Knowledge Sourcing Intelligence announces the publication of a new report on “3D Printing Market - Forecasts from 2019 to 2024” to their offering.
The swift growth of consumer electronics, healthcare, and automotive among others and the necessity to streamline operations simultaneously reducing costs are expected to drive the 3D Printing Market.
According to the report, the 3D Printing Market is expected to reach US$39.640 billion by 2024, from US$9.190 billion in 2018.
The factors that are influencing the trends of 3D Printing Market and consequently contributing to its anticipated growth simultaneously retrain
The application of 3D printing has permeated into a wide variety of industries that are inclusive of but not limited to defense, aerospace, healthcare, automotive, among others. 3D printing involves employing the manufacturing process that is employed to create a solid three-dimensional model based on a digital model by deposition of 3D printing materials layer-by-layer. These materials include metals, ceramics among others. The prices adhere to a bottom-up approach to create 3D models. The growing spending on R&D, increasing adoption in the variety of end-user segments are the prime factors that are poised to drive the growth of the 3D Printing Market. Further, the efficient and palpable reduction of time-to-market and raw material wastage coupled with the extension of facilities like innovation customization is driving the popularity of 3D printing to new heights.
Whereas challenges like the high cost of materials, the dearth of the skilled workforce for the efficient utilization and subsequent management of this technology is expected to restrain the growth of the 3D printing market. Moreover, the lack of standardized process controls and challenges pertaining to intellectual property and copyright infringement are also factors that pose as restraints in the trajectory of 3D printing market growth. Nevertheless, the growing adoption of 3D printing services by the core industries has led to the development of a variety of business opportunities that are inclusive of but not limited to 3D printing material, 3D modeling as well as software development which are further expected to augment the growth of 3D printing market.
Various developments in the 3D Printing Market that has been materialized by various strategic moves
Acquisition: In November, the acquisition of the Paris and San Francisco based, French 3D printing specialist was agreed upon to enable the wholly-owned subsidiary of BASF New Business GmbH, known as the BASF 3D Printing Solutions GmbH, to market and establish new industrial 3D printing material in a swift manner. The initiative had included the provisions of BASF to develop Sculpteo’s then-existing 3D printing platform further and transition it into a global platform, paving the way for establishing an additional sales channels for customers and partners of BASF thus facilitating in BASF SE’s (FWB: BAS) seamless expansion endeavors to consolidate its position as leading additive manufacturing service provider.
Product Launch: In November, the global leader in industrial sand and metal 3D printers, ExOne (NASDAQ: XONE) that employs binder jetting technology had reported announced the launch of X1 160PRO™ Metal 3D Printer that was intended for a high-volume quality part production. This relatively new product offers to build dimensions of 800 x 500 x 400 mm at the same time delivering a total build volume of 160 liters that is suitably large to produce investment cast parts in industries pertaining to automotive, aerospace, and defense.
Commissioning of Facility: In June, it was reportedly announced by Bayerische Motoren Werke AG (FWB: BMW) aka the BMW Group, that after an investment of €15 million it has brought its new Additive Manufacturing Campus online. The objective of this move was to bring the series parts and prototypes under one roof simultaneously facilitating research on new technologies pertaining to 3D printing as well as expedite associate training for the global production operation that will be essentially toolless. This new initiative will enable the BMW Group development to ascertain its position as a technology leader in various applications of additive manufacturing pertaining to the Automotive sector.
Acquisition: In June it was announced that Royal DSM (Euronext: DSM) which is a global company that engages in science-based Sustainable Living, Nutrition and Health and Nutrition and Clariant AG (SIX: CLN) specialty chemical company that is engaged in activities with focus and along the lines of sustainability and innovation have agreed for DSM to acquire certain portions of Clariant’s 3D printing business portfolio enabling DSM to offer swift iteration of product development for pellets and filaments based on the application needs.
The major players covered as part of the report are among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/3d-printing-market
This report segmented the 3D Printing Market on the basis following terms:
Digital Light Processing
Continuous Digital Light Processing
Direct Energy Deposition
Powder Bed Fusion
Multi Jet Fusion
Selective Laser Sintering
Direct Metal Laser Sintering / Selective Laser Melting
Electron Beam Melting
Aerospace and Defense