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3D printing (3DP) is also referred to as additive manufacturing (AM), as it involves successive addition of layers of materials in various 2D shapes using an additive process. These layered 2D shapes build upon one another to form a three-dimensional object. The process is different from the subtractive method of production, which begins with a block of material and the unnecessary material is ground out to obtain the desired object.
3D printing continues to gain popularity among hobbyists and innovators. While individuals are using it for domestic and personal purposes; universities and educational institutes are using 3D printing for conducting technical training. The market is subject to witness a considerable economic growth in the forthcoming years. Machining shops have managed to adopt alternative business models by installing 3D printers and offering related services, such as 3D printing materials, filaments, 3D modeling, and 3D printer software, particularly in Brazil, South, Africa, and India among other developing countries.
Based on application, the 3D printing market has been segmented into prototyping, tooling, and functional parts. Apart from the industrial vertical, automotive, healthcare, and aerospace and defense verticals are among the leading adopters of the technology. Incumbents of these verticals have an emphasis on accuracy, enhanced product designing, reliability, shorter time to market, and economical production processes. Given that additive manufacturing possess can offer all these benefits, the adoption is expected to continue gaining traction over the forecast period.
The 3D printing and related technologies are evolving continuously in line with the intensive R&D activities and the aggressive investments from private and public sectors. Government funding and encouraging initiatives in developed economies are prompting manufacturers to pursue technological improvements and adoption of new technologies.
North America accounted for the largest market share of more than 35% in 2017 as a result of the extensive adoption of the technology in several industries. On the other hand, Asia Pacific has emerged as a manufacturing hub owing to an expanding consumer base and the continued foreign direct investments (FDI). Hence, Asia Pacific is expected to witness a remarkable growth over the forecast period.
The 3D printing technology is a capital-intensive technology. At the same time, there is a lack of knowledge regarding the advantages associated with 3D printing. Moreover, the market lacks the standard process controls and a skilled workforce required for 3D printing. These factors are expected to hinder market growth in near future. However, government initiatives aimed at increasing awareness are expected to help counter the restraints.
