3D printing market is expected to be worth USD 32.78 Billion by 2023, at a CAGR of 25.76% between 2017 and 2023.

Northbrook, IL -- (SBWire) -- 12/18/2018 --[238 Pages Report] The 3D printing market is estimated to be valued at USD 32.78 billion by 2023, at a CAGR of 25.76% between 2017 and 2023. The base year considered for the study is 2016, and the market forecast has been done for the period between 2017 and 2023.

The 3D printing market is expected to grow substantially due to the factors such as the ease of development of customized products, reduction in overall manufacturing costs, rising government investments in the 3D printing projects, upbringing of new and innovative printing materials, and rising interest from certain big companies such as GE (US), Liebherr Group (Switzerland), Diehl Aerosystems Holding GmbH (Germany), and BAE Systems (UK).

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3D printing is the process of building a real 3D object from a digital model by joining thin layers of materials (which might be in solid, powder, or liquid forms), usually layer upon layer, in horizontal cross section as opposed to the subtractive manufacturing methods. It is also known as additive manufacturing, rapid prototyping, or freeform fabrication. 3D printing is the most common term in the consumer markets, while additive manufacturing is more used in the industrial markets.

North America led the 3D printing market in terms of market share, followed by Europe and Asia Pacific. In the US, 3D printing is used in the companies functional in the major industries, such as manufacturing, aerospace and defense, and healthcare, which is driving the 3D printing market in North America. The market in APAC is expected to grow at the highest CAGR. 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.

Rising demand of 3D printing across food & culinary, printed electronics, education, and energy sectors is driving the growth of 3D printing market

Aerospace & Defense

Latest technological advancements and invention of new materials in 3D printing have made the aerospace and defense industry a major application. In general, powders of metals such as steel, aluminum, and titanium, and a variety of plastics and composites are used in the aerospace and defense applications as the materials need to withstand high temperatures. Recently, there are a number of companies that introduced machines capable of 3D printing parts made of metal. These metal 3D printing machines are quite complex and expensive than their counterparts as they use lasers to melt metal powder to build up the parts. This is also associated with the higher costs of metal powders than that of plastics. The stringent requirements such as lightweight components, and accurate and precise designs of airplane parts are the major factors driving the growth of the 3D printing market for the aerospace industry. In the aerospace industry, 3D printing is mainly used to manufacture critical parts of airplanes or for low-scale production associated with high performance and quality. The unique abilities of 3D printing technology to manufacture complex parts such as jet wings, engine parts, space telescope, metal guns, and rocket parts has increased its the adoption in the aerospace and defense industry.

Automotive

The automotive industry is one of the earliest adopters of 3D printing for prototyping and the end part printing (manufacturing). 3D printing in the automotive industry is also used to replace damaged or rusted parts to enhance the life of the car. Several automotive companies such as Bentley Motors Limited (UK), Ford Motor Company (US), and BMW (Germany) have adopted the 3D printing technology to manufacture their own car parts. The automotive industry offers a huge potential market for 3D printing in the tooling segment as the automotive industry faces a huge gap between tooling and automobiles production. The number of the new model vehicles being launched is increasing yearly, with the growing complexity of the parts involved in these vehicles. The automotive industry is expected to be characterized by innovative production and design concepts, which could lead to a competitive advantage and the increase in efficiency. Owing to the additive nature of the modern 3D printing process, designers are now able to rapidly and efficiently design innovative engines for passenger cars and race engines. As this is possible within the development cycle itself, the process reduces a substantial amount of casting preparation time and improves performance.

Engineering

Applications of additive manufacturing technologies in the engineering sector include tooling, special machinery, and robotics. Additive manufacturing provides new solutions to the companies, especially for the low-volume production of end parts with a new way of tool-less and cost-effective production method. The technology gives freedom of design and also enables to select required materials with suitable mechanical strength or functionality to manufacture the products with the desired functionality. The change in either material or operating environment may result in the deviation of end parts from the desired functionality or characteristics.

Healthcare

The scope of 3D printing in the healthcare vertical includes medical products and dentistry. Several medical products such as surgical equipment, prosthetics, and implants and tissue engineering products are manufactured through the 3D printing technologies. Apart from these, 3D printing is also used in orthopedic, dental, and craniomaxillofacial applications in the field of medicine. The major drivers that affect the market are new and improved technologies, financial support from the governments, and rapid product development at low costs. A few barriers that hamper the market are regulatory hurdles in various countries, and other technological barriers, such as in material characterization and process control. For example, FDA approvals in the US and CE certifications in Europe are the major organizations that approve the 3D printed products.

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