3D PRINTING MARKET ANALYSIS | COHERENT MARKET INSIGHTS

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3D PRINTING MARKET ANALYSIS

• 3D Printing Market, By Use (Commercial and
  Personal), by Technology (Polyjet, FDM, SLS, SLA,
  Others), by Application (Consumer electronics,
  Automotive, Medical, Industrial or business
  machines, Aerospace, Military and defense,
  Architectural, Education and Others ) and by
  Region (North America, Europe, Asia Pacific, RoW)
  - Size, Share, Outlook, and Opportunity Analysis,
  2020 2027
• The global 3D printing market was valued at US
  7,240.0 Mn in 2019 and is forecast to reach a
  value of US 15320.8 Mn by 2027 at a CAGR of 9.8
  between 2020 and 2027.

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Market Drivers

• Expanding applications in consumer products and
  automotive industries is expected to drive growth
  of the global 3D Printing Market during the
  forecast period
• 3D printing has witnessed massive adoption in
  the recent past, owing to expanding application
  areas. Growing awareness about the benefits of
  using 3D printing over conventional methods of
  manufacturing has further increased the adoption
  of 3D printing. Moreover, technological
  advancements such as the incorporation of new
  materials and surface enhancement of the final
  model, are expected to expand the application
  areas of 3D printing. In consumer applications,
  3D printing is used in jewelry, home décor, toys,
  art, gadgets, and glass frames. Currently, this
  technology is set to replace die-casting and sand
  casting in the early phases of production.
  Therefore, these factors are expected to drive
  growth of the global 3D printing market during
  the forecast period.

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• Growing trend to manufacture technologically
  advanced products is expected to propel the
  global 3D printing market growth over the
  forecast period
• 3D printing technology has witnessed
  technological evolution in the recent past. These
  innovations are created with high precision and
  accuracy, which in turn, has increased the demand
  for 3D print printing technology and associated
  products. Moreover, key players in the market are
  focused on research and development activities,
  in order to innovate novel products and expand
  the product portfolio. For instance, Fused
  Deposition Modeling (FDM) and Polyjet technology
  are the most widely used technologies at present
  in the 3D printing industry. Therefore, these
  factors are expected to propel the global 3D
  printing market growth over the forecast period.

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• North America held dominant position in the
  global 3D printing market in 2019, accounting
  for 39.0 share in terms of value, followed by
  Europe, APAC and RoW respectively
• Figure 1 Global 3D Printing Market Share (), in
  terms of Value, By Region, 2019

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Market Dynamics- Restraints

• Presence of counterfeit products is expected to
  restrain growth of the global 3D printing market
  during the forecast period
• The major threat for market players is the
  violation of copyrighted products. This
  infringement of rights has disrupted the harmony
  of intellectual property laws in many countries.
  Although governments in many countries are
  conducting rigorous investigations, the issues
  regarding counterfeit products and infringement
  remain prevalence. As a result of this, certain
  laws and regulations have been exercised to
  prevent such felonies. For instance, using the
  Digital Millennium Copyright Act (DMCA) in the
  U.S., a copyright holder can notify an online
  service provider to claim and stop the continued
  infringement. Thus, these factors are expected to
  restrain growth of the global 3D printing market
  during the forecast period.

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• Inability to mass produce in quick time is
  expected to hamper the global 3D printing market
  growth over the forecast period
• 3D printing is expected to replace conventional
  manufacturing in numerous countries since it is a
  simple and fast way of producing objects. It is
  economical, and the technology is currently being
  used to manufacture parts for assembling. For
  instance, computer parts such as chips and
  automotive components can be manufactured by 3D
  printing. However, the technology has not yet
  been successful in mass manufacturing of larger
  objects. Thus, these factors are expected to
  hamper the market growth in the near future.

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Market Opportunities

• Replacement of conventional manufacturing by 3D
  printing can present lucrative opportunities
• 3D printing has gained massive popularity in the
  recent past. The low cost and faster
  manufacturing in 3D printing have seen higher
  adoption of this technology in commercial
  applications. This is owing to the low
  manufacturing requirements of this technology.
  For instance, the US Naval Undersea Warfare
  Center (NUWC) got reductions in lead-time for the
  reverse engineering of submarine compressor pump
  casting from 51 weeks to 8 weeks. The cost for
  the same was reduced from US 29,562 to US
  18,200.

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• Development of 3D scanning can pose excellent
  opportunities for market players
• Advent of 3D scanner has present numerous
  opportunities. A 3D scanner can scan objects of
  any dimension and print them into 3D models. Over
  the year, the 3D printing industry has witnessed
  significant development. For instance, Occipital
  developed and launched Structure, a 3D scanner
  for iPad devices that can scan objects in 3D
  space. The device uses infrared LEDs and a camera
  to model and measure its surroundings in 3D.
  Moreover, currently, technological advancements
  in the field of 3D scanning to develop 3D desktop
  scanners are taking place. For instance, in 2013,
  MakerBot Industries, a key player in the 3D
  printing market, launched Digitizer, a new 3D
  desktop scanner.

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Figure 2 Global 3D Printing Market Value (US
Mn), 2017 - 2027
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Market Trends

• High demand from consumer product electronics
  and automotive sector The demand for 3D
  printing for consumer products and electronics
  and automotive has increased over the last couple
  of years due to the incorporation of new printing
  materials such as metal. This is supporting the
  growth of 3D printing. 3D printed electronic
  gadgets and 3D printed cars are expected to raise
  the demand in the future.
• Growing adoption of 3D printing for personal use
  In the near future, the market for personal
  use is expected to experience a faster growth.
  This is due to declining cost of 3D printers and
  increased accessibility through 3D printing
  service centers. Moreover, this trend is expected
  to continue during the forecast period.

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Global 3D Printing Market - Impact of Coronavirus
(Covid-19) Pandemic

• Due to Covid-19 pandemic, many industries
  witnessed significant shift in their business.
  There is significant impact on 3D printing
  market, as healthcare industries have suffered
  significant shortage of products. During this
  time of social and economic despair, most of the
  healthcare industries are under stress due to
  shortage of beds and medical equipments. There
  are disruption in the supply chain of these
  medical equipment throughout Europe, US and in
  India and due to this there is a shortage of
  medical equipment and kits. For instance, in
  Italy, there is a shortage of medical equipments
  and PPE kits for the protection of the heath
  workers in the hospitals.

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Competitive Section

• Major companies operating in the global 3D
  printing market are 3D Systems, Inc., Voxeljet
  Technology GmbH, Arcam AB, Stratasys, Ltd.,
  Concept Laser GmbH, Solidscape, Inc., EOS GmbH
  Electro Optical Systems, SLM Solutions GmbH,
  ExOne GmbH, and Optomec.

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Key Developments

• Major companies operating in the market are
  focused on product development, in order to
  expand product portfolio. For instance, in
  November 2019, 3D Systems, Inc. introduced its
  new application-specific production solution for
  automotive, aerospace, and healthcare industries.
• Key players are involved in partnerships and
  collaborations, in order to gain a competitive
  edge in the market. For instance, in November
  2019, Voxeljet Technology GmbH partnered with
  Evonik for next-generation binder jetting
  technology.

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