3D printing, also known as additive manufacturing, is a process used to build three-dimensional objects by stacking successive layers of raw materials until the object takes the desired form. The deposition of layers are governed by computer-aided software which houses a virtual 3D blueprint as well as technical specifications needed for fabrications, including measurements (length, width and height) of each layer. As per the specifications, CAD slices the virtual model into layers and sends a string of code to the 3D printer on how to stack the layers of raw material. A layer can be as thick as one-thousandth of an inch, thus 3D printing is usually considered to be an extremely high-precision manufacturing procedure. 3D printing is predominantly used for producing functional parts and models/prototypes for various applications within industrial, healthcare, government, defense and consumer end markets.
North America is a major contributor to the global 3D printing market supported by early adoption of 3D printing technologies and technical advancements. Europe also contributed a significant share to the global 3D printing market.
Aerospace and Medical & Dental industries were significant in the global 3D printing market growth due to strong penetration of 3D printed products in these industries. Automotive industry has also made a push to leverage the global 3D printing market.
The global 3D printing market is expected to grow in future due to rapid urbanization, increasing number of 3D printer manufacturers, growing sales of 3D inkjet printheads, increasing number of FDA approved medical products and rising disposable income. Key trends of this market include strengthening ASPs of industrial 3D printers, overcoming the challenges and demand of 3D printing in aerospace and automotive industry. However, there are some factors which can hinder the market growth including intellectual property concerns and 3D printing as a security risk.
The report “Global 3D Printing Market: Industry Analysis & Outlook (2018-2022)” by Koncept Analytics provides an extensive research and detailed analysis of the present market along with future outlook. The report discusses the major growth drivers and challenges of the market, covering the U.S., Asia-Pacific and Europe region along with the global market. The report profiles the key players of the market including HP Inc., 3D Systems, Stratasys and Materialise NV.