The market in Asia-Pacific is projected to showcase the fastest growth among the regions, owing to government promotion of new-age technologies in manufacturing and rising demand for customized products. This rapid adoption of AM in Asia Pacific can be attributed to the developments and upgrades across the manufacturing industry within the region. The Asia-Pacific region is also establishing itself as a manufacturing center for the automotive and healthcare industries. A stronghold on consumer electronics production, combined with rapid urbanization, is also contributing to the region's rising demand for three-dimensional printing. The Asia-Pacific region is known for its manufacturing capabilities and has a large number of small and medium-sized enterprises. 3D printing technology allows these enterprises to produce small batches of customized products quickly and cost-effectively, which is particularly important in industries such as automotive, aerospace, and healthcare. Many governments in the Asia-Pacific region have recognized the importance of 3D printing technology and have provided support in terms of funding and infrastructure development. This has encouraged the growth of 3D printing companies in the region. The cost of 3D printing is also decreasing due to advancements in technology and increased competition among manufacturers. Asia-Pacific holds very high potential in the 3D printing market in the forecasted period. Due to favourable government policies and financial assistance for research and development, several reputed companies are setting up their centers in the region, mainly in countries like China, South Korea, and Japan. According to the research report, "Asia-Pacific 3D Printing Market Outlook, 2028," published by Bonafide Research, the market is anticipated to grow at a 25.57% CAGR by 2023–28. The APAC region's highest compound annual growth rate is anticipated during the timeframe. The region's manufacturing sector advancements have resulted in the rapid implementation of AM (additive manufacturing) in APAC. Furthermore, the APAC region is emerging as a manufacturing and production powerhouse in the healthcare and automotive sectors. Rapid urbanization and dominance in consumer electronics manufacturing are two other factors driving demand for three-dimensional printing in the region. This region's high market growth rate can be attributed to rapid developments in the manufacturing sector in Asia-Pacific as well as growing interest in new technologies for efficient production. Increased digitization has also fuelled the growth and adoption of 3D printers for end-use industries such as consumer goods, construction, medical, electronics and semiconductors, research, and education. China, India, Japan, Malaysia, South Korea, Thailand, and Singapore are among the largest economies in the region, with enormous potential for the 3D printers market due to rapid industrialization. China is one of the leading countries in terms of 3D printer production capacity and usage. The COVID-19 pandemic increased the use of 3D printers in the medical industry, which accelerated the region's use of 3D printers. The Chinese government strongly supports the 3D printing market. The government is making significant investments to promote the growth of the 3D printing market. The Chinese Ministry of Science and Technology announced a $313 million investment in 3D printing research and development in 2015. Also, a multi-million dollar joint research declaration is signed by China and the Science Minister of Israel for the advance research of various high technologies, including 3D printing, nanotechnology, and others. Moreover, countries that majorly contribute to this region’s progress are China, Japan, and India. Being the most technologically advanced country in APAC, Japan is considered to witness progressive market growth by 2028. Because 3D printing allows for design freedom and the creation of the most complex and unconventional designs, 3D printed jewellery is gaining popularity in the region. Besides, with surgeons and healthcare experts concentrating on experimenting with various 3D printing materials for implants and automotive assemblers utilizing 3D printers to produce parts at a lower cost and in less time, the healthcare and automotive industries are the major end-users of 3D printing technologies in the region. In addition to that, 3D printing enables rapid prototyping, which is essential for product development. By using 3D printing technology, companies in the Asia-Pacific region can quickly produce prototypes, test them, and make necessary changes, saving time and reducing the cost of development. In the Asia Pacific market, rising product launches and strategic initiatives by key market players in this region are also driving market revenue growth. For example, on November 21, 2021, SHINING 3D, a global leader in digital manufacturing solutions, introduced the AccuFab-L4K, a new high-precision Stereo lithography (SLA) 3D printer, and the Transcan C, a high-resolution colour 3D scanner. These newest additions to the product line enable high-resolution 3D scanning and rapid, effective, and high-performing 3D printing. The authorities are making on-going efforts to promote the growth of the Asia-Pacific 3D printing market. A strong industrial base is also an important factor in the region's growth. As a result, the Asia-Pacific 3D printing market has recently seen remarkable growth. The mounting inclination of the leading companies operating in the manufacturing sector, coupled with favourable government policies, has helped several countries develop a robust 3D printing ecosystem in the region. Most of the projected market expansion attributes to the immense government support and R&D investments in creating a robust 3D printing ecosystem, which is why several prominent companies operating in the industry are establishing their facilities across the region, mainly in China, South Korea, and Japan. Besides, increasing developments across the manufacturing sector, rapid urbanization, and the massive consumer electronics industry in the region are also driving the market. Based on the printer type, industrial 3D printers will dominate the market with a 75% share in 2022. The availability of advanced 3D printing materials for dental and medical applications and the rising demand for 3D-printed items in the cosmetics and pharmaceutical industries are major factors promoting the APAC 3D printing devices market. Furthermore, due to the establishment of new 3D printing research, training, and education facilities and rising efforts by major market participants to extend their distribution networks in emerging Asian nations, APAC is expected to grow the most throughout the forecast period. Further, the reason is the surging incidence of dental disorders. The majority of those affected by these disorders are elderly. Because of the availability of better healthcare facilities, the world's population is aging. Increased research and development will result in the introduction of newer 3D printing technologies and materials for the geriatric population, which will contribute to the growing demand for dental 3D printing. Furthermore, in the Asia Pacific region, countries such as China, Japan, and India have enormous potential and are assisting in the formulation of efficient processes in the aerospace sector, with aircraft manufacturers investing massive sums of money in 3D technology for the production of jet engine combustion nozzles, turbine blades, and structural parts. The Asia Pacific market is expanding rapidly as a result of the region's increasing adoption of 3D printing applications. Plastic materials used in automated 3D printing are expected to grow rapidly in the Asia-Pacific market. The region's dominance in consumer electronics manufacturing, combined with increased urbanization, is driving up demand for three-dimensional printing. 3D modelling is an essential aspect of the 3D printing industry in the Asia-Pacific region. There are a growing number of companies and individuals in the region that specialize in 3D modelling for a variety of applications, including manufacturing, architecture, product design, and entertainment. In the manufacturing industry, 3D modelling is used for prototyping and the production of small batches of products. 3D modelling software allows designers and engineers to create precise 3D models of products that can be quickly and easily modified as needed. This has led to a significant reduction in the time and cost of product development. 3D modelling is used in the architecture and construction industries to create detailed models of buildings and structures. These models can be used to visualize designs, identify potential problems, and optimize construction processes. 3D modelling is also used in the design of interior spaces and furniture. 3D modelling is used in the entertainment industry to create realistic 3D models of characters, props, and environments for films, video games, and other media. The Asia-Pacific region is home to many animation and visual effects studios that specialize in 3D modelling. Prototyping applications are an important aspect of the 3D printing industry in the Asia-Pacific region. Singapore-based start-up Structo recently launched a new high-speed dental 3D printer called "Omni 3D. The printer uses Structo's proprietary Mask Stereo lithography (MSLA) technology to produce high-precision dental models and aligners in a matter of minutes. Japanese 3D printer manufacturer Mimaki recently launched a new 3D printing system called "3DUJ-2207/3042". The printer is capable of producing high-quality, full-colour 3D prints using UV-curable inkjet technology, making it well-suited for applications in architecture, product design, and prototyping. Chinese 3D printing company Farsoon recently launched a new industrial-grade 3D printer called the "FS621M". The printer features a large build volume and is capable of printing high-strength parts using a variety of materials, including metal powders and engineering plastics. South Korean 3D printer manufacturer Sindoh recently launched a new Fused Filament Fabrication (FFF) 3D printer called the "3DWox DP200". The printer is designed for use in homes and schools and includes features such as automatic bed levelling and filament detection. An Australian 3D printing company, Titomic, recently launched a new metal 3D printer called the "TKF9000". The printer is capable of producing large-scale metal parts using Titomic's proprietary Kinetic Fusion technology, which uses supersonic particle deposition to create strong, lightweight parts. Recant Developments: • HP Inc. recently announced the opening of a new 3D printing center in Singapore, which will serve as a hub for research and development as well as customer engagement and education. • Beijing Long Yuan Automated Fabrication System Co., Ltd. (LAY), a leading Chinese 3D printing company, recently announced a partnership with Siemens to integrate Siemens' digital factory solutions into its 3D printing systems. • An Australian 3D printing startup, SPEE3D, recently announced the launch of a new metal 3D printing system called "Lightspee3d" that is capable of printing industrial-grade metal parts at speeds up to 1000 times faster than traditional methods. • XYZprinting, a Taiwanese 3D printer manufacturer, recently announced the launch of a new line of affordable 3D printers targeting the education and consumer markets in Asia-Pacific. • A South Korean 3D printing company, Carima, recently developed a new 3D printing technology called Continuous Digital Light Processing (CDLP), which allows for the creation of high-precision, high-quality 3D prints at a faster rate than traditional 3D printing methods. • A Japanese company, Ricoh, recently announced the launch of a new metal 3D printer called the "AM S5500P," which is capable of printing high-quality metal parts with a variety of metal powders. Companies Mentioned in this Report: 3D Systems,Inc., Materialise NV, EOS GmbH, General Electric Additive, voxeljet AG , SLM Solutions, Renishaw plc, Ultimaker BV, Tiertime, New Kinpo Group, Covestro, Desktop Metal,Inc., Nano Dimension, Formlabs, Carbon, Inc. , Markforged Holding Corp Considered in this report • Geography: Asia-Pacific • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Asia-Pacific 3D Printing market with its value and forecast along with its segments • Country-wise 3D Printing market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Countries covered in the report: • China • Japan • India • Australia • South Korea By Offerings: • Printers • Materials • Services • Software By Printer Type: • Desktop 3D Printer • Industrial 3D Printer By Application Type: • Prototyping • Functional Part Manufacturing • Tooling The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to 3D Printing industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globallyDownload Sample