3D Printing Market by Offering, Process, Application, Vertical, Technology | COV

Posted by Steve Stark on April 6th, 2021

The global 3D printing market size is estimated to be USD 9.9 billion in 2018 and is expected to reach USD 34.8 billion by 2024. Factors such as ease in development of customized products, reduction in manufacturing cost and process downtime, government investments in 3D printing projects, and development of new industrial-grade 3D printing materials are driving the growth of the 3D printing industry. Currently, the trend in the 3D printing applications is shifting from prototyping to functional part manufacturing in various verticals, such as automotive, medical, aerospace, and consumer goods.

Direct Metal Laser Sintering To Account For The Largest 3D Printing Market Share From 2018 To 2024

The 3D printers available in the market are based on different technologies such as stereolithography (SLA), fused deposition modeling (FDM), selective laser sintering (SLS), direct metal laser sintering (DMLS), polyjet/multijet printing (MJP), inkjet printing, electron beam melting (EBM), laser metal deposition (LMD), laminated object manufacturing (LOM), and digital light processing (DLP). DMLS, SLS, and FDM are the most widely used 3D printing technologies.

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The Prototyping Application Is Expected To Hold The Largest 3D Printing Market Share Through 2025

The prototyping application held the largest 3D printing market share in 2017, and the trend is expected to be the same during the forecast period. The market for the prototyping application is driven by the steady demand for these applications in several industries.

3D printing or AM helps produce prototypes and models from 3D computer-aided design (CAD). This helps several companies to reduce wastage during prototype transitions in traditional manufacturing and also helps them to bring down their operational costs. 3D printing also enables the quick production of cost-efficient prototypes based on the customers’ requirements regarding the geometry of the structure, accuracy, and well-defined smoothness of the products used in any industry.