Market Research Report
North America Market Insights on 3D Printing: Insights & Forecasts, 2019-2025: Emphasis on Component ((Product, Material, Technology)
|Published by||UnivDatos Market Insights Pvt Ltd||Product code||752394|
|Published||Content info||173 Pages
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|North America Market Insights on 3D Printing: Insights & Forecasts, 2019-2025: Emphasis on Component ((Product, Material, Technology)|
|Published: August 1, 2019||Content info: 173 Pages||
The North America 3D printing market is segmented based on component, sub-component, technology and industrial verticals. Product (industrial and desktop printer), material (polymer, plastic metal & alloy, ceramic and other) and services are the types of components considered while analyzing and defining the penetration of 3D printing technology in different geographies and countries. In 2017, product segment dominated the North America 3D printing market with maximum share in terms of revenue. Based on estimation, the segment occupied for around 36.8% share in the same year. However, increasing demand for desktop printers would help the product segment to grow at a faster rate of 24.2% during the forecast period (2018-2024).
3D printing offers integration of metals & alloys with other raw materials as per the requirement of the end-user industry, to create specified 3-dimensional objects. During 2017, polymer held prominent share of 33.5% followed by plastic which held 30.6% during the same year. Polymer market in North America 3D printing was valued at US$ 258 Million in 2017 and is projected to derive US$ 1,146.5 Million revenues by 2024 witnessing astonishing CAGR of 24% during the forecasted period. Numerous industrial sectors are influenced by 3D printing solutions. In addition, Custom Design and Manufacturing held more than 50% share and garnered US$ 324.4 Million revenues during 2017. Based on technology, the North America market is segmented into stereolithography, selective laser sintering, electron beam melting, fused deposition modeling, laminated object manufacturing and others. In 2017, Fused Deposition Modelling technology dominated the North America 3D Printing market, and is expected to maintain its dominance throughout the analyzed period. It is projected to reach US$ 3,903.4 Million by 2024 showcasing significant CAGR of 22.6% during the analyzed period. Furthermore, depending on application type, the market is further classified into Functional Parts, Fit and Assembly, Prototype Modelling, Education, Metal Casting, Metal Casting, Visual Aids and Presentation Modelling. During 2017, functional parts occupied the largest share of 33.8% followed by Fit and assembly application type in regional 3D printing market.
Moreover, benefits of 3D printing can also be witnessed among various industry verticals such as Education, automotive, aerospace & defense, healthcare, consumer goods, manufacturing, construction and others where the additive manufacturing has turned out to be a game changer. Automakers and raw material suppliers for manufacturing sector have realized the benefits of 3D printing solutions, eventually increasing the demand for 3D printing solutions in these industries. In the automotive industry, the use of 3D printing technology has been successful in bring about new shapes to the industry, allowing the industry to produce lighter and more complex structures at affordable price ranges. Manufacturing sector was accounted as the fastest growing industry vertical in terms of its applications in 3D printing. Based on estimation, the respective segment is projected to generate revenue of US$ 2,379.4 Million in by 2024 displaying tremendous CAGR of 22.6% during the forecasted period in North America 3D printing market.
Moreover, decreasing costs of raw materials used in 3D printer, burgeoning import penetration, strong competitiveness and dramatic uptake of technological advancements have put the downward pressure on 3D printer prices coupled with numerous players foraying into 3D printing domain have resulted into tremendous growth of North America 3D printing market. In addition, growing prominence of 3D printing technique among various industry verticals such as healthcare, automotive, education, consumer goods paired with surging investments by companies and supportive legal framework have further impelled the performance of 3D printing in North America. North America 3D printing is not only being dominated by plastic and polymers but metals have also become the viable options for 3D solution specifically among aerospace and OEM manufacturers. Additive manufacturing has also showcased the potential to deliver significant change to the healthcare landscape which has further enabled life sciences and health care professionals to utilize 3D printing technique. Furthermore, digital dentistry has also brought drastic transformation in 3D printing space. Owing to this, North America 3D printing market was valued at US$ 3021.1 Million during 2017 and is projected to reach US$ 12,202 Million by 2024 displaying exponential CAGR of 22.3% during the predicted period. Growth for 3D printing has remarkably driven by demand for 3D-produced orthopedic and cranial implants, and dental restoration. The emergence of an unprecedented number of small and medium-sized 3D-printing technology companies is creating an increasingly competitive business environment. However, legal issues faced by major players in North America in terms of prohibiting the development of 3D printed armaments or destructive elements or equipment's such as guns needs to be addressed.
Also, for better understanding of 3D printing market penetration, the market is analyzed in different geographies and countries including North America (U.S., Canada, Mexico and Rest of North America. Based on estimation, North America would account for revenue share of 55% in 2018. Increasing investments by the competitors, falling printer prices and disrupting manufacturing sector continue to support the considerable growth in 3D printing landscape of the region. North America includes countries such as U.S., Canada and Mexico. 3D printing technology has vastly gained the prominence over the traditional manufacturing methods owed to its efficiency and high precision rate. US and Canada constantly showcase as the prominent and early adopters of such 3D technique across all the manufacturing processes. U.S. has been the highest revenue-generating country in the North America 3D printing market, followed by Canada. US 3D printing market was accounted at US$ 2,338.3 Million during 2017 and is anticipated to generate US$ 9,273.5 revenues by 2024 showcasing remarkable CAGR of 22% during the estimated period. Rapid growth in the U.S., in industry verticals ranging from consumer products, healthcare, defense, aerospace, and automobile has accelerated the growth of 3D printing in this region. While, Mexico is also expected to be the fastest growing country, displaying the considerable CAGR of 25.9% approximately from 2018-2024 due to of rapid embracement of 3D printing in the developing industrial sectors.
Numerous companies have forayed in the North America 3D printing market that offers 3D printers, 3D printing materials, and 3D printing services. With an objective to enhance their product portfolio, the major market players have entered into various acquisitions and collaborations. Major players in this market comprise 3D Systems, Stratasys Ltd., The ExOne Company, Autodesk Inc., Optomec, Inc., Organovo Holdings, Inc., and Arevo Labs. The players consistently aim to focus on product development, launch new products and enhance their existing portfolios to expand their customer base and strengthen their market position through partnerships and collaborations which further offers them growth opportunities for geographic expansion.