PORTLAND, Oregon, July 9, 2014 /PRNewswire/ --
According to the report titled "3D Printing Market (Technologies, Materials, Applications and Geography) - Global Opportunity Analysis and Forecast-2013-2020", the global 3D printing market will reach $8.6 billion by 2020, registering a CAGR of 20.6% from 2014 to 2020. The surge in growth is primarily due to rising demand for faster and more efficient ways to manufacture complex design objects using a wide array of materials.
The adoption of 3D printing in various applications is growing on account of higher accuracy, efficient use of material and ability to build customized products. Its competency over traditional processes, time efficiency and simultaneous use of multiple materials has been the other prominent adoption drivers. However, higher cost of personal printing, expensive software, and lack of channel partner assistance has been restraining the growth of the market. The economies of scale gained through advancement in technology and improved manufacturing process will help the market grow in future.
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Stereolithography, selective laser sintering, electron beam melting, fused deposition modeling, and laminated object manufacturing are some of the technologies currently being used for 3D printing. Stereolithography accumulated the largest revenue in 2013, which accounted for about 33% of the overall market. Electron beam melting is expected to be the fastest growing technology segment projecting a CAGR of 26.7% during the forecast period (2014-2020).
Polymers, metals, and ceramics among others are the key 3D printing materials included for analysis in the report. Polymer occupy major share in 3D printing materials market, generating revenue of $193.3 million in 2013. Metal and alloy is projected to be the fastest growing material segment and is projected to grow at a CAGR of 40.5% during 2014-2020.
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The increasing adoption of 3D printing in various application segments such as consumer products, industrial products, aerospace, automotive, defense, healthcare, education & research, architecture and arts are facilitating the growth of 3D printing market. The key industry segments such as healthcare and aerospace, which are growing at a promising rate, have witnessed significant penetration of 3D printing technology. Consumer product industry remains the largest application segment with about 22% of the market share, while defense sector is expected to exhibit the fastest growth at a CAGR of 17.2%during the forecast period.
North America leads the 3D printing market with about 43.9% revenue share in 2013, followed closely by European region. The dominance of North American market is attributed to the growth in healthcare, consumer, aerospace and automobile industry. Asia-Pacific would be the fastest growing market, having a CAGR of 51.9% during 2014-2020, due to faster adoption of 3D printing in the developing industrial sectors.
The competitive analysis and strategies followed by key market players is also presented in the report. The companies mentioned in the report include 3D Systems, Stratasys, Arcam AB, Autodesk, ExOne, Hoganas AB, Optomec, Organovo Holdings, Ponoko and Voxeljet Ag.
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SOURCE Allied Market Research