread applications of 3D printing and the potential prospects of 3D printing in diverse fields.
The factors driving 3D printing market are high degree of accuracy, efficient use of raw materials, ability to build customized products, simultaneous use of multiple materials for printing, efficient use of production time and financials, competency over traditional techniques, etc. On the contrary, higher production cost to individual users, expensive 3D printing software, lack of channel partner assistance, scarcity of skilled labors and inability to manufacture huge outputs are some of the restraints for the global 3D printing market. Also, application of 3D printing in various industries and improved manufacturing process are the opportunities present, which can be capitalized.
Reason for Doing the Study
The market size and year on year forecast for global 3D printing market is been provided for the period of 2013 to 2020 in terms of revenue (in $million). Thus, the futuristic knowledge of possible surge in the demand for 3D printing in certain applications would help companies take proactive business decisions. A quantitative data of estimated market size would also facilitate decision makers in planning profitable strategies. An extended forecast for the period of 2020-2025 will help in determining the market behavior based on the three faced picture of the 3D printing market.
The market for 3D printing is primarily driven by the need to manufacture complex designs within a shorter time span accompanied by the desire to utilize the resources to the optimum. Use of 3D printing at the initial stage of production is beneficial as designers can identify the errors or defects from the built prototype and ultimately reduce the production time and operational cost. The market growth is surging primarily due to the rising demand for faster and more efficient ways to manufacture complex design objects using a wide array of materials. The key areas of application such as healthcare and aerospace, are expanding at a promising rate, and have witnessed penetration of 3D printing technology in a significant manner. The base case scenario projects that the global 3D printing market will continue to grow at a steady rate during the extended forecast period as the determining forces are the same as those of 2014-2020 period and will continue to have the same effect over the market. Mass production acts as a key benefit for 3D printing as production cost is reduced due to volume based production; whereas, currently the production cost for personal use is high. However, this scenario would supposedly change, based on the technological advances that are taking place within the 3D printing market. The market for 3D printing is in its growing stage in developing economies and has not yet attained maturity, which indicates the unmet potential in such economies. Therefore, the current trend of growth for 3D printing will continue for the next five years and will not experience a sudden surge.