3D printing, also known as additive manufacturing, is gaining considerable customer traction from the end-user industries, for the creation of three-dimensional objects. The efficiency of the additive manufacturing technology to create multiple forms of objects ranging from a functional prototype to the highly technical and complex design products automobile components, medical implants, and the artificial human organ using layers of human cells, is anticipated to drive the market in the near future.
According to MarkNtel Advisors’ research report titled “Asia Pacific (ASPAC) Industrial 3D Printing Market Analysis, 2020”, the ASPAC Industrial 3D Printing market is anticipated to grow at a CAGR of around 11% during 2020-25. The current global pandemic COVID-19 is expected to have massive impact on the end-user applications of 3D printing as the leading economies in the region were pushed to lockdown and suspend the economic activities in the first half of 2020. The manufacturing operations were stalled due to lockdowns in countries such as India, China, South Korea, Japan, and other southeast Asian countries for several months. The automobile, aerospace, and heavy engineering industries were hit the worst. These industries are set to undergo a slow revival in the forthcoming years. The subdued consumer demand in the automobile industry in 2019 negatively impacted the additive manufacturing investments.
The operational efficiency of the 3D printing and increasing public and private sector toward the deployment of 3D printing technology across the Asia-Pacific region, and the expected future trend of transformation in the production process across the automotive industry is expected to surge the market demand for 3D printing.
However, the Asia-Pacific Industrial 3D printing market growth has been restrained by certain limiting factors such as material selection and its cost volatility, high cost of industrial 3D industrial printers, lack of skilled human capital with required skillset and training, and the limitation of industrial printer product size.
Prototyping Application Segment to Lead the Market During 2020-25
Based on the application segment, the prototype segment is projected to lead the Asia-Pacific Industrial 3D Printing market during 2020-25, as stated in the MarkNtel Advisors’ research report “Asia Pacific (ASPAC) Industrial 3D Printing Market Analysis, 2020. The dominance by the sector is attributed to the noticeable adoption of the technology across various verticals. Automotive along with aerospace and medical industries are the earliest adopters of 3D printing technology. These industries actively adopt prototyping to design the complex components and parts of their systems more precisely and to achieve the accuracy and development of a reliable product.
According to MarkNtel Advisors, some the of key competitors operating in the ASPAC Industrial 3D Printing market include 3D System Corporation, Stratasys Ltd., EOS GmbH, Arcam AB, Materialise NV, Envision TEC, Voxeljet AG, and Others.
Key Questions Answered in the Market Research Report
1. What are the key overall market statistics or market estimates (Market Size- By Revenue, Forecast Numbers, Market overview, Market Segmentation, Market Shares) of ASPAC Industrial 3D Printing Market?
2. What are the region wise industry size, growth drivers and challenges key market trends?
3. What are the key innovations, technology upgrades, opportunities, regulations, growth drivers and challenges in the ASPAC Industrial 3D Printing Market?
4. Who are the key competitors or market players and how they perform in ASPAC Industrial 3D Printing on the basis of competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of ASPAC Industrial 3D Printing Market study?