Global 3D Printing Market Set for Rapid Growth by 2024

3D Printing Market: Overview

3D printing helps in the creation of the three dimensional solid objects which are made with the help of the digital files, it is also known as additive manufacturing. For the generation of the 3D objects, additive process is used. The process involves the building of the products through layering, thus avoiding the intervention of cutting, drilling, etc. With the help of this technology, the production of spare parts has become very easy.

3D Printing Market: Segmentation

The market for the 3D printing is globally fragmented into raw materials and end-user industries. On the basis of raw material, the global market is segregated into polymers, ceramics, metals, and others. Based on the end-user industry, the market is categorized into consumer goods, aerospace, automotive, and healthcare. The aerospace and the automotive end-user industry is expected to dominate the 3D printing market.

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3D Printing Market: Growth Factors

In the coming years, the global 3D printing market will grow significantly. Factors that are contributing to the market growth are a rise in the regulatory support from the government, increase in the end-user segments, a rise in the investments and funding by the manufacturers for the research and development activities in the field of product development, and the ease in the manufacturing activities. High material cost, unavailability and poor quality of materials are expected to be a restraining factor for market growth. The manufacturers are inclining towards the development of the products that are of low volume and cost that can be used widely across different industries. The technological advancements that are made in the healthcare sector increases the application of the 3D printing, thus opening up opportunities for the market growth. There are certain factors that are limiting the growth of the market such as absence of the experts that can use and manage this technology, lack of the availability of this technology, and lack of training facilities.

3D Printing Market: Regional Analysis

Based on the regions, the market for 3D printing is diversified into the Middle East & Africa, Eastern Europe, Western Europe, North America, Latin America, and Asia Pacific. The largest market share in the 3D printing market is held by North America. The key factor that contributes to the market growth in the North America is the wide development that is made in the 3D technology. Another factor that contributes to the market growth is the large amount of dental labs found in this region. North America is followed by Europe and Asia-Pacific regions. It is expected that these markets will grow rapidly in the coming years. In the Asia Pacific region, the emerging country Japan has the largest market for 3D printing owing to the factors such as the supportive government policies, increasing investments made by the government for the development of the printing technology, and the high sale of the professional-grade printers. China follows Japan in the Asia Pacific region.

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3D Printing Market: Competitive Players

The key market players that are involved in the 3D printing market include Stratasys Inc., 3D Systems, Inc., 3D Systems Corporation, Microtec Gesellschaft Fur Microcomputervertrieb MBH, ExOne GmbH., Concept Laser GmbH., Arcam AB, Optomec, EOS GmbH., and Materialise NV.

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