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3D Printing Market Provides An In-Depth Insight Of Sales Analysis, Growth Forecast And Upcoming Trends Opportunities By 2024
The market is witnessing growth due to the rising demand for mass customization, efficient use of material and less labor and transportation cost, and increasing demand for quick prototyping. Additive manufacturing which follows the process of adding material in consecutive patterns in order to build the desired shape is referred to as 3D printing. It is an alternative to subtractive manufacturing.
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When process is taken into consideration, the 3D printing market is categorized into binder jetting, sheet lamination, material extrusion, power bed fusion, direct energy deposition, vat photopolymerization, and material jetting.
Out of these, the powder bed fusion category dominated the market during the historical period (2013-2017) because powder bed fusion process does not need support structures during the making of products and has relatively low cost. This process further supports a wide range of products such as glass, alloys, metal, plastic, and ceramics for the production of 3D objects.
On the basis of technology, the 3D printing market is divided into fuse deposition modelling, laminated object manufacturing, polyjet printing, direct metal laser sintering, laser metal deposition, stereolithography, selective laser sintering, digital light processing, inkjet printing, and electron beam melting.
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Among these, the stereolithography division accounted for the major share of the market during the historical period and is expected to dominate the market during the forecast period.
The reason for this is the several benefits that are associated with this technology, such as higher precision, lower cost, and lesser time requirement for manufacturing.
A key driving factor of the 3D printing market is the increasing demand for quick prototyping from different industries, such as automotive. The market for prototyping reached a value of $2,057.8 million in 2017 and witnessed a CAGR of 23.4% during 2013-2017.
3D printing enables the building of a model in a swift and accurate way that allows manufacturers to increase efficiency and cost effectiveness in the processes. The industries which require rapid prototyping are automotive, aerospace, consumer products, medical, defense, and electronics.
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Also, as 3D printing is an automated process, the labor cost associated with traditional manufacturing is reduced. In addition to this, 3D printing cuts down transportation cost considerably as parts can be printed directly on premises, further reducing the assembly cost.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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