REPORT: US Leads the 3D Printing Market
MarketsandMarkets, a global market research and consulting company (based India) released a news article, distributed by SBWIRE to Seattle, Washington, that reports about the global forecasted growth of the 3D printing market six years from now. A staggering $32.78 billion is what the market is going to be worth in 2023, a CAGR of 25.76% between 2017 and 2023.
What drives this growth? The report says that the main factors are the ease of development of customized products, ability to reduce overall manufacturing costs, and government investments in 3D printing projects. The report includes data and figures of the market subdivided in segments – by Offering (Printer, Material, Software, Service), Process (Binder Jetting, Direct Energy Deposition, Material Extrusion, Material Jetting, Powder Bed Fusion), Application, Vertical, and Geography.
Let’s start with printers. Desktop printers are expected to grow at a higher CAGR between 2017 and 2023. A lot of hobbyists and professionals use desktop printers owing to their affordable cost, availability, wide range of possibilities to innovate and customize, and introduction of newer materials.
Of all the printing materials, plastics and metal make up the largest and second largest share of materials used for 3D printing in 2016. They are still expected to lead the materials segment into the future. However, there are segments expected to grow bigger. Biomaterials used in the healthcare vertical are increasing in demand, and certain specialized materials (such as laywood, wax, paper) in emerging applications. New verticals are also on the rise – electronics, biomedical, pharmaceuticals, and construction – and with that are their own printing materials.
Speaking of verticals, aerospace and defense were leading in 2016. Other emerging verticals expected to grow tremendously are food and culinary, printed electronics, education, and energy.
By geography, North America leads, in particular is the US. That’s because North America leads the demand from aerospace and defense, healthcare, education, and consumer products.
Also, strong government support and presence of key manufacturers add to the growth. And who are the key players? Top five are: Stratasys Ltd. (US), 3D Systems Corporation (US), EOS GmbH (Germany), Materialise NV (Belgium), and SLM Solutions Group AG (Germany).
A Slice of the US Pie in Seattle
With our range of 3D printers, new printing materials, the top markets we service, and our technical expertise and long experience speak of the prestige and respect we enjoy in this part of Seattle. If you have a 3D printing idea, let’s talk about it.