According to a new report by Allied Market Research titled, “North America 3D Printing Market – Opportunities and Forecast, 2015 – 2022”, https://www.alliedmarketresearch.com/north-america-3d-printing-market the North American 3D printing market is expected to garner a revenue of $5.01 billion by 2022, with a CAGR of 20.1% from 2016 to 2022. Development of customized complex products using a wide range of materials drives this market. Higher accuracy, reduction in production cost and time coupled with minimized human error supplement its growth.
3D printing is used across various industries, including consumer products, aerospace, automotive, healthcare, defense, and education and research. It enables efficient management of resources and increases production output while minimizing wastage and operating costs. 3D printing is implemented for various applications that include development of prototypes, functional models, presentation models, artistic products, and custom parts. The consumer products sector accounted for a major revenue share of the North American 3D printing market, constituting 21.4% of the total market revenue in 2015, followed by the automotive sector which accounted for 18.3% share in the same year.
A wide variety of 3D printers are available in the market based on different technologies. Stereo lithography, fused deposition modeling, selective laser sintering, laminated object manufacturing, and electron beam melting are some of the technologies used for 3D printing. Stereo lithography-based 3D printers accounted for a major share in the North American 3D printing market, constituting 33.2% of the total market revenue in 2015. The use of these printers for designing models and molding patterns has increased owing to its high accuracy and better surface finish. Stereo lithography is an additive manufacturing technology that implements layer-by-layer production technique using photo polymerization for the development of prototypes and functional models. Electron beam melting technology-based 3D printers are likely to register the highest CAGR from 2016 to 2022.
3D printing uses diverse materials such as polymers, ceramics, and metal & alloys among others. Polymers occupied a major share in the North American 3D printing materials segment, accounting for over 40% of the total materials market revenue in 2015. Metals & alloys is expected to be the fastest growing material segment during the forecast period.
The U.S. is the highest revenue-generating country in the North America 3D printing market, followed by Canada. Rapid growth in the U.S., in various sectors including consumer products, healthcare, defense, aerospace, and automobile, accelerates the growth of 3D printing in this region. Mexico is expected to be the fastest growing country with a CAGR of 27.3% from 2016 to 2022 because of rapid adoption of 3D printing in the developing industrial sectors.
Key findings of the study:
• The North America 3D printing market is likely to grow at a high rate in the future owing to high need of efficient manufacturing with high accuracy and reduced costs.
• The 3D printing services segment accounts for a major share in this market.
• The application of 3D printing in defense sector is anticipated to register the highest CAGR of 24.7% from 2016 to 2022.
• The U.S. is the highest revenue-generating country in this market.
The major players in this market include 3D Systems, Stratasys Ltd., The ExOne Company, Autodesk Inc., Optomec, Inc., Organovo Holdings, Inc., and Arevo Labs. These players consistently launch new products and enhance their existing portfolios to expand their customer base and strengthen their market position. Partnerships and collaborations provide growth opportunities to these players for geographic expansion.
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