North America 3D Printing Market Report, published by Allied Market Research, forecasts that the North American market is expected to garner $5.01 billion by 2022, registering a CAGR of 20.1% during the period 2016-2022. Development of customized complex products using a wide range of materials drives this market. Higher accuracy, reduction in production cost and time coupled with minimized human error supplement its growth.
Portland, OR -- (SBWIRE) -- 09/25/2017 -- The U.S. is the highest revenue-generating country in the North America 3D printing market, followed by Canada. Rapid growth in the U.S., in various sectors including consumer products, healthcare, defense, aerospace, and automobile, accelerates the growth of 3D printing in this region. Mexico is expected to be the fastest growing country with a CAGR of 27.3% from 2016 to 2022 because of rapid adoption of 3D printing in the developing industrial sectors.
3D manufacturing, also known as additive manufacturing, is used for the development of 3D objects utilizing a digital file. Additive processes involve successive layering of material for creation of objects. 3D printing gained acceptance in various industries for development of customized products owing to high accuracy, efficient use of materials, and reduced production time and cost. Earlier, 3D printing was limited to rapid production of prototypes; however, with technological advancements and growing applications, it is used increasingly for functional testing of prototypes under working conditions and development of final products. Major application of 3D printing technology is in industries such as consumer goods, healthcare, education and research, defense, aerospace, and automotive.
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The automotive and aerospace industries use this technology to manufacture affordable, complex, and lighter components. Healthcare and dental sectors implement 3D printing for the development of prosthetics, medical, and dental fixtures. The major driving factors of the market include efficient use of materials, minimized human errors, customization of products, and reduced production time and cost. However, the high cost associated with 3D printing software and lack of skilled labor limit the market growth. Application in diverse industries and additional choice of materials are likely to provide numerous growth opportunities. The initiatives of the American governments for the development of 3D printing and funding for R&D accelerate the adoption of this technology in this region.
A large number of companies present in the market offer 3D printers, 3D printing materials, and 3D printing services. These companies have adopted acquisitions and collaborations to enhance their product portfolio. In May 2014, Autodesk acquired Within Technologies Limited, a U.K. design and simulation software developer company, which helped Autodesk to develop tools and technologies for 3D printing. In February 2015, The ExOne Company introduced six new printable materials, which are used in the companys 3D printing systems. This launch enhanced the existing portfolio of the company, offering a wide variety of new materials. Other leading players in this market include 3D Systems, Autodesk Inc., Stratasys Ltd., The ExOne Company, Optomec, Inc., Organovo Holdings, Inc., Arevo Labs, and EnvisionTEC.
The North America 3D printing market is segmented on the basis of components, application, and country. The component segment is further categorized into technology-based printers, materials, and services. Based on the technology, the printers are segmented into stereolithography, selective laser sintering, electron beam melting, fused deposition modeling, laminated object manufacturing, and others. The market is segmented into polymers, metals & alloys, ceramic, and others based on the material. The various applications using 3D printing include consumer products, industrial products, aerospace, defense, automotive, healthcare, education & research and others.
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