The global 3D printing market is poised to grow by around $14.4 billion between 2020-2024, progressing at a compound annual growth rate (CAGR) of over 39% according to the latest market research conducted by Technavio.
The "Global 3D Printing Market 2020-2024" offers an up-to-date analysis of the current market scenario, the latest trends and drivers and the overall market environment.
According to the report, the main share in 3D printing market growth came from fused desposition modelling (FDM) technology - a type of printing that uses a continuous filament of a thermoplastic material - which now have significantly lower costs than materials used in other printing processes such as selective laser sintering (SLS) or stereolithography (SLA) technology.
These factors are expected to boost the sales of FDM-based 3D printers, particularly in the automotive, aerospace and consumer electronics sectors.
The report announced that North America was by far the biggest market for 3D printers in 2019, accounting for a 34% share in market growth. The region is expected to carry maximum growth going forwards owing to factors such as increased government investment, and increased demand for 3D printers for the travel and healthcare industries.
The data also suggests that Northern Europe, East Asia and Australia are the fastest-growing markets in terms of 3D printing adoption.
The impact of the Covid-19 pandemic is expected to have caused negative growth in the industry for much of 2020. However, its impact is due to be revaluated as it spreads in some regions and plateaus in others.
The decline in prices has led to increased adoption of 3D printing technologies across the board, consequently boosting the demand for materials, including plastics, ceramics and metals.
The report suggests that the market is concentrated with companies such as HP, Protolabs and SLM Solutions being its biggest players.
The growing trend in customisation has supposedly led to increased consumer interest in 3D printing from a personal standpoint. The decrease in prices is allowing consumers with a high amount of disposable income design and develop bespoke 3D printing products, such as toys and house décor.
This increased consumer demand has also led to an increase in use for several online vendors, additionally increasing their market share.
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