3D Printing Market: Growing Use of 3D Printing In Commercial Areas to Flourish Market
A highly competitive landscape is showcased by the global 3D printing plastics market, says Transparency Market Research on the basis of a newly published report. Such competition mainly exists due to the presence of numerous players in the market. Some of the major players operating in the global 3D printing market are Solidscape, Inc., Stratasys, Ltd., EOS GmbH, Concept Laser GmbH, Arcam AB, Voxeljet Technology GmbH, SLM Solutions GmbH, and ExOne GmbH. The competition is prophesized to further intensify with an increase in the number of players in the global 3D printing market.
Most regional players face stiff competition from the more renowned and international businesses in this sector. Several companies are working towards improving their product portfolios and expanding their geographical horizons in the global 3D printing market. With technological development taking place through several players coupled with an increase in the number of players, the global dental 3D printing market is expected to showcase a highly intensified competition in the near future.
As per expert analysts, the global 3D printing market is expected to garner revenue worth US$32.3 bn by 2025. This figure was earlier clocked at US$7.3 bn in 2016. Moreover, such growth is attributable to the presence of a meteoric CAGR of 18% prophesized to occur during the forecast period from 2016 to 2025.
3D printing offers an immense number of benefits such as sturdiness, attractive designs, enhanced quality of products, and more. Due to these benefits, the demand for the products is quite high, thereby stoking growth in the global 3D printing market. Moreover, several favorable initiatives from governments and other manufacturing organization to increase awareness about the availability of 3D printed products too is fueling expansion in the market.
A major reason for driving growth in the global 3D printing market involves a rampant increase in its applications in various fields. Ranging from automobiles and healthcare to consumer commodities and aerospace, the requirement for quality components can easily be met through the use of 3D printing technologies. Many companies are focusing on using new materials as well as investing in developing better technologies, thus making the global 3D printing market spurt growth at a splendid pace. As players focus on regulating product prices and improving their sales techniques, the 3D printing industry is prophesized to see a great future.
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In spite of these growth driving factors, the global 3D printing market witnesses several bumps in its journey towards expansion. The predominant complexity of machines used for printing the object makes only specifically qualified personnel work on it. Due to such a lack of skillsets among common workers, the global 3D printing market is not spread across all major geographical extents over the globe. Bundled with high costs and raw fluctuation in raw material availability, several players find it hard to thrive in the 3D printing market.
However, looking at the way 3D printed objects and components has simplified the operations in different work sectors, most restraints affecting the 3D printing market are expected to get lifted off soon. Moreover, 3D printing enables users to highly customize their products, a feature which is missing in other manufacturing techniques. With increasing occurrences for “the new thing in town’ scenario, a requirement that can be fulfilled through 3D printing, the saleable aspect of this technology cannot be underestimated in the global 3D printing market.