NEW YORK, May 31, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, global 3D printing market is expected to reach $31,863.7 million by 2023, the key benefits associated with 3D printing, such as cost efficiency, single-step manufacturing process, and the ease of developing customized products, are expected to increase the adoption of 3D printing technology, globally, in the coming years.

On the basis of component, the 3D printing market is categorized into printer, material, software, and service. Among all these categories, printers held the largest market share in the 3D printing market in 2017, where it accounted for over 45% of sales globally. This can be attributed to the benefits of 3D printers such as ease of developing product with complex design, enables mass customization and cost efficiency.

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Materials are further categorized into metals, polymers, ceramics, and others, where “others” include wax, lay wood, paper, and biocompatible material. Of these, metal-based 3D printing contributed the largest revenue to the market during the historical period, with more than 49% market share in 2017. Metal-based 3D printing finds major application in serial production, especially in industries such as aerospace and defense, and automotive, where products are mainly composed of metal components. During the forecast period, the market is expected to register the fastest growth from polymer-based 3D printing.

Based on application, 3D printing market is categorized into prototyping, product development, innovation, efficiency increment, cost reduction, supply chain improvement and others, where “others” include product line expansion, new revenue sources generation, customized product development, and customer experience transformation. Of them, prototyping held the largest revenue share of nearly 24% in 3D printing market in 2017, as industries like aerospace and defense as well as automotive adopted 3D printing for developing prototypes.

Besides product development, 3D printing technology facilitates efficiency enhancement and supply chain improvement. Due to these advantages, it is widely used in industries such as aerospace and defense, healthcare, automotive, gems and jewelry, and others, where “others” include consumer products, education, printed electronics, and food and culinary. Of these, 3D printing is expected to find the largest application in aerospace and defense during the forecast period.

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During the forecast period, the 3D printing market is expected to grow fastest in APAC, exhibiting a 27.8% CAGR. Government initiatives and investments in research and development to innovate methods and applications of 3D printing are the major factors supporting the growth of the 3D printing market in APAC.

The growing ease of developing customized products is driving the 3D printing market. 3D printing facilitates product customization, without increasing the cost of manufacturing. It allows users to create customized and unique products, as per their requirements. The technology is cost-efficient and offers improved printing quality, due to which companies, across the world are widely adopting it. Thus, the growing adoption of 3D technology among consumers is expected to generate high demand for 3D printers.

The 3D printing market is fragmented because of the presence of a large number of players offering 3D printing systems and materials for various applications. Due to the fragmented nature of the market, the competition among the global and regional players is high.

Some of the major companies operating in the global 3D printing market are 3D Systems Corporation, Stratasys Ltd., ExOne, Voxeljet AG, Arcam AB, SLM Solutions GmbH, EOS GmbH, Envision TEC GmbH, Materialise NV, Concept Laser GmbH, Autodesk Inc., and Koninklijke DSM N.V.

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