3D Printing Equipment Market Forecast To Grow At 20% CAGR & Equipment Market By 14% CAGR Up To 2024
According to Global Market Insights, Inc., “3D printing materials industry will expand at a whopping CAGR of 20% over 2016-2024 and 3D printing equipment market is predicted to record an annual growth rate of 14% over the period of 2016-2024.
3D Printing Materials Market is likely to surpass USD 3 billion, 3D Printing Equipment Market will exceed USD 9 billion by 2024; as per new research report by Global Market Insights, Inc.
Robust growth in the aerospace industry on account of reduced fair, government investment in space research, massive new aircraft manufacturing backlogs and defense investment for enhancing their defense forces has positively influence the overall 3D printing equipment market size. The civil aviation business is witnessing escalating growth due to socio economic factors such as increasing consumer income. Airline passenger traffic across the globe was more than 5.5 RPKs billion in 2013 and by 2033, is forecast to exceed 15 RPK billion. These factors will positively impact demand, as the product is extensively used in the aerospace industry for injection molding and rapid prototyping applications.
In the aerospace industry, it enables stimuli to industry changes and faster iteration. Furthermore, the civil aviation industry is focused on expansion via strategic partnerships & alliances such as frequent flyer programs (FFP), onboard duty-free sales and annual subscriptions for premium services.
Positive growth indicators across automotive, education, medical and pharmaceutical applications offer strong global 3D printing materials market growth potential. For instance, the global automotive manufacturing business is likely to expand at over 4% CAGR between 2016 and 2024. This trend is mainly driven by increasing personal vehicle sales in the BRIC nations on account of improving consumer lifestyle dynamics. Furthermore, technological developments in the medical and pharmaceutical industry has propelled the product demand in the medical applications such as tissue fabrication and organ manufacturing. Associated high product cost is the major hindrance faced by the industry share contributors and thus may hamper the global 3D printing materials market size by 2024.
In 2015, ceramic 3D printing materials market size was more than USD 100 million. These printer finds application across in plates, cups, saucers and statues. In addition, ceramic offers printing accessibility over elevated temperatures. Metal 3D printing materials market share shall witness gains close to 17% CAGR by 2024. Increasing product demand across industrial, aerospace, defense, and automotive due to substantial metal usage in these industries will positively boost the overall 3D printing material market size by 2024.
In 2015, the global 3D printing materials market size for electronics & consumer products accounted for more than 20% of the overall business share. Upgrading socio economic aspects including consumer spending pattern, lifestyle dynamics and income have positively influenced the electronic gadgets demand globally. This in turn will boost the overall 3D printing material market share by 2024.
Polyjet 3D printing equipment market share accounted for over 35% of the overall industry in 2015. In addition, SLS 3D printing equipment market size shall witness gains close to 15% CAGR between 2016 and 2024. Increasing SLS product applications in automotive and aerospace industries will stimulate business growth by 2024.
In 2015, North America 3D printing materials market size was over USD 200 million. Escalating electronic, automotive and aerospace industry in the region is the prime growth factor. Asia Pacific, mainly led by India, China and Japan is likely to observe highest growth more than 20% between 2016 and 2024. Inclining medical and pharmaceutical industry China and India is the chief factor driving the regional 3D printing materials market size by 2024.
In 2015, the 3D printing materials & equipment market size was highly consolidated with major industries holding more than 50% of the total business share. Some prominent business share contributors are Stratasys, Arkema, EOS GmbH, Hoganas, Solidscape, Concept Laser, 3D Systems, Voxeljet, Arcam, ExOne, Envisiontec, SLM Solutions, Optomec, Royal DSM and LPW Technology.
Author: Ojaswita Kutepatil
About the Author: Ojaswita Kutepatil, a mechanical engineer by qualification, worked as a BDE and Technical Engineer before switching her profession to content writing. Currently, she works at Global Market Insights, Inc. as an Associate Content writer, where she pens down write-ups pertaining to the market research industry. Crafting, reading, and music are some of her other areas of interest.
Global Market Insights, Inc.