The global 3D printing (3DP) market was valued $6,975.1 million in 2016 and is expected to reach $31,863.7 million by 2023, growing at a CAGR of 24.4% during the forecast period. 3D printing refers to additive manufacturing, which follows the process of adding materials in consecutive pattern to build the desired shape. However, traditional manufacturing techniques follow subtractive manufacturing, and create a huge amount of waste as the cut off material cannot be reused. 3D printing eliminates such waste since the only required material is placed in the location and the rest is left out as empty space. Metals, polymers and ceramics are the different materials used in 3D printing. 3D printing finds application in various industries, such as aerospace & defense, healthcare, automotive, gems & jewelry, architecture & construction, and energy.
Some of the benefits associated with 3D printing, including high degree of accuracy, reduction of errors, effective use of raw materials, ability to build personalized products, simultaneous use of multiple materials for printing, efficient use of manufacturing time and financials, and competency over traditional techniques are likely to bolster the demand of 3D printing during the forecast period. On the contrary, high production cost, costly 3D printing software, absence of channel partner assistance, and lack of skilled labor are some of the factors inhibiting the growth of 3D printing market.
Taking into an account of geographical landscape, North America has been the largest market for 3D printing. 3D printing is widely being used in aerospace and defense and healthcare industries. The U.S. leads the aerospace and defense and healthcare industries across the globe, which is the major factor supporting the growth of the 3D printing market in North America. Additionally, uninterrupted technological advancements and government initiatives in the region are likely to spur the growth of the North American 3D printing market. The market is expected to register the highest growth in Asia-Pacific, during the forecast period. Government initiatives, and investment in research and development to innovate new methods and applications of 3D printing are the major factors supporting the growth of the 3D printing market in Asia-Pacific.
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