North America 3D Printing Market Will See Strong Expansion Through 2022

North America 3D Printing Market Report, published by Allied Market Research, forecasts that the North American 3D Printing market is expected to garner $5.01 billion by 2022, registering a CAGR of 20.1% during the period 2016-2022. 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. Stereolithography, fused deposition modeling, selective laser sintering, laminated object manufacturing, and electron beam melting are some of the technologies used for 3D printing. Stereolithography-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. Stereolithography is an additive manufacturing technology that implements layer-by-layer production technique using photopolymerization 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 North America 3D printing market is estimated to grow rapidly in the future. The U.S. occupies the largest share in this market, followed by Canada. Mexico and Canada are expected to register high growth rates over the forecast period. Adoption of 3D printing has increased over the years owing to customized designs, efficient resource management, reduced production time and cost, minimized human errors, and development of high-quality products.

There is a shift from basic applications of prototype production to advanced applications, including functional testing of prototypes and manufacturing of final products. Industries such as consumer products, industrial, healthcare, defense, aerospace, and education & research widely use 3D printing for manufacturing of complex design objects with the help of diverse 3D printing materials. Defense and aerospace sectors utilize 3D printing for development of affordable, lightweight, and complex components. The healthcare and medical industry has also recognized the advantages of 3D printing for prosthetics, and dental and medical fixtures.

Earlier, the adoption of 3D printing was restricted to large manufacturing firms; however, owing to advancement in technologies and increasing application areas, companies in the market are now developing specialized affordable and customized 3D printing solutions for use among small- and medium-sized businesses (SMBs). High initial investment, lack of awareness among consumers, and lack of skilled labor are factors that restrict the growth of 3D printing in the North American region. Governments in North America invest significantly in R&D of 3D printing technology to increase awareness about its diverse applications and maximize the production output across all industry verticals in this region.

Key findings of North America 3D Printing Market:

• 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.