WELLESLEY, MA--(Marketwired - July 25, 2016) - Three-dimensional (3-D) printers were the largest segment of the global 3-D printing market in 2015, accounting for about half of it. BCC Research forecasts in its new report that this segment will shrink while the software and services markets will grow significantly during the period of 2016-2021. Overall, this global market and its segments should see double-digit growth rates.
Three-dimensional (3-D) printing, or additive manufacturing (AM), is the process of using additives to form solid 3-D objects of virtually any shape from a digital model. This is achieved using specially formulated additives such as plastics that are formed into successive layers of material typically laid down on a platform in different shapes.
The global market for 3-D printing will grow from nearly $3.7 billion in 2016 to more than $10.4 billion by 2021, reflecting a five-year compound annual growth rate (CAGR) of 23.2%.
Consumer goods manufacturing was the largest user of 3-D printing in 2015, accounting for an estimated 17.6% of the total market, followed by the automotive sector with 17.5%. Medical and dental products ranked third, with about a 15% market share. The medical/dental and aerospace sectors should demonstrate the highest five-year CAGRs at 25.9% and 25.6%, respectively, during the forecast period. As a result, the medical/dental segment is expected to increase its share of the market to nearly 17% by 2021, while aerospace should increase its share from 12% in 2015 to 14% in 2021.
By geographical market, North America is the largest for printing, materials, and services, with 38% of the global market in 2015, followed by Europe with 22% ($710 million) and Asia-Pacific with 19%. However, the Asia-Pacific market is growing faster than either North America or Europe. As a result, Asia-Pacific's share of the world market should grow to 21% by 2021, while North America's share drops to 36% and Europe declines to 19%.
"The 3-D printer sector was the largest segment of the 3-D printing market in 2015, accounting for 51% of the total market, followed by services (27%), materials (15%) and software (7%). The software and service segments are projected to grow faster than the other segments between 2016 and 2021, with CAGRs of 30% and 24.5%, respectively," says BCC Research analyst Andrew McWilliams. "At these rates, the software segment should grow to 11% of the market by 2021, and services should grow to nearly 31%. Meanwhile, the market share for printers is expected to drop to 43% by 2021, and the share for materials is expected to remain steady at approximately 15%."
Global Markets for 3-D Printing (IAS102B) analyzes the five different types of technologies: laser sintering, electron beam melting, fused disposition modeling, laminated object manufacturing, and 3-D inkjet printing. Global market drivers, inhibitors, and trends, with data from2015, 2016, and projections of CAGRs through 2021 also are provided.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. Founded in 1971, BCC Research is a unit of Eli Global, LLC. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.