According to the market research
report "Industrial 3D Printing Market by Offering (Printers, Materials,
Services, Software), Application (Tooling, Heavy Equipment & Machinery,
Robotics), Process, Technology, Industry (Aerospace & Defense, Automotive),
and Geography - Global Forecast to 2023", the industrial 3D printing
market is estimated to grow from USD 1.73 Billion in 2018 to reach USD 5.66
Billion by 2023, at a CAGR of 27.21% between 2018 and 2023. The growth is
attributed to the factors such as the evolution of 3D printing from developing
prototypes to end-use parts production, ease of developing customized products,
developments in existing industrial 3D printing materials market, government
investments in 3D printing projects, and improvement in manufacturing
efficiency.
Industrial 3D printing market for materials expected to grow at highest
CAGR during forecast period
The market for the industrial 3D
printing materials is expected to grow at the highest CAGR between 2018 and
2013. Rising demand for metals for printing customized functional parts, mainly
across automotive, and aerospace and defense industries, is a key factor
fueling the growth of this market. The overall growth of industrial 3D printing
material market is also attributed to the increasing demand for biomaterials
used in the healthcare industry and certain specialized materials (such as
printed electronic materials) in emerging applications. Evolving needs of
end-user industries and emerging application areas for 3D printed materials are
further expected to increase the consumption of printing materials, which would
contribute to the significant CAGR of the market for this offering in the next
5 years.
Industrial 3D printing market for printed electronics expected to grow
at highest CAGR during forecast period
The industrial 3D printing
technology has been witnessing the increase in deployment across the printed
electronics industry. Common electronic materials including conductor,
dielectric, resistor, and semiconductor inks can be processed to print sensors,
antennae, shielding transistors, solar cells, light-emitting diodes, and other
active and passive components. Recently, Optomec, Inc. (US) achieved a
breakthrough by introducing 3D printed antenna that can be used in smartphones;
this antenna was produced using the aerosol jet technology. The market for the
printed electronics industry is expected to grow at a high CAGR as industrial
3D printing provides the opportunity to engineers to develop objects with
complex internal structures, which would be difficult to produce using
traditional methods
Industrial 3D printing market for laser metal deposition expected to
grow at highest CAGR during forecast period
The laser metal deposition
technology is used for repairing, cladding, and producing parts. Some of the
common applications of this technology include repair of mold tool surfaces and
repair and production of machinery parts, and robotics. The benefits of laser
metal deposition printing technology include reduction of material wastage,
reduced tooling costs, repair of parts that are costly to replace, decreased
lead time, and customization of parts according to customers’ requirements.
North America held largest share of industrial 3D printing market in
2017
North America held the largest
share of the market in 2017, followed by Europe and APAC. Major industries such
as aerospace and defense, and automotive are increasingly using industrial 3D
printing technology for tooling, producing
robotics parts such as arms and grippers, and manufacturing machinery
parts to maximize functional integration and consistency while minimizing
costs.
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Major players in the global
industrial 3D printing market include 3D Systems Corporation (US), Stratasys
Ltd. (US), EOS GmbH (Germany), Materialise NV (Belgium), The ExOne Company
(US), Voxeljet AG (Germany), EnvisionTEC
GmbH (Germany), Arcam AB (Sweden), Concept Laser GmbH (Germany), Optomec Inc.
(US), SLM Solutions Group AG (Germany),
GROUPE GORGÉ (France), Renishaw plc
(UK), Koninklijke DSM N.V. (Netherlands), Höganäs AB (Sweden), ARC Group
Worldwide, Inc. (US), Markforged, Inc. (US), Cookson Precious Metals Ltd. (UK),
and Sculpteo (France).
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