The global 3D printing market is forecast to grow to a value of approximately $4 billion by the end of 2025, suggests a new report titled '3D Printing 2013-2025: Technologies, Markets, Players.'
The United States represents the single largest market for 3D printing products and services with growth driven largely by the availability of low-cost printers and increased adoption among hobbyists and entrepreneurs.
Government support for 3D printing technologies as a means to stimulate growth in the domestic manufacturing sector also bodes well for the market's growth. A key benefit of 3D printing is localised manufacturing, which represents a huge opportunity for developed nations that have outsourced manufacturing operations to low-cost destinations in the developing world.
While developed regions such as the US and Europe have been at the forefront for developing and adopting 3D printing technologies, the volatile economic environment in the past few years has turned the focus onto emerging markets including China and India. Asia-Pacific represents the fastest growing regional market for 3D printing products with a projected compound annual growth rate (CAGR) of 21.4%.
3D printing has received much attention in the press over recent years. Hyped as the technology to bring about a 3rd industrial revolution, 3D printing technologies were in fact invented in the late 80s since when they have seen steady, if unspectacular, growth.After 2009 however, changes occurred which have seen the fortunes of the 3D printing world take an abrupt turn for the better.
Manufacturers of 3D printers are reporting a surge in demand and markets for 3D printing are growing rapidly across a number of application areas as new materials development open up new opportunities.
Whilst 3D printing of final products is relatively slow compared to traditional manufacturing methods, new, more complex, design avenues are opened up enabling the economic production of lighter components, critical to the aerospace and automotive industries.
According to the '3D Printing: A Global Strategic Business Report,' applications are also emerging in the medical and dental fields, where the opportunity afforded by cheap customisation is allowing surgeons to replicate a patient's body based on MRI and CT scans in order to practice difficult invasive procedures, and medical and dental implants which are fully customised to a particular individual can be generated.
Outlook in the 3D printing market is bullish with technology advances expected to drive market growth. Expanding application areas and funding support from government agencies are also expected to spur demand for 3D printing systems and services.
For more information on the 3D printing market, see the latest research: 3D Printing Market
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