The 3D Printing market is estimated to be valued at US$9.190 billion in 2018 and is projected to expand at a CAGR of 27.59% to reach a market size of US$39.640 billion in 2024. The market for 3D printing is highly dependent upon the demand for consumer and industrial products to be delivered in a short span of time. For instance, products such as wearable glasses, footwear, jewelry, and medical devices can be printed through 3D printers with much less time and effort than otherwise required in the conventional production method. With the increasing dependency on the automation processes, the demand for 3D printers is also rising. Several projects are being undertaken, by governments and major players, in defense and construction sectors to avoid human errors and make the production process seamless. For instance, the Australian Army has invested $1.5 million in a one-year pilot program to utilize SPEE3D printing technology in some of the Army exercises. Also, a United Kingdom-based startup called Orbex built the world’s largest 3D printed engine for a rocket. Another example being, COBOD and PERI 3D printed around 4 houses in a four-day span for the International Baltic Construction Exhibition in berlin. Rapid improvements in this technology are the biggest demand driver for this emerging market. One such advancement is the ability of the 3D-printer to build thinner layers that deliver the smooth appearance of the object.
Furthermore, the invention of the new flexible materials to produce flexible 3D prints with carbon-fiber mix to print light-weight products is also quite an improvement of this market. As far as the materials used are concerned, plastic is estimated to hold the largest share owing to its easier and cheaper availability. Plastics held the largest market share at around 40% in 2019. Metals are dominantly used in the aerospace, automotive and electronics segment. As for the end-user industries, healthcare is the major segment that is leveraging on this technology.
Geographically, the North American region is projected to witness a substantial growth rate over the forecast period due to the increased investments made by the players in this region. Asia-Pacific region is also estimated to have a high CAGR owing to the rising demand for products in conjunction with the disposable incomes of the people. The South American region is also anticipated to hold a significant share of this market.
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Some of the major players covered as part of the report are Stratasys Ltd., The Exone Company, Ultimaker BV, Xjet, HP, Materialise, SLM Solutions Group, and Mcor Technologies Ltd., among others.
The 3D Printing market has been analyzed through the following segments: