The overall 3D printing market is expected to be worth USD 32.78 Billion by 2023, at a CAGR of 25.76% between 2017 and 2023.
The 3D printing market is expected to grow substantially due to the factors such as the ease of development of customised 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).
Plastic occupied the largest share of the 3D printing material market in 2016. However, the market of other materials is expected to grow at the highest CAGR during the forecast period, driven by the increasing demand for bio-materials used in the healthcare industry and certain specialised materials (such as laywood, wax, paper) in emerging applications.
The markets for the emerging verticals such as food and culinary, printed electronics, and education are expected to grow at the significant CAGR during the near future. The education industry is a highly attractive area for the 3D printing markets in North America and Europe. The industry is adopting 3D printing technologies to bring about awareness about this technology among students globally.
In 2016, North America led the 3D printing market in terms of market share, followed by Europe and Asia Pacific. The US held the largest share of the North American 3D printing market, followed by Canada and Mexico.
However, the 3D printing market faces some challenges associated with maintaining requisite product quality and availability of design tools. Restraints that curb the market are the high cost of materials, limitation of size, and lack of standard process control. This report describes drivers, restraints, opportunities, and challenges pertaining to the 3D printing market. Furthermore, it analyses the current scenario and forecasts the market till 2023, including the market segmentation based on offering, process, application, vertical, and region.