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3D Printing Market - High Cost and Limited Availability of Materials May Curb Growth to an Extent
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As per TMR, the global 3D printing market will rise at an impressive 18% CAGR between 2017 and 2025. At this pace the market will reach US$32.3 bn 2025 from US$7.3 bn in 2016. The global 3D printing market is still at its budding stage hence with the entry of new players the competition is likely to get fiercer in the coming years. Furthermore, the rising research and development initiatives will bring about various innovations, subsequently enabling the global 3D printing market gain significant momentum.
In terms of use, the commercial sector raked higher margins than the personal usage segment. Meanwhile in terms of technology, the demand for fuel deposition modeling (FDM) and polyjet was the highest. Among these, the FDM segment has inched ahead owing to its lower price and increasing adoption in the personal use sector. Despite being more expensive, the use of polyjet will significantly increase in commercial applications. Regionally, North America has emerged as the region showing the most lucrative opportunities for the market. In addition to this, the market is likely to witness impressively increase in the demand for 3D printing from Asia Pacific.
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The robust growth witnessed in the global 3D printing market is attributable to the expanding applications of the technology. This, coupled with the rising awareness about the benefits of using 3D printing over indigenous manufacturing methods, is also expected to create lucrative prospects for growth. Recent technological advancements have impelled manufacturers to incorporate new materials to offer surface enhancement in the final products. Given the scenario, the demand for 3D printing is expected to scale higher thus giving impetus to the overall market.
The advent of 3D printing has simplified customizing products, while reducing the overall manufacturing cost. Realizing the benefits in store, government investment towards 3D printing projects has increased as well. Spurred by these factors, the global 3D printing market will exhibit strong growth in the coming years.
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On the downside, high cost of materials and absence of a standardized process are the key threats witnessed by the global 3D printing market. Besides this, the market is also reeling under the limited availability of materials. With companies enhancing their manufacturing bandwidth and implementing this could be a key drawback for the market. Nonetheless, improvements in supply chain management and the presence of vast untapped market will enable the manufacturers to mitigate aforementioned concerns and others. In the coming years the market will witness the rising demand from diverse sectors such as education, printed electronics, jewelry, and automotive, which will continue fuelling the demand for 3D printing through the course of the report’s forecast period.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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