3D Printing Market, Size, Share, Trends & Industry Forecast – 2023

The 3D printing market is gaining traction from the global and local players offering customized functional parts, in addition to prototypes, for the industrial applications (especially automotive and aerospace industries). The global 3D printing market is expected to grow at a CAGR of 25.76% between 2017 and 2023. The market is further estimated to grow at a remarkable rate during the forecast period owing to factors, such as ability to create customized products, reduction in the overall manufacturing costs, strong government supports across regions, and continuous technological advancements (such as upbringing of new, improved, and better printing materials for meeting unique application need). The major players in the 3D printing market include Stratasys Ltd. (US), 3D Systems Corporation (US), EOS GmbH (Germany), Materialise NV (Netherlands), SLM Solutions Group AG (Germany), Arcam AB (Sweden), Concept Laser GmbH (Germany), The ExOne Company (US), Voxeljet AG (Germany), Proto Labs, Inc. (US), Optomec Inc. (US), ARC Group Worldwide, Inc. (US), GROUPE GORGÉ (France), EnvisionTEC GmbH (Germany), Mcor Technologies Ltd. (Ireland), Beijing Tiertime Technology Co. Ltd. (China), Renishaw plc (UK), XYZprinting (Taiwan), Ultimaker BV (Netherlands), Koninklijke DSM N.V. (Netherlands), Höganäs AB (Sweden), taulman3D, LLC (US), Nano Dimension (Israel), Carbon Inc. (US), Markforged, Inc. (US), and Cookson Precious Metals Ltd. (UK).

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The major players adopted the strategies of agreements, partnerships and collaborations; mergers and acquisitions; and product launches to expand their global presence and increase presence in their respective areas of 3D printing expertise. For instance, in May 2017, Stratasys Ltd. (US) announced the extension of its partnership agreement with Desktop Metal (US) to increase accessibility and adoption rate of metal 3D printing. Stratasys also entered into a multiyear agreement with Team Penske in February 2017 to provide equipment and support services to assist NASCAR and IndyCar racing platforms of Team Penske. In March 2017, 3D Systems Corporation (US) introduced ProJet MJP 2500W and VisiJet M2 CAST RealWax material for applications in jewelry and industrial casting.

Stratasys Ltd. (US) and 3D Systems Corporation (US) are two of the key players in the 3D printing market. 3D printers offered by Stratasys are marketed under the idea series, design series, production series, and dental series. Stratasys Ltd. provides 3D printing solutions for various industries such as automotive, aerospace and defense, industrial, recreational, electronic, medical, and consumer products. As part of its business strategy, Stratasys made various agreements, partnerships, and collaborations to expand its presence across emerging applications and extend its geographic reach. For instance, in 2017, Stratasys strengthened its 3D printing service offerings with the introduction of Expert Services Group for the market in North America. The company also partnered with McLaren Racing (UK) in 2017 to foster its growth across the automobile industry.

3D Systems (US) operates under one business segment and provides 3D printing solutions comprising products, materials, and related services. The products offered consist of a wide range of 3D printers, software, and other products including 3D scanners and perceptual devices to access to 3D content creation and enable seamless integration with printers and software. As part of its integrated solutions approach, the company also offers 3D printing consumables such as plastic, nylon, metal, and composite materials under several brand names including Accura, DuraForm, CastForm, LaserForm, and VisiJet. The company extensively focuses on enhancing its offerings for the healthcare industry, backed by several product enhancements and new additions. In January 2017, 3D Systems introduced VSP Cranial for cranial and craniofacial procedures. In 2016, the company extended its anatomical modeling service to include a pliable MultiJet Printing (MJP) material for its patient-specific 3D modeling and printing services.

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