Worldwide 3D Printing Market Witnessing Steady Growth
The global 3D printing market generated a revenue of $8,583.6 million in 2017 and is expected to witness a CAGR of 24.6% during the forecast period 2018–2023. The major drivers of the market are reduction in manufacturing cost, increase in government investments in 3D printing projects, and ease in the development of customized products.
In simple terms, 3D printing means additive manufacturing because it follows the process of combining material in consecutive patterns to build the desired shape. The technology acts as an alternative to subtractive manufacturing.
Now, coming to the process, 3D printing is classified into direct energy deposition, powder bed fusion, material extrusion, material jetting, binder jetting, vat photopolymerization, and sheet lamination. Among these, the power bed fusion process accounted for larger revenue share in 2017, of more than 20.0%. Due to the development of the product at low cost without compromising the quality with the help of this process, the 3D printing market is growing.
The various materials used in 3D printing are polymers, metals, and ceramics. Out of these, metal-based 3D printing made a revenue contribution of more than 49.0% to the domain in 2017.
The global 3D printing market growth has been segmented by component, technology, process, application, industry, and region in the report. On the basis of component, it is divided into the material, software, printer, and service, wherein printer accounted for the largest revenue share of more than 45.0% in 2017.
An automated process, 3D printing also lowers the labor cost attached to traditional manufacturing processes. Although, the cost for appointing skilled labor is incurred, it is less than that incurred otherwise. Therefore, the advantage of slashed manufacturing cost plays an important role in the growth of the 3D printing market.
Global 3D Printing Market Segmentation
Market Segmentation by Process
- Powder Bed Fusion
- Binder Jetting
- Direct Energy Deposition
- Sheet Lamination
- Vat Photopolymerization
- Material Extrusion
- Material Jetting
Market Segmentation by Technology
