Updated News: 3D Printing Market Is Estimated To Reach USD 39.5 Billion In 2024 | CAGR 24.6% — Forencis Research
Global 3D Printing Market: Key Highlights
- According to the new market research report “3D Printing Market by Technology (Stereolithography (SLA), Digital Light Processing (DLP), Liquid Deposition Modeling (LDM), Fused Deposition Modeling (FDM), Selective Laser Sintering (SLS), Selective Laser Melting (SLM), Electronic Beam Melting (EBM), Laminated Object Manufacturing (LOM)), by Component (Printer Type, Material type, Software, Service), by End Use (Automotive, Consumer Electronics, Consumer Goods, Aerospace & Defense, Healthcare, Construction, & Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) — Global Forecast (2020 to 2025)”, the global 3D Printing market is estimated to reach USD 39.5 Billion by 2024 at a CAGR of around 24.6% during the review period.
- 3D printing is process of building the three-dimensional object by successive addition of thin layers till a desired shape is obtained
- Relatively high production speed as compared to traditional manufacturing method has expected to boost the market growth
- Increasing adoption of technology for applications in various industries such as healthcare, automotive, and others may increase the opportunities for market growth
- However, higher material cost and its availability remain a major restraining factor for the growth of the 3D Printing market
Global 3D Printing Market: Key Market Dynamics
- Increasing demand for customized products by various end use industries is expected to surge the demand for 3D printing market
- Government investments and increase research & development actives has expected to surge the demand for 3D printing market
- Higher potential to improve manufacturing process and enhance the supply chain management opportunities may boost the market growth
- Higher initial investment and required maintenance expertise has anticipated to hinder the growth of 3D printing market
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Global 3D Printing Market: Regional Overview
- North America
The 3D Printing market in the North American region is projected to witness high demand owing to the early development of technology and historic leadership in traditional manufacturing. Additionally, the growth is also supported by the number of key industrial players such as 3D System, Stratasys Ltd., The ExOne Company, and others along with the leading number of patents.
- Asia Pacific
Asia Pacific is expected to witness the fastest growth during the forecasted period due to rapid adoption of additive manufacturing and has attributed to the development. Additionally, the emerging manufacturing hub for automotive and healthcare industries has also anticipated the growth of product market.
Global 3D Printing Market: Key Players Overview
- 3D Systems, Inc.:
3D System Inc., is one of the leading the additive manufacturing company and provides the solutions for aerospace & defense, automotive, dental, durable goods, healthcare, and jewelry. In October 2019, the company collaborated with Antleron’s aiming to develop and regenerate products in biomedical industry.
- Stratasys Ltd.:
Stratasys Ltd operates through business segments like 3D printers, materials and customized products with the strong presence in more than 31 countries across the globe. The company is engaged in providing solutions for industries including aerospace, automotive, rail, healthcare, consumer products, and education. In April 2020, the company launched its new product J55 3D Printer with an aim to maximize the reliability and simplify the maintenance.
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