U.S. 3D Printing Market Study 2017-2024 By Major Key Players Stratasys, Ltd., ExOne, 3D Systems Corporation, Optomec Inc. others
U.S. 3D Printing Market Overview
3D Printing also known as additive manufacturing is the process of transforming digital files information to the physical objects. 3D printing refers to processes in which material is joined or solidified under computer control to create a three-dimensional object, with material being added together such as liquid molecules or powder grains being fused together. In addition, 3D printing referred to a process that deposits a binder material onto a powder bed with inkjet printer heads layer by layer. Further, 3D printing is used in both rapid prototyping and additive manufacturing.
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Market Size and Forecast
The U.S. 3D printing market is anticipated to flourish at a significant CAGR over the forecast period 2017-2024. Further, 36% of people find 3D printing more appealing to print products at home instead buying them from store. This factor is expected to robust the overall market of 3D Printing in U.S. over the forecast period.
U.S. is anticipated to account for a significant portion of market share in the overall market of 3D printing during the forecast period. Factors such as, increasing advancement in technology and implementation of 3D technology are anticipated to fuel the growth of the 3D printing market over the forecast period. Further, the industry‘s profitability is on rise; credited to increasing demand and industry‘s exponential revenue growth over the forecast period is expected to grow the U.S. 3D printing market.
U.s 3D Printing market
In addition, by 2016 industry‘s exports are expected to rise with an annualized rate of 18.6% whereas the import is expected to expand at an annualized rate of 8.5%. Further, the difference between the import and export growth rate portrays a strong picture of the U.S. as the major country over the forecast period.
Based on material, U.S. 3D printing market is segmented into, metals, plastic/polymer and ceramics, out of which, materials and plastic in various forms (like polymers) is the most used raw material due to its flexibility & adaptability are expected to dominate the overall U.S. 3D printing market during the forecast period.
3D Systems Corporation
EOS of North America, Inc.
Our in-depth analysis has segmented U.S. 3D printing market into the following segments:
By Product Type
Multi-Color 3D Printer
Bid Industrial 3D Printer
Single Extruder 3D Printer
Dual Extruder 3D Printer
Selling Customized End-User Products
3D Printing material market size
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
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Growth Drivers and Challenges
Factor such as, increasing research and development expenditure is anticipated to intensify the growth of the U.S. 3D printing market during the forecast period. In addition, the total expenditure on research and development (R&D) is anticipated to grow at a rate of 2.9 % from 2017 to 2024. Further, with U.S. economy expansion and growth in the future, the profit margin of the businesses and corporates will increase. This is envisioned to bolster the growth of the U.S. 3D printing market in the upcoming years.
Apart from this, increasing government support is anticipated to be the dynamic factor behind the growth of the U.S. 3D printing market over the forecast period. In addition, the government has invested USD 30 million to set-up additive manufacturing innovation institute in Youngstown, Ohio. Further, increasing mass customization is expected to supplement the growth of the global 3D printing market during the forecast period.
However, lack of export assistance, high cost and unavailability of skilled labors are some of the key factors which are expected to limit the growth of U.S. 3D printing market in upcoming years.
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This post was originally published on Aerospace Industry