3D Printing Market Is Expected To Reach $7,240 Million Globally By 2019
Transparency Market Research Report has recently published an industry analysis on 3D printing trends and growth. The report, Global 3D Printing Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019, shows the global 3D printing market was worth $2,200 million in 2012 and is expected to reach $7,240 million in 2019, growing at a CAGR of 16.8 percent from 2013 to 2019. The market is primarily driven by increasing applications of 3D printing and decreasing cost of 3D printers for personal use. Also the technology in emerging regions such as Asia Pacific and rest of the world, holds huge growth potential in the coming years. However, inability to print large objects in quick time and introduction of new laws and regulations to protect infringement of rights are some factors restraining the growth of this technology.
North America was the largest market for 3D printing in 2012 owing to high adoption of this technology across different applications sectors. 3D printing is used in consumer products and electronics, plus in the automotive, medical, industrial and aerospace industries. It is a form of additive manufacturing, where a 3D object is created by layer-by-layer deposition of a printing material. The basic principles in 3D printing include flexibility of output, material cartridges and translation of code into a visible pattern. Various industries such as footwear, architecture and automotive among others use 3D printing. This technology is used for rapid prototyping, speedy manufacturing, mass customization and mass production. Manufacturers are increasing the use of this technology due to the ease of using this technology compared to the traditional methods. Thus, the demand for 3D printing is expected to experience robust growth in both commercial and personal printing applications in the coming years.
Decreasing cost of 3D printers and its increasing adoption across the government and education sectors is further expected to spur the demand in the coming years. Additionally, 3D printer manufacturers are continuously focusing on the development of new 3D printing materials, which would provide improved surface finish and high strength 3D models.
Browse the report here: www.transparencymarketresearch.com/3d-printing-industry.html.