3D Printing Material (ABS, PLA, Photopolymer, Ceramics Etc.), Technology Application (Medical, Aerospace & Defense, Automotive & Others) Market - A Global Study (2014-2022)

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3D Printing Material (ABS, PLA, Photopolymer, Ceramics etc.), Technology, Application Market
A Global Study (2014-2022)

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3D PRINTING MATERIAL (ABS, PLA,
Photopolymer, Ceramics etc.), TECHNOLOGY,
APPLICATION (Medical, Aerospace & Defense,
Automotive & Others) MARKET

3

1 EXECUTIVE SUMMARY

The study includes segmentation of 3D printing industry based upon technology, application
verticals, materials, and geography. The market potential of 3D printing industry based on
these segments, excluding technology, has been analyzed.

Based on deposition techniques, 3D printing technology has been divided into FDM, EBM, SHS,
SLM, SLS, LOM, SLA, DLP, 3DP, and EBF3. The key patents for SLS, among these technologies
expired recently which according to some experts would be a landmark in the acceleration of
3D printing market growth.
Though, these technologies have proved to be fast and cost effective when it comes to building
prototypes but further research and technology up gradation is required to venture into large
volume production.

Depending on the applicability of these 3D printing technologies the study exhaustively covers
materials such as metals and metal alloys, plastics, photopolymers, ceramic, nylon, paper, and
wax.

3D PRINTING MARKET VALUE FOR MATERIALS (2013-2022)
Sample Figure

4

Source: Expert Input, BIS Research Analysis

Photopolymers accounted for the highest market revenue generating over $XXXX which is
expected to grow at a CAGR of XXXX% to reach the market revenue of $XXXX million by 2022.
Metal on the other hand held lowest share ($XXXX million) in 2013 but is likely to witness
highest CAGR of XXXX % (2014-2022) to reach the value of $XXXX million by 2022.

Market growth and trends across different application verticals such as aerospace & defense,
architecture & construction, automotive, consumer lifestyle products and electronics, education
& research, healthcare, and industrial and other application market have been covered.

3D PRINTING MARKET VALUE FOR APPLICATION VERTICALS
(2013-2022)

($Million)
2013 2014 2015 2018 2019 2020 2021 2022 CAGR%
Aerospace &
Defense
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX
Architecture
and
Construction
Automotive
Consumer
Lifestyle
Products &
Electronics
Education &
Research
Healthcare
Industrial
Others
Total

5

Consumer lifestyle products and electronics held highest market revenue generating over
$XXXX million in 2013. This sector is further expected to grow at CAGR of XXXX% (2014-
2022) to a market value of over $XXXXX billion. Automotive sector accounted for second
largest share ($XXXX million) in 2013. Healthcare sector accounted for the third largest
revenue ($XXXX million) which was followed by aerospace & defense ($XXXX million).

The growth trend in these application verticals have been studied across different geographical
regions segmented into North America, Europe, APAC, and others.

3D PRINTING/ ADDITIVE MANUFACTURING MARKET VALUE,
BY GEOGRAPHY

Country 2013 2014 2015 2018 2020 2021 2022
CAGR%
(2014-
2022)
North
America
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX
Europe
APAC
Others


North America accounted for the highest market share ($ XXXX million) in 2013. It is expected
to grow at a CAGR of XXXX% (2014-2022) to reach market revenue of $XXXX billion by 2022.

It is expected that APAC region will show highest CAGR of XXXX% (2014-2022). This growth
can be attributed mainly to China and Japan with Chinese market likely to grow at at a CAGR
of XXXX% from 2014 to 2022.

6

The report presents a detailed market analysis of 3D printing and Additive Manufacturing by
incorporating complete pricing and cost analysis of 3D printers and materials. Besides porters
and PESTLE analysis of the market have also been done.

The report deals with all the driving factors, restraints, and opportunities with respect to the
3D printing and Additive Manufacturing market, which are helpful in identifying trends and key
success factors for the industry.

Lastly, the current market landscape is covered with detailed competitive landscape and
company profiles of all key players across the ecosystem. The report also formulates the entire
value chain of the market, along with industry trends of 3D printing application industries and
materials used with emphasis on market timelines & technology roadmaps.

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2 MARKET OVERVIEW

2.1 MARKET DRIVERS

3D PRINTING INDUSTRY MARKET DRIVERS AND ITS
IMPACT

Drivers 1-2 Years 2-5 Years 5-10 Years
Reduction in turnaround time and accelerated
product-development cycles

Decreasing price of consumer / personal
printers

Improving quality of professional and
industrial printers (both in process and
material)

Mass customization and personalization
Country specific push factors (government
support and funding, localization and
environmental impact)

Industry specific adoption and more
acceptable use cases

New emerging business models and
competitive disruptions

Environmental and economical dynamics

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Source: Expert Interview, BIS Research Analysis
2. 1. 1. 1 Reduct i on i n Turnaround Ti me & Accel erated
Product Devel opment Cycl es
3D printing is on its way to becoming the ubiquitous solution for prototyping. 3D printing
enables companies to make prototypes without tooling, thereby helping companies to get
customer feedback faster and better. This has not only cut short the time to develop
prototypes in a cost effective way but has also allowed companies to test different
configurations in order to determine customers preference, thus reducing product-launch risk
and time to market.

3D printers are increasingly being deployed to speed up the creation of product prototypes. As
compared to high-end rapid prototyping (RP) machines, 3D printers offer a better price to
performance ratio. While a high- end RP machine may cost somewhere around $XXXX to
$XXXX, a 3D printer capable of delivering the same performance can be procured for a lesser
amount (SLA for $XXXX to $XXXX; SLS for $XXXX to $XXXX and FDM for $XXXX to $XXXX).
Furthermore, companies such as Stratasys and Z Corp are offering printers for prototyping at a
price tag as low as $XXXX.

Industry experts believe that 3D printing will see widespread adoption in prototyping with
decreasing price, increasing throughput, and performance. Currently, being an economical and
effective tool for early design and visualization models, 3D printing is making inroads in
advanced areas such as functional prototyping.

Industry experts opine that the use of 3D printing will contribute to significant reductions in
product-development cycle times in the coming years, and will probably disrupt the approach
of the companies towards R&D. As such it is expected to emerge as a key growth enabler for
3D industry.

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2. 1. 1. 2 Decreasi ng Pri ce of Consumer /Personal Pri nt ers
For quite a long time price has been a restraining factor for printers, especially in the consumer
segment. With the falling price of consumer printers, there is a renewed interest from the
developers, hobbyists and other enthusiasts. A consumer grade printer is being sold at as low
as $XXXX. This is expected to decrease further in the next few years, with expiring patent and
increasing competition. Moreover companies are increasingly exploring options to generate
revenue from aftermarket services and products, such as material and system upgrade.
Successful implementation of such revenue model would make the personal printer more
affordable.
2.2 MARKET STATISTICS
FIGURE 1

OVERALL MARKET

Sample Figure

Source: Expert Interview, BIS Research Analysis

For the market studied, 3D printing system sales generated revenue of $XXXX million and it is
expected to reach to $XXXX billion by 2022, growing at an estimated CAGR of XXXX% from

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2014 to 2022. A sizeable chunk of the revenue will be generated from industrial sales while
consumer printers would account for maximum shipment. The price for industrial system will
not drop significantly in the coming years. However, the consumer printers are expected to
witness drastic drop in the price resulting in higher shipments of such printers.

The market for direct parts produced from 3D printing was $XXXX million in 2013 and is
expected to account for over $XXXX billion in 2022, growing at an estimated CAGR of XXXX%
from 2014 to 2022. The healthcare segment is expected to account for the lions share towards
the total revenue by direct parts.

11

3 TECHNOLOGY MARKET

TABLE 1

COST AND TIME ANALYSIS OF FDM TECHNOLOGY & CNC MACHINING

Method Cost Lead Time
CNC machining
$XXXX XX days
FDM Technology
$XXXX XX days
Savings
$XXXX (XX%) XX days (XX%)
Source: Stratasys website

The above figure shows that using FDM technology, the cost was reduced by almost XX% while
the lead time was reduced by over XX%. This shows the cost effectiveness and drastic
reduction in lead time that can be achieved using 3D printing in the repair and maintenance of
costly aerospace parts.

TABLE 2

ADVANTAGES & DISADVANTAGES OF FDM

Advantages Disadvantages
Parts produced are mechanically stable due to
durability of materials used
An extra step of polishing is required to give
fine touch
Inexpensive printers due to expiry of patents
Profit margin is less and barrier to entry is
more because of its wide usage

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4 MATERIALS MARKET

4.1 PLASTIC
Right from the outset of 3D printing technology, plastic holds a major share of the material
market. Different varieties of plastics have been developed that employ technologies such as
Fused Deposition Modeling (FDM), Selective Laser Sintering (SLS), and Selective Heat
Sintering (SHS), among others.

The two types of plastic that are in major use in the 3D printing industry include Acrylonitrile
butadiene styrene (ABS), and Polylactic acid (PLA). Both are thermoplastics, which become
soft post heating and can be molded. Further on cooling they return back to their initial solid
form.

A plastic material before its usage as a 3D printing material needs to satisfy three stage test as
enumerated below:

FIGURE 2

THREE STAGES OF TEST FOR THE USABILITY OF A PLASTIC
MATERIAL


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The first stage includes its formation of plastic filament which is a raw 3D printer feedstock.
Secondly, during 3D printing process it should form accurate physical parts. Thirdly, the
properties of final product should match the standards compared to conventional methods of
manufacturing in terms of properties such as strength, durability, etc. Most of the
thermoplastics like ABS, and PLA are capable of forming plastic filaments to be used in the
next two stages. However, the range of plastic material would increase only after further
research which would make the use of other plastics economical.
4.2 OTHERS
4.2.1 WAX
3D printing technology is using wax for production of casting patterns to be used in investment
casting process. 3D Systems uses thermojet wax modeling system. This method is similar to
Stereo lithography (SLA) and material being employed is wax like resin.

While using wax a support structure is required for any overhanging geometry which is later
removed during post finishing process. Since, support structure can be removed easily; option
of building complex geometry is possible.

The casting pattern is used in the jewelry sector. These patterns can also be used to build
complex hollow components. The wax pattern is electroplated using metals followed by melting
of wax to produce thin walled hollow metal component. The application can be used to build
medium to large parts for aerospace, engine, energy, and others.

The casting pattern is generally made using injection molding system that costs around $XXXX
to $XXXX with a lead time of around XX months. However, Stratasys has employed its
patented FDM technology, thereby reducing the cost by more than XX percent and reducing
time by more than XX percent.

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TABLE 3

COST & TIME ANALYSIS OF FDM AND INJECTION MOLDING
TECHNIQUE

Method Cost Time
Injection Molds $XX to $XX XX months
FDM Patterns $XXXX XX week
Savings $XX to $XX (XX% to XX%) XX weeks (XX%)
Source: Stratasys website

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5 APPLICATIONS MARKET

5.1 INTRODUCTION
This chapter describes the several 3D printing application areas, its use cases, and market
opportunities across each application vertical.

3D PRINTING APPLICATION MARKET SEGMENT


The application market is segmented across different industry verticals as shown in the above
figure.

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5.2 AEROSPACE & DEFENSE MARKET
5.2.1 MARKET STATISTICS
Industry experts suggest that the use of 3D printing in aerospace and defense will find wider
acceptability across these three key areas- prototypes, demonstration units, and small volume
production. It is expected that the production and repairing of parts will also move towards
maturity in next few years

3D PRINTING MARKET VALUE FOR AEROSPACE AND DEFENSE
APPLICATION VERTICALS (2013-2022)

End Use
Application
2013 2014 2015 2018 2019 2020 2021 2022
CAGR
(2014-
2022)
Prototype
Demonstration Units
Small-Volume
Production
Others
Total
5. 2. 1. 1 Prot otype Market
As of 2013, the market for prototyping in aerospace and defense accounted for the biggest pie.
It is expected that prototype application will generate revenue of $XXXX million by 2022,
growing at a CAGR of XXXX% from 2014 to 2022. 3D printing has matured into a mainstream
technology, thanks to its ability to quickly fabricate prototypes which enables designers and
engineers to validate design concepts in a shorter time and thereby speeding up the overall
development process.

17

5.3 AUTOMOTIVE MARKET
5.4 CONSUMER LIFESTYLE PRODUCTS & ELECTRONICS
MARKET
Consumer lifestyle products and Electronics component manufacturing through 3D printing is
yet another promising area.

FIGURE 3

CONSUMER LIFESTYLE PRODUCTS & ELECTRONICS MARKET
REVENUE FOR 3D PRINTING INDUSTRY (2013- 2022)

Sample Figure


18

6 GEOGRAPHIC ANALYSIS

6.1 INTRODUCTION

FIGURE 4

3D PRINTING / ADDITIVE MANUFACTURING MARKET SHARE
BY REGION-2013

Sample Figure

Source: Expert IInput, BIS Analysis

In terms of the numbers of printers being used, the U.S. continues to be the largest market
while Germany leads the way in terms of production of 3D printing systems. It is expected that
the U.S. will continue to remain the most important 3D printing market accounting for over
XX% of the total global sales in 2022. In countries such as the U.S., Germany, the U.K., Japan
and other developed countries the growth momentum will be sustained by increasing adoption
of metal based 3D printers. These metal based printers are expected to penetrate through the
key application verticals, namely aerospace and automotive and impact the production of
finished parts in other verticals. However, high cost premium attached with metal 3D printer is
seen as a growth dampener.

19

6.1.1 CHINA
3D Printing is expected to witness rapid growth in the country owing to push from the
government funding in academic and research institutions and pull from the demand in
electronic manufacturing and consumer product s. Most application in these industries is
centered on design, sample testing and prototyping and as such the penetration of 3D printers
across these verticals is expected to increase significantly.

Chinese government has initiated a number of projects such as National High Technology
Research and Development Program allocating investment of $XX million for 3D printing
research. This research project focuses upon the development of laser melting machines for
large aerospace parts, and laser sintering equipment for complex parts.

FIGURE 5

CHINA Y-O-Y GROWTH IN 3D PRINTING/ ADDITIVE
MANUFACTURING

Sample Figure

Source: Expert Input, BIS Analysis

Chinas 3D printing industry generated revenue of around $XX million in 2013. Industry
experts opine that the country will exhibit an average growth rate of over XX percent year-on-
year and the market will reach to around $XX billion by 2022, accounting for around XX% of
the global demand.

20

7 INDUSTRIAL ANALYSIS

7.1 PORTERS FIVE FORCES ANALYSIS
7.1.1 THREAT FROM NEW ENTRANTS

TABLE 4

THREAT FROM NEW ENTRANTS

S. No. Parameter in Threat from New Entrants
Parameter
Weight
Industrial
Weight
Weighted
Impact
1 Capital needed XXXX XXXX XXXX
2 IP protection XXXX XXXX XXXX
3 R & D expenses XXXX XXXX XXXX
4 Access to distribution channel XXXX XXXX XXXX
5 Economies of scale XXXX XXXX XXXX
6 Govt. regulation XXXX XXXX XXXX
7 Market growth rate XXXX XXXX XXXX

Cumulative relative weight XXXX XXXX XXXX
Source: Experts Input, BIS Research Analysis

As shown in table above the major factor which restricts the entry of new players in the
market are stringent IP protection imposed by the existing players, and high R&D expense in
the industry. Since its inception, 3D printing industry has been driven by innovation. This
entails huge investment in research so that the technology and, consequently, the industry can
mature up to a stage where the activities can be commercialized and scaled up. Another factor
that makes the entry of new players difficult in market is the inability of 3D printing to attain

21

the economy of scale. Likewise intellectual property (IP) protection which is considered to be
the driver for any market has proved to be a growth barrier for this industry. Key players have
filed lawsuits against small players preventing them from growing in this market.

Nevertheless, high market growth rate backed by government support and the enthusiasm
shown by key industrial players are promoting the proliferation of startups in the industry.
Also, this industry necessarily does not rely on traditional supply chains and has easy access to
the distribution channel. Instead it combines manufacturing with e-commerce which means
designing can be done in a central location while products can be sold through online platforms
like those of Shapeways. These factors are assisting new players to enter the market and
become potential threats to the existing players. As the industry is not highly capital intensive
or excessively dependent on labour, it becomes relatively easier for new players to enter the
market.

22

7.2 ANALYSIS SUMMARY

PORTERS FIVE FORCES ANALYSIS FOR 3D PRINTING
INDUSTRY

Supplier 's Power
Threat from
Substitutes
Threat from New
Entrants
Buyer's Power
m
Degree of Competition
Medium
Medium
High
Medium
Low

Source: BIS Research Analysis

23

8 COMPETITIVE LANDSCAPE

8.1 COMPETITIVE BENCHMARKING
The percentage share of various development activities undertaken by a company does not
give a true picture of the impact of those development activities on the company and the
market. For this reason through our analysis and inputs from industry experts we have arrived
at a weighted score by attributing specific score to different development activity. The score
has been given on a scale of 1 to 5 in ascending order to Event, Business Expansion &
Contract, Partnership & Collaboration, Merger & Acquisition, and Product Development.

FIGURE 6

BIS RESEARCH ACTIVITY BENCHMARK RELATIVE SCORE
(2011-2013)

Sample Figure


24

8.1.1 CLUSTER 2
The second cluster includes companies having weighted score between 15 and 40.

TABLE 5

CLUSTER 2 COMPANIES ACTIVITY SNAPSHOT

Particular Event
Business
expansion
&
Contract
Merger &
Acquisition
Product
Development
Partnership
&
Collaboration
Weighted
score
Dassault
Systemes
XX XX XX XX XX XX
Arcam AB
XX XX XX XX XX XX
DSM
XX XX XX XX XX XX
Luxexcel
XX XX XX XX XX XX
EOS
XX XX XX XX XX XX
EnvisionTEC
XX XX XX XX XX XX
3T RPD
XX XX XX XX XX XX
Voxeljet
XX XX XX XX XX XX
Hoganas AB
XX XX XX XX XX XX
Organovo
XX XX XX XX XX XX

Companies such as Dassault Systemes show a balance in their strategy of Merger &
Acquisition, and Product Development. Arcam AB on the other hand has resorted to Business
Expansion and Contract.

25

9 COMPANY PROFILES

9.1 DASSAULT SYSTMES

TOTAL REVENUE BY BUSINESS SEGMENT

Sample Figure

Source: Dassault Systmes Annual Report & BIS Research

TOTAL REVENUE BY GEOGRAPHIC AREA

Sample Figure

Source: Dassault Systmes Annual Report & BIS Research

26

9.2 MICROTEC GESELLSCHAFT FR MIKROTECHNOLOGIE MBH

MICROTEC PRODUCT SNAPSHOT

Source: microTEC website and BIS Research

In biotechnology application industry, the company integrates fluidic systems for synthesis or
analysis; Lab-on-Chip in plastic, dispensers, micro mechanics for cell disruption and other
components are integrated to offer a miniaturized end product.

Across medical industry the company integrates micro sensors, micro actuators, micro needles
and micro filters with ASIC as a System in Package (SiP)

In the consumer electronics space microTEC provides high density packaging for memory
cards in mobile devices and also offers solutions for high integrated processor modules, along
with Giga-Hertz and Tera-Hertz components.

The company undertakes miniaturization of camera modules such as lens, LED, Laser and
integration of the same across MEMS and NEMS in automotive and telecommunication vertical.

27

9.3 STRATASYS
9.3.1 ANALYST INSIGHTS
Stratasys has been involved in a number of mergers but the benefits derived out of it seems to
be limited due to legal restriction which led to limited integration planning prior to merger.
Stratasys is facing difficulty in coordinating its organizations which are geographically not
contiguous, including its two headquarters in Israel and the U.S. This coordination difficulty
encompasses within it sales, distribution and marketing sectors. Managing large number of
employees over wide geographical region and inconsistency over different companies
standards, controls and policies is also proving to be a bone of contention for them. This is
adversely affecting their ability to maintain relationships with suppliers, distributors, customers
and employees.

2013 as experts call it as the year of 3D printing has witnessed large number of mergers and
acquisitions. If these acquisitions of other companies strategically taken and pursued in the 3D
printing industry having greater resources than Stratasys can cause trouble for its demand of
products and services.

The competitors of Stratasys, like 3D Systems Corporation, is an old player having greater
financial, marketing, manufacturing, distribution and other resources. So they can quickly
respond to the emerging technologies

Stratasys could not diversify its supplier of different components that may result in shortage of
some key components, or reduction in quality and other associated factors due to their
dependency on limited number of vendors.

Uncertainty in global economy, problems faced by financial service sector and credit market
and other macroeconomic factors has made end-users to further delay or reduce technology
purchases. A huge market base of Stratasys lies in Europe which has been continuously facing
the shadow of economic crisis. Tightening monetary measures adopted by countries across the
globe and aversion of investors to invest in such a volatile situation has resulted in lower levels
of liquidity that makes it difficult for them to expand their business further.

28

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