IBISWorld released a new market research report on the 3D printing industry that states an expected growth for 2012 of 18.5% for total sales of $662.4 million. Over the five years to 2017, industry demand and revenue are forecast to surge forward as 3D printing explodes in popularity and more customers from a wide array of industries join the 3D printing revolution.
The report states that the industry's fate is tied to the manufacturing sector. “Developing a prototype is an essential part of product development, and manufacturers are often weighed down by the time and costs involved in the traditional prototype manufacturing process,” said IBISWorld industry analyst Nima Samadi. “Because of this, during good economic times, manufacturing activity is major driver of industry revenue.”
Among the trends, the report notes three areas. The consumer market is still in its infancy but has a tremendous amount of growth potential. The medical market will increasingly use 3D printing to create customized medical devices and medical devices that more accurately replicate the human form. The aerospace market has the potential for strong future growth for 3D printer manufacturers.
According to Samadi, the aircraft industry's continual desire to reduce the weight of their aircraft to maximize fuel-efficiency will drive future demand for 3D-printed products.
The report lists Stratasys and 3D Systems as accounting for roughly 22.3% of industry revenue in 2012. While substantial opportunities for new entrants looking to cater to a niche industry or carve out a regional customer base exist, IBISWorld expects industry concentration to grow over the next five years despite the influx of new companies entering the market. This will be the result of larger, established firms attempting to merge or acquire niche, new companies that have created a fresh market base or carry key technology.
The report, which sells for $895, is available at http://www.ibisworld.com/industry/3d-printing-rapid-prototyping-services.html.