MarketResearchNest.com
adds “Latin America Market Insights on
3D Printing: Insights & Forecasts, 2018-2024: Emphasis on Component
((Product (Professional/Industrial Printer, Personal/Desktop 3D Printers),
Material (Polymer, Plastic, Metals and Alloys, Ceramic, Other Materials),
Technology ( Stereolithography, Selective Laser Sintering, Electron Beam
Melting, Fused Deposition Modelling, Laminated object Manufacturing, Other
Technologies)”new report to its research database.
Latin America 3D printing market is segmented based on
component, sub-component, technology and industrial verticals. Product
(industrial and desktop printer), material (polymer, metal and alloy, ceramic
and other) and services are the types of components considered while analysing
and defining the penetration of 3D printing technology in different geographies
and countries. In 2017, product segment dominated the Latin America 3D printing
market with maximum share in terms of revenue. Based on estimation, the segment
occupied for around 36.8% share in the same year. However, increasing demand
for desktop printers would help the product segment to grow at a faster rate of
30.7% during the forecast period (2018-2024).
3D printing offers integration of metals and alloys with
other raw materials as per the requirement of the end-user industry, to create
specified 3-dimensional objects. During 2017, polymer held prominent share of
33.5% followed by plastic which held 30.6% during the same year. Polymer market
in Latin America 3D printing was valued at US$ 26.3 Million in 2017 and is
projected to derive US$ 167.2 Million revenues by 2024 witnessing astonishing
CAGR of 30.4% during the forecasted period. Numerous industrial sectors are
influenced by 3D printing solutions. In addition, Custom Design and
Manufacturing held more than 50% share and garnered US$ 33 Million revenues
during 2017. Based on technology, the Latin America market is segmented into
stereo lithography, selective laser sintering, electron beam melting, fused
deposition modeling, laminated object manufacturing and others. In 2017, Fused
Deposition Modelling technology dominated the regional 3D printing market, and
is expected to maintain its dominance throughout the analyzed period. It is
projected to reach US$ 569.2 Million by 2024 showcasing significant CAGR of 29%
during the analyzed period. Furthermore, depending on application type, the
market is further classified into Functional Parts, Fit and Assembly, Prototype
Modelling, Education, Metal Casting, Metal Casting, Visual Aids and
Presentation Modelling. During 2017, functional parts occupied the largest
share of 33.8% followed by Fit and assembly application type in regional 3D
printing market.
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Moreover, benefits of 3D printing can also be witnessed
among various industry verticals such as Education, automotive, aerospace and
defense, healthcare, consumer goods, manufacturing, construction and others
where the additive manufacturing has turned out to be a game changer.
Automakers and raw material suppliers for manufacturing sector have realized
the benefits of 3D printing solutions, eventually increasing the demand for 3D
printing solutions in these industries. In the automotive industry, the use of
3D printing technology has been successful in bring about new shapes to the
industry, allowing the industry to produce lighter and more complex structures
at affordable price ranges. Manufacturing sector was accounted as the fastest
growing industry vertical in terms of its applications in 3D printing. Based on
estimation, the respective segment is projected to generate revenue of US$ 347
Million in by 2024 displaying tremendous CAGR of 29% during the forecasted
period in Latin America 3D printing market.
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3D printing in Latin America is slowly gaining the traction,
and is still at the nascent stage of growth potential. With the rapid growth of
additive manufacturing, handful of 3D players have taken keen interest in the
region and are constantly exploring the investment opportunities in South
American marketplace. 3D Printing has also revolutionized remarkably,
displaying promising advancements in medical and dental arena with the booming
concept of orthodontics specifically in Brazil. However, high cost involved in
3D printing, skill shortage faced by the region in 3D printing, political and
economic issues in terms of painful transitions from economic prosperity to
slowdown and meltdown and being the most economically volatile regions of the
world encompass as some of the bottlenecks in the success path of 3D printing
in Latin America. Hence, promoting the efficient adoption of digital and
automation technologies in the region needs to be addressed.
Also, for better understanding of 3D printing market
penetration, the market is analysed in different countries such as Brazil,
Argentina, Chile and Rest of Latin America. Based on estimation, Latin America
accounted for revenue share of 5.6% in 2017. Increasing industrial base,
surging investments by major competitive peers, technological advancements and
rapid adoption of the advanced technique among various industry verticals
specifically healthcare would help the Latin America region to grow at a faster
rate during the analysed period. Latin America pose the reasonable CAGR growth in
terms of 3D printing on account of continuous expansion and development of
industrial sector in the respective region. Brazil led the Latin America region
and contributed around US$ 166.4 Million in 2017 towards regional 3D printing
sales and is further projected to garner US$ 925.3 Million by 2024 registering
substantial CAGR of 28% over the period.
Considering the presence of 3D printing players in Latin
America region, 3D Systems Corporation, Arcam AB, Royal DSM N.V., ExOne
Company, Autodesk, Inc., Stratasys Ltd., Organovo Holdings, Inc , Hoganas AB,
Mcor Technologies Limited and Voxeljet AG, constitute as some of the prominent
players operating in 3D space. The players consistently aim to focus on product
development, launch new products and enhance their existing portfolios to
expand their customer base and strengthen their market position through
partnerships and collaborations which further offers them growth opportunities
for geographic expansion.
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