In a report titled 3D Printing Market (Technologies, Materials, Applications and Geography) - Global Opportunity Analysis and Forecast-2013-2020, Allied Market Research (AMR), an Oregon based market Intelligence Company which analyzes various markets and estimates growth opportunities in the future, says they're confident that the global 3D printing market will reach $8.6 billion by 2020.
AMR says this surge in growth is "primarily due to rising demand for faster and more efficient ways to manufacture complex design objects using a wide array of materials."
"AMR specializes in market entry strategy, trend, threat and opportunity analysis and consulting services," says Ashish Gedamkar, an Associate Engineer in Digital Marketing with AMR. "Our reports are based on primary and secondary research approach which adds to the analytical value of the current market scenarios. Our clients can make concrete business decisions with the help of our market analysis."
According to the report, stereolithography accumulated the largest revenue in 2013 at around 33 percent of the overall market. The authors add that electron beam melting is expected to be the fastest growing technology segment taking some 26.7 percent during the forecast period.
While polymers occupy the major share in the 3D printing materials market – generating revenue of $193.3 million in 2013 – metal and alloy products are projected to be the fastest growing material segment, growing at a CAGR of 40.5 percent during 2014-2020.
Key industry segments such as healthcare and aerospace, while growing at promising rates, lag well behind consumer product industry applications which capture about 22 percent of the market.
As it stands now, North America leads the 3D printing market with about 43.9 percent revenue share in 2013, and it's followed closely by the European region. AMR says the dominance of the North American market is due in large part to the growth in healthcare, consumer, aerospace and automotive.
The fastest-growing market? Not surprising that it's the Asia-Pacific region, which is expected to notch a CAGR of 51.9 percent during 2014-2020 due to faster adoption of 3D printing in developing industrial sectors.
AMR says their findings are based on "a broad array of industry sources" such as company SEC filings, annual reports, company websites, broker and financial reports and investor presentations for competitive scenarios. The firm uses patent and regulatory databases for understanding technical and legal developments, scientific and technical writings for product information, regional government and statistical data for macro analysis, key market indicators, relevant press releases and internal and external proprietary databases for market estimates and forecasting.