CHICAGO, Sept. 4, 2020
CHICAGO, Sept. 4, 2020 /PRNewswire/ -- According to the new market research report "Rapid Liquid Printing Market by Offering (Printers, Services, Materials, Software), Application (Prototyping, Functional Part/End-Use Manufacturing, Tooling), Vertical (Consumer Products, Fashion), and Region - Global Forecast to 2027", published by MarketsandMarkets™, the Rapid Liquid Printing Market size is expected to grow from USD 48 million in 2023 to USD 284 million by 2027; it is expected to grow at a CAGR of 55.6% from 2023 to 2027. The key factors driving the growth of the market include fastest among all 3D printing technologies, ability to print using industrial-grade materials, and ease of development of customized products.
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"Offering-wise, printers segment to capture largest market size of overall rapid liquid printing market in 2023"
The printers segment is expected to account for the largest share of the global rapid liquid printing market in 2023. The growth of the segment can be attributed to the expected adoption of rapid liquid printers to produce end-use parts. Following the pandemic of COVID-19, the market for rapid liquid printing is expected to push forward to 2023, which, in a positive situation, would have been in the year 2022. The market of industrial printers is expected to grow at a higher rate owing to the capability of the printer to manufacture using industrial-grade material, which translates to more applications in automotive, aerospace & defense, and construction verticals
"Application-wise, prototyping segment to dominate rapid liquid printing market during forecast period"
The prototyping segment is expected to continue to hold the largest market size owing to the use of rapid liquid printing for making prototypes of various objects or machines during the research, design, and development phase. Its application in various industries is a major factor driving its adoption. The current pandemic of COVID-19 has influenced several companies in healthcare, aerospace & defense, and utility verticals to conduct research for developing new and innovative products to meet the recent change of demands. It is expected with the current scenario that in a positive situation, the global market will be back to normal, and companies will be investing in the development of prototypes and end-use products using rapid liquid printing technology.
"Vertical-wise, automotive segment to grow at highest rate from 2023 to 2027"
Automotive vertical is expected to capture the highest CAGR in the rapid liquid printing market during the forecast period. The increasing demand for hybrid vehicles and battery-operated vehicles, along with the development of autonomous vehicles, is driving the growth of the global automotive industry. Moreover, the rise in demand for electric and autonomous vehicles is expected to fuel the demand for new automobile components and improved engine design. The adoption of 3D printing technologies to decrease the overall manufacturing cost of vehicles and improve interior designs is expected to fuel the market for 3D printing technologies in the automotive vertical.
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"APAC to record highest CAGR from 2023 to 2027"
APAC is expected to be the fastest-growing rapid liquid printing market during the forecast period. The growing demand for 3D printing technologies from automotive, aerospace & defense, utility, and healthcare verticals in APAC is expected to support the growth of rapid liquid printing in the region. The requirement to meet the demand for consumer products of the growing population in APAC, along with the ongoing industrialization in emerging economies, is expected to fuel the growth of consumer products and automotive verticals in this region. This, in turn, is expected to contribute to the growing demand for 3D printing technologies, which again translates to the growing demand for rapid liquid printing in APAC. China and Japan are expected to be major markets for rapid liquid printing in APAC. Japan is home to major automobile manufacturers and suppliers who are facing challenges of high labor costs and increased lead time taken by conventional production processes. As such, companies are adopting automated and advanced production technologies to overcome these challenges. The use of additive manufacturing technologies in these countries is expected to fuel the growth of the market for rapid liquid printing in APAC. The current pandemic of COVID-19 has severely affected almost every industry in the APAC region. China, Japan, and India are the most affected countries in this region. Disrupted supply chain, reduced demand from local and global markets, and increased concerns regarding healthcare are a few of the challenges faced by countries in the APAC region. In a positive scenario, it is expected that the market would return to its normal state by 2022. Thus, the market for rapid liquid printing is expected to commercialize and grow at a high rate from 2023 to 2027.
Major players involved in the rapid liquid printing market include Steelcase (US), Stratasys (US), 3D Systems (US), Materilise (Belgium), ExOne (US), EOS (Germany), Dassault Systemes (France), Autodesk (US), Native Canada Footwear (Canada), and BMW (Germany).
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