As per the latest report by IMARC Group, titled “3D Printing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global 3D printing market size reached US$ 11 Billion in 2019. 3D printing, also known as additive manufacturing, refers to the process of building three-dimensional solid objects, such as patterns, physical models, production parts and tooling components, using a computer-aided design (CAD) model. The process of manufacturing these objects involves successively adding a series of additives layer by layer, which eliminates the requirement of cutting and drilling. As compared to conventional production technologies, 3D printing offers numerous advantages, which include durability, stability, flexibility, high-sensitivity and lower raw material wastage.
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Global 3D Printing Market Trends:
The market is currently experiencing robust growth on account of the expanding applications of 3D printing in numerous industries. For instance, it is employed in the automotive industry as it helps in creating complex parts, speeding up tooling cycles, improving measurement and testing, and offering customization solutions in all aspects of the vehicle development. It is also utilized in the fashion industry for manufacturing nylon-based clothes and different pieces of jewelry. Apart from this, the escalating demand for prototyping applications in the healthcare, aerospace and defense sectors is also fueling the market growth. Furthermore, leading vendors in the industry are increasing their budget for research and development (R&D) activities, which is anticipated to drive the market in the upcoming years. Looking forward, the market value is projected to reach US$ 29 Billion by 2025, expanding at a CAGR of 17.8% during the forecast period (2020-2025).
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Market Summary:
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