3D Printing Materials Market is expected to register 23.36% CAGR in 2024
3D Printing Materials Market Size & Growth (2019 - 2024)
3D printing transforms digital files into three-dimensional objects by layering material in a process known as additive manufacturing. Printheads release matter in definite orientations that can produce customized products, ranging from jewelry to three-story homes. The rise in demand for customized products is the reason for the high prosperous growth of 3D printing products.
The size of the 3D Printing Market was valued at around USD 9.9 Billion in 2019 and is expected to grow at a CAGR of 23.36% to reach around USD 28.28 Billion by the end of 2024.
Recent Developments:
Zortrax, a 3D printing company based on Poland has introduced a new 3D printer Ink spire UV LCD printer, which is considered to the most affordable and offers speed and quality of resin-based with the finish and fit for the hardware.
The MIT Laboratory for Manufacturing and Productivity recently created a printer that is about ten times faster than the traditional desktop models and three times faster than a $100,000 industrial-scale system.
Market Drivers and Restraints:
Ease in the development of customized products and a decline in the manufacturing cost are the main driving factors of the market for 3D printing. There are also other factors helping the growth of the market such as investments by various governments across the globe and chances for development of industrial-grade 3D printing materials. The market continues to experience considerable success among hobbyists and home users as well. This widespread adoption of 3D printing will enable a dramatic restructuring of value chains and relationships between manufacturers and their suppliers and customers. The 3D printed parts are built-in additive fashion, that is, layer-by-layer from the ground up.
While technology is a breakthrough, the materials that can be used are still limited. Also, the lack of technology to fulfill the desired large-scale 3D printers is the primary restraint to the growth of the 3D printing market.
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