3D printing is a manufacturing process that helps in building multiple layers for a three-dimensional object from a digital specimen. A few years ago, the cost of using 3D printing technology was very high and it was used by large corporations and organizations, however with the advent of desktop-based 3D printers the technology is becoming more accessible in small and medium enterprises and home users as well. Currently, 3D printers are increasingly used to manufacture customized prototypes during testing phases. The 3D printing technology helps the business organizations in creating prototype at lower costs, reduced time and do not require specific labor skill for developing a product thereby enhancing the growth of the 3D printing market across the globe.
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Increasing investments undertaken by government authorities towards 3D printing projects, increasing trend of developing customized products for the customers and reduced manufacturing cost are the key factors driving the growth of the 3D printing market. The potential of 3D printing technology to enhance the manufacturing and supply chain management process of the business organization is the key factor driving the growth of the 3D printing market. 3D printing technology helps in providing ease to manufacturing process of the organizations and provides several benefits to the traditional production techniques.
Geographically, North America is the largest 3D printing market in since the region is constantly revamping their technology and increasingly using 3D printing technology in healthcare and aerospace and defense domain. Furthermore, increasing demand for customized products by the customers and need for reducing operational costs by several business organizations is driving the demand for 3D printing in this region.
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Moreover, 3D printing market in Asia-Pacific is expected to witness the fastest growth due to the availability of informed consumers and the increasing demand for customized products from the end-users. 3D printing technology is enabling business enterprises in this region for improving product evolution, customer relationships and business growth by delivering products in a timely and speedy manner. Additionally, this technology is helping the suppliers in reducing the cost and time of their manufacturing and logistics process. Moreover, the adoption of 3D printing by healthcare domain is enhancing the growth of 3D printing market in this region.
Some of the major players in the 3D printing market include Materialise NV, Stratasys Ltd., 3D Systems Corporation, Envisiontec GmbH, The Exone Company, Sciaky Inc., Voxeljet AG, SLM Solutions Group AG., Proto Labs, Arcam Group and Mcor Technologies Ltd.