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3D-Printing Market to Hit $30.19 Billion by 2022 According to MarketsandMarkets Report

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According to a new market-research report published by market-research firm MarketsandMarkets, the 3D-printing market is expected to reach $30.19 billion U.S. by 2022, growing at a compound annual growth rate (CAGR) of 28.5 percent between 2016 and 2022.

The report – 3D Printing Market by Printer Type, Material Type (Metals, Plastics, Ceramics & Others), Material Form (Powder, Liquid, Filament), Process, Technology, Software, Service, Application, Vertical and Geography – Global Forecast to 2022 – looks at factors such as 3D printing evolving from developing prototypes, to end-user products, to mass customization, production of complex parts, as well as government investments in 3D-printing projects, and improvements in manufacturing efficiency that are expected to drive the growth of the 3D-printing market.

According to MarketsandMarkets, there’s increasing demand for desktop 3D printers in schools and universities, as they provide students with practical 3D modeling experimenting. Also rising is personal usage of desktop 3D printers for creating sculptures, custom avatars, characters, and figurines. MarketsandMarkets says availability and reduction in the price of new materials such as metals and wax are driving the market for desktop 3D printers.

North America to Dominate 3D-Printing Market

North America is expected to account for the largest share of the 3D-printing market during MarketandMarket’s forecast period, with the United States being the major driver for growth.

The firm notes that major industrial manufacturing, aerospace and defense, and healthcare companies, located in the United States, are increasingly using 3D-printing technology. Continuous technological advancements and government financial support are also propelling the growth of the North American market for 3D printing. Several companies are adopting 3D printing not only for developing prototypes, but also for manufacturing end-user products.

According to the report, the major players in the 3D-printing market include 3D Systems Corporation (United States), Stratasys Ltd. (United States and Israel), ExOne Company (United States), Voxeljet AG (Germany), Arcam Group (Sweden), SLM Solutions Group AG (Germany), EOS GmbH (Germany), EnvisionTEC GmbH (Germany), Materialise NV (Belgium), Sciaky Inc. (United States), Concept Laser GmbH (Germany), Autodesk, Inc. (United States), Hoganas AB (Sweden), and Renishaw PLC (United Kingdom).

Laser Metal-Deposition to be Fastest-Growing Technology in the 3D-Printing Market

While with additive 3D printing with which most of are familiar, layers of materials are laid down layer-by-layer to create an object, with Laser Metal Deposition (LMD) 3D printing,  a laser is fired into a bed of powdered metal, with the laser aimed at points in space defined by a 3D model, melting and welding the material together to create a solid structure.

According to MarketsandMarkets, some of the benefits of laser metal-deposition (LMD) printing include a reduction of material waste, lower tooling costs, reduction in lead time, and customization of parts. Some of the common applications of this technology include repair of mold-tool surfaces, creating high-value parts such as aero engine components and military vehicles, tipping of turbine blades with protective coatings, and surfacing of oil and gas drilling components.

The firm’s reports covers market segmentation, as well as the market’s value chain, and market dynamics such as drivers, restraints, opportunities, and challenges.

For more information on this report, visit MarketsandMarkets here.

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