PUBLISHER: Inkwood Research | PRODUCT CODE: 1277638
PUBLISHER: Inkwood Research | PRODUCT CODE: 1277638
The global 3D printing market is forecasted to grow with a CAGR of 18.41% in terms of revenue during the forecast period 2022 to 2032. The market's growth is fueled by key factors such as the increasing use of 3D printing for enhanced manufacturing efficiency, the utilization of multiple materials for printing, the advantage of minimized human errors, the growing use of 3D printing technology in various industries, and others.
3D printing, also termed additive manufacturing, entails the process of fabricating three-dimensional objects by using a digital file and building them layer by layer. The process enables the construction of intricate as well as complex objects by incorporating a variety of materials, such as metals, ceramics, and plastics. The technology has revolutionized the production sector by enabling the manufacturing of intricate shapes and geometries, previously impossible to produce by means of conventional methods.
The adoption of 3D printers has risen significantly among manufacturers on account of the technology's accuracy in printing objects. Moreover, conventional production methods typically result in substantial material loss across the manufacturing process. In contrast, 3D printing entails the precise and accurate deposition of materials layer by layer. As the 3D printing market continues to evolve rapidly, it is anticipated to witness dynamic growth, revolutionizing the manner in which objects are manufactured and created. Therefore, the increasing use of 3D printing for enhanced manufacturing efficiency is set to play an important role in augmenting the global market's growth during the forecast period.
The global 3D printing market growth assessment includes the study of North America, Europe, Asia-Pacific, and the Rest of World. North America is set to be the major region, capturing the highest revenue share by 2032. The region's market growth is facilitated by key drivers, such as technological advancements as well as their applications in the 3D printing and development process, in addition to the surge in industrial automation.
The competitive rivalry among manufacturers in the global 3D printing market is expected to be high during the forecast period. Moreover, key players operating in the market are 3D Systems Inc, Stratasys Ltd, GE Additive, etc.