3D printing, also known as additive printing
technology, allows manufacturers to develop objects using a digital file and
variety of printing materials. The materials used in 3D printing include
various types of polymers, metals, ceramics, etc. 3D printing offers
methodologies that makes manufacturing of complex designs an apparent reality.
The global 3D printing market is in the progressive phase of its life cycle and
was valued $2.3 billion in 2013 and is anticipated to reach $8.6 billion by
2020, growing at a CAGR of 20.6%. The anticipated advancement is due to
the widespread applications of 3D printing and the potential prospects of 3D
printing in diverse fields.
The factors driving 3D printing market are high degree
of accuracy, efficient use of raw materials, ability to build customized
products, simultaneous use of multiple materials for printing, efficient use of
production time and financials, competency over traditional techniques, etc. On
the contrary, higher production cost to individual users, expensive 3D printing
software, lack of channel partner assistance, scarcity of skilled labors and
inability to manufacture huge outputs are some of the restraints for the global
3D printing market. Also, application of 3D printing in various industries and
improved manufacturing process are the opportunities present, which can be
capitalized. The market size and
year on year forecast for global 3D printing market is been provided for the
period of 2013 to 2020 in terms of revenue (in $million). Thus, the futuristic
knowledge of possible surge in the demand for 3D printing in certain
applications would help companies take proactive business decisions. A
quantitative data of estimated market size would also facilitate decision
makers in planning profitable strategies.
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