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Multiple Applications Fueling the 3D Printing Market to Grow at CAGR of 16.8% from 2013 to 2019: Transparency Market Research

Albany, NY, Jan. 28, 2015 (GLOBE NEWSWIRE) -- According to the report, the global 3D printing market was worth US$2,200 million in 2012 and is expected to grow at a rapid pace during the forecast period, registering a CAGR of 16.8% from 2013 to 2019. The report assesses the global 3D printing market with special focus on geographical segmentation, technologies involved, and applications.

3D printing refers to additive manufacturing that uses the process of layering printing material in order to create 3D objects. To put it simply, 3D printing is a technology that makes three dimensional objects from a digital file. The output is achieved through an additive process which cleverly places thinly-sliced horizontal cross-sections made out of 3D printing material, one on top of the other until the desired object is created. The salient features of 3D printing are translation of code into visible pattern, material cartridges, and flexibility of output.

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Though the 3D printing market is still in a nascent stage, analysts predict it will successfully catch up with a frenzied fervor as several industries are adopting this technology. The biggest advantage 3D printing offers its users is the elimination of expensive tools, molding, and labor as objects can be customized as per need. 3D printing has also enabled users to cut down on material wastage, create high-performance products as compared to traditional manufacturing, and improve efficiency by saving time.

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Three-dimensional printing technology has found apt usage in rapid prototyping, customization, expediting manufacturing processes, and mass production of certain items. As the manufacturing industry holds a promise of robust growth in a recovering economy, the need for 3D printing is only going to rise. In the coming years, 3D printing will have a huge impact on the commercial and personal application segment.

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The global 3D printing market is segmented on the basis of its usage, the technology it uses, its application in various industries, and geography. On the basis of use, the global 3D printing market is divided into commercial and personal. The technology segment is inclusive of polyjet, FDM, SLS, SLA, and others. 3D printing is being popularly used in industries such as automotive, medical, consumer products and electronics, aerospace, architecture, education, and others. Geographically, the global 3D printing market is segmented into North America, Europe, Asia Pacific, and Rest of the World.

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One of the important growth drivers for the Global 3D Printing Marketis the increasing use of this technology in the aforementioned applications, with special focus on the automotive, consumer products, and medical sectors. In addition, as more and more users now have access to 3D printing services or 3D printers, the usage of this technology for personal use is also on a rise. Despite such strong reasons for growth, the global 3D printing market faces certain restraints. A huge limitation for the growth of this market is the infringement of intellectual property while duplicating a certain product. Some of the lucrative opportunities for 3D printing market would be to tie up with manufacturers who want to strategize by customizing products such as in the automobile sector or healthcare field.

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Source:Transparency Market Research