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(IT-NEWSWIRE.COM, June 22, 2019 ) The overall 3D printing market is expected to grow from USD 9.9 billion in 2018 to USD 34.8 billion by 2024, at a CAGR of 23.25%. Ease in the 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 the key factors driving the growth of this market. However, limited availability and the high cost of materials, limitation of product size, and lack of standard process control are likely to restrain the market growth.
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3D printing is the process of building up a real 3D object from a digital model by joining thin layers of materials (which might be in solid, powder, or liquid forms), usually layer-upon-layer, in horizontal cross-section, unlike subtractive manufacturing methods. It is also known as additive manufacturing (AM) or freeform fabrication. 3D printing is the most common term in the consumer markets, while AM is more used in the industrial markets. 3D printing is used for prototyping, tooling, and functional part manufacturing. The manufactured functional parts are used in various industries, such as automotive, aerospace, healthcare, jewelry, education, tooling, consumer goods, and art and architecture.
The market for services is expected to grow at the highest CAGR during the forecast period. The projected growth of this market is attributed to the expected increase in the demand for custom design and manufacturing. The market for 3D printing has been growing at a significant rate with rapid progress in the industries such as healthcare (including medical, orthopedic, and dentistry), aerospace, and automotive as these industries were the early adopters of the technology. However, with the advancement in the printing technology and materials, the 3D printing service sector is garnering significant traction as a source of profit generation, compared to the sales of printers and materials.
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Among the major processes of 3D printing, the printers based on power bed fusion process are expected to witness the highest CAGR in the overall market during the forecast period. The growth of the 3D printing market for power bed fusion process can be attributed to the ability to produce complex geometries, high-feature resolution, good strength, and decent surface finish. In the powder bed fusion process, technologies such as direct metal laser sintering (DMLS), electron beam melting (EBM), selective heat sintering (SHS), selective laser melting (SLM), and selective laser sintering (SLS) are most commonly used for the development of functional parts in the aerospace, automotive, healthcare, and engineering industries. For instance, SLA-based 3D printing is used in the creation of anatomical models, lightweight concept models, architectural models, urethane casting patterns, and large investment cast patterns, among others.
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The market in APAC is expected to grow at the highest CAGR during the forecast period. Government initiatives, funding in research and development, and extensive industrial base are the major factors that make APAC a dynamic region for 3D printing, with Japan and China being the major contributors. The establishment of the centers for 3D printing research, training, and education and the efforts by leading players in the market, such as Stratasys Lt. (Israel), 3D Systems (US), EOS GmbH (Germany), ExOne (US), and EnvisionTEC (Germany), to expand their distribution networks to the emerging markets in the Asian countries are expected to drive the market in APAC.
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