The
global 3D
printing market size is estimated to be USD 9.9 billion in 2018 and is
expected to reach USD 34.8 billion by 2024. Factors such as ease in development
of customized products, reduction in manufacturing cost and process downtime,
government investments in 3D printing projects, and development of new
industrial-grade 3D printing materials are driving the growth of the 3D
printing industry. Currently, the trend in the 3D printing applications is
shifting from prototyping to functional part manufacturing in various verticals,
such as automotive, medical, aerospace, and consumer goods.
Direct
Metal Laser Sintering To Account For The Largest 3D Printing Market Share From
2018 To 2024
The 3D printers available in the market are
based on different technologies such as stereolithography (SLA), fused
deposition modeling (FDM), selective laser sintering (SLS), direct metal laser
sintering (DMLS), polyjet/multijet printing (MJP), inkjet printing, electron
beam melting (EBM), laser metal deposition (LMD), laminated object manufacturing
(LOM), and digital light processing (DLP). DMLS, SLS, and FDM are the most
widely used 3D printing technologies.
The
Prototyping Application Is Expected To Hold The Largest 3D Printing Market
Share Through 2025
The prototyping application held the largest 3D
printing market share in 2017, and the trend is expected to be the same during
the forecast period. The market for the prototyping application is driven by
the steady demand for these applications in several industries.
3D printing or AM helps produce prototypes
and models from 3D computer-aided design (CAD). This helps several companies to
reduce wastage during prototype transitions in traditional manufacturing and
also helps them to bring down their operational costs. 3D printing also enables
the quick production of cost-efficient prototypes based on the customers’
requirements regarding the geometry of the structure, accuracy, and
well-defined smoothness of the products used in any industry.
North
America to Hold The Largest Share Throughout the Forecast Period
The 3D printing market based on region has
been segmented into North America, Europe, Asia Pacific (APAC), and Rest of the
World (RoW). North America is expected to hold the largest share of the 3D
printing industry, while the market in APAC is expected to grow at the highest
CAGR during the forecast period. The expiry of 3D printing technology patents
of Stratasys (US) and 3D Systems (US) for their fused deposition modelling
(FDM) and stereolithography (SLA) technologies, respectively, has opened
several opportunities for emerging companies, as new entrants can easily get
access to AM technology and make modifications based on their unique
requirements. The 3D printing market is mainly driven by the extensive research
and development activities directed toward the introduction of new and improved
technologies as well as fresh print materials.
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The key players in the global 3D printing
market include Stratasys (US), 3D Systems (US), EOS GmbH(Germany), GE Additive
(US), and Materialise (Belgium), among others. Stratasys and 3D Systems
dominated the 3D printing industry, in terms of revenues. These two players
have been relying on their strong research and development (R&D)
capabilities, diversified product portfolio, global reach, strategic
partnerships, and mergers and acquisitions to hold a large share of the 3D
printing market. The market also has many small players that together hold the
remaining share.
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