3D Printing Market Size Expected to Grow Globally at a CAGR of 16.54% during the forecast period 2018-2026

3D printing is nothing but an additive manufacturing process in which a physical object is made from a three-dimensional digital model, characteristically by laying down many thin layers of a material in succession. The 3D printing process was first introduced in the early 1980s by elaborating manufacturing of three-dimensional plastic models.

The global 3D printing market was valued at USD 10.5 billion in 2018 and is expected to reach USD 35.9 billion in 2026, growing at a CAGR of 16.54% during the forecast period.

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3D printing finds huge applications in a wide range of end-use industries such as healthcare, automotive, construction, and aerospace among others. It is used in surgical processes in form of 3D printing-centric therapies which originally began in the mid-1990s under anatomical modeling of reconstructive surgery planning. Later years saw the evolution of 3D printing-centric therapies in form of design and production of patient-matched implants. Additionally, numerous automotive manufacturers employ 3D printing technology to develop innovative designs with low production costs and lesser weight. Notably, the United States Air Force and the Israeli Air Force actively employ a 3D printer to design and produce spare parts of defence aircraft.

Rising demand for 3D printing in end-use industries like building & construction and automotive & transportation in emerging countries is the key factor attributed to the market growth. Furthermore, investment inflow in 3d printing projects building is also expected to fuel the market growth during the forecast period. On the other hand, restraints on product size and limited availability of raw materials are some of the factors which are proving to be a major hindrance to this market. However, the adoption of 3D printing in several applications is expected to create major growth opportunities during the forecast period.

Key Findings:
-Based on the offering, the service segment is expected to grow at the highest CAGR of around 21% during the forecast period
-Based on the application, the automotive segment accounted for almost 35% share in the market in 2018
-North America accounted for nearly 32% share of the global 3D printing market in 2018

Recent News:
-In September 2018, EOS GmbH (Germany) expanded its product portfolio by introducing EOS M 300-4 3D printer. The product is equipped with 4 lasers that offer variable laser power sources.
-In December 2017, GE Additive (US) initiated a manufacturing facility at Härryda, Sweden which focuses on the 3D printing business.

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