September 24, 2021

3D Printing Market To Cross US$ 16 Bn By 2023

3 min read

According to a new market research report published by Acute Market Reports“3D Printing  Market (Polyjet, Stereolithography (SL), Fused Deposition Modelling (FDM), Electron Beam Melting, Selective Laser Sintering (SLS), Others) – Growth, Share, Opportunities, Competitive Analysis and Forecast 2016 – 2023”,the global 3D printing market stood at US$4.83Bn in 2015and is estimated to expandwith a CAGR of 15.3% from 2016 to 2023.

The complete report is available at https://www.acutemarketreports.com/report/3d-printing-market

Market Insights

3D printing, also called as additive manufacturing, refers to a process of making three-dimensional (3D) solid objects using a digital model. In 3D printing, the object is prepared by placing down successive layers of material. Since the introduction of 3D printing technology in 1984, the technology is steadily becoming popular and is expected to gain substantial traction in the coming years. Till date, the 3D printing technology is used in various applications such as jewelry, consumer goods, industrial design, aerospace, construction, automotive, healthcare, geographic information systemsand others. The technology is, however, used majorly for prototyping and marketing purposes. End-users are still hesitant in shifting towards 3D printing for large scale manufacturing which may challenge the market growth.

The 3D printing market is majorly driven by the superior advantages of the technology as compared to the traditional (subtractive) manufacturing. Some of the most significant advantages observed of using 3D printing technology are listed below:

  • Efficient use of raw materials with minimal wastage
  • Easy customization of the desired end-products
  • Reduced output time
  • Less error possibility

Additive manufacturing offers better overall efficiency as compared to the traditional manufacturing processes. As a result, the technology is expected to expand exponentially in the coming years.

Competitive Insights:

The global 3D printing market is highly fragmented in nature with large number of players striving to establish their remarkable presence in the market. The companies operating in the market compete primarily on the basis of technology, ease of process and providing a full suite of products and services. The market comprises various technologies that are designed for specific applications. Thus, no company has established monopoly in the overall market over the period of time. Nevertheless, with various tech giants such as Google, Inc., Hewlett-Packard (HP) Company, Lenovo Group Ltd. and others, the market is expected to emerge highly competitive in the coming years. Major companies plan to expedite their operation in the 3D printing segment from the year 2016 onwards.

Key Trends:

  • 3D printing for manufacturing end-use products rather than simply prototyping
  • Focus on gaining expertise in different 3D printing technologies
  • Acquisition of other players for strengthening technological position as well as global presence
  • Focus on specific applications such as residential, automotive and healthcare

 

Key questions answered in this report

  • What are the current market trends and dynamics in the 3d printing market and valuable opportunities for emerging players?
  • Estimated forecast and market projections up to 2029
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which is the largest regional market for 3d printing?
  • What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • The worldwide market value of the 3d printing market in 2019 and 2020
  • Which are the key trends driving the global 3d printing market growth?
  • Who are the leading service providers in the 3d printing market worldwide?

About Acute Market Reports

Acute Market Reports is a worldwide market research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives.

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