A new report by Allied Market Research titled, “3D Printing Market in Emerging Economies (China, India, UAE, Brazil, South Africa) – Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013 – 2020”, indicates that the 3D printing market in emerging economies would reach $4.5 billion by 2020 registering CAGR of 37.4% from 2014 to 2020. The additive manufacturing and rapid prototyping process adopted by the leading manufacturing companies would propel the growth of the 3D printing technologies. Amongst the emerging markets, Indiaand China are the most opportunistic regions for the development of 3D printing; therefore, market leaders are looking to capitalize on the prevailing opportunities in these countries.
Higher accuracy, faster processing, efficient use of materials and the ability to build customized products optimally are the prime elements of growth for 3D printing market. Favourable initiatives by the governments in the emerging economies are contributing to the growth of the start-ups in the region giving them power to compete with the top players in the region. According to AMR analysis on the emerging sectors, the adaptation can be phrased in simple form as “Print what you think with the help of 3D printing technology effectively”. Shanghai Winsun Decoration Design Engineering, a Company based in China, has adopted Contour Crafting to build houses which is a milestone to a lot of companies. Unique factors of 3D printing over traditional printing processes such as building complex designs easily, mixing of materials to meet continuously changing demands of customers, effective time management, among others have been the prominent factors driving the adoption of 3-D printing.
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The easy portability and simple installation with the facility of mixing different types of materials according to need of the operating environment has made 3D printing a popular technology. The widespread adoption of 3D printers in healthcare and medical sectors in emerging economies is bringing the technology into the limelight among the domestic players. The technology is gaining prominence amongst leading domestic players, as the products manufactured can be further used in varied applications.
AMR analysis suggests that the commercialization of 3D printing technology would not only lower manufacturing material loss and minimise the labour cost, but also raise awareness and eventually lead to widespread adoption of the technology. Mergers and acquisitions among top global players and local players of emerging regions would further accelerate the growth and adoption of the technology. Acquisition of Brazilian domestic company named Robotech by 3D Systems; a global leader is one such notable example that confers the impending market trend.
The initiatives taken by governments across the emerging economies to enhance the 3D printing technology is one of the major driving factors. In April 2013, China has invested $6.5 million to conduct research on key 3D printing technologies. Technological events have been arranged across sectors for spreading awareness among stakeholders.
The adoption of the technology would lead to low labour cost and efficient use of printing material, which would give a competitive edge to manufacturing companies. General Electric, on the other hand, explored the potential in the Indian market by incorporating additive manufacturing technology in manufacturing plastic parts and eventually also used the technology in manufacturing metal parts. Key companies profiled in the report are StratasysLtd, 3D Systems, Arcam AB, Autodesk Inc., ExOne Company, Voxeljet AG, Optomec Inc., Hoganas AB, Organovo Holdings Inc., and Ponoko.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Source: Allied Market Research