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The overall 3D printing market is expected to grow from $9.9 billion in 2018 to $34.8 billion by 2024 at a CAGR of 23.25%.
Ease in development of customized products, reduction in manufacturing cost and process downtime, government investments in 3D printing projects, and development of new industrial-grade 3D printing materials are the key factors driving the growth of this market. However, limited availability and the high cost of materials, limitation of product size, and lack of standard process control are likely to limit the market growth.
Prototyping to Hold the Largest Share of 3D Printing Market in 2018
Prototyping application accounts for the largest share of the 3D printing market. 3D printing helps produce prototypes and models from 3D computer-aided design (CAD). This helps several companies to reduce wastage during prototype transitions in traditional manufacturing and also helps them to bring down their operational costs. 3D printing also enables the quick production of cost-efficient prototypes based on the customers' requirements regarding the geometry of the structure, accuracy, and well-defined smoothness of the products used in any industry.
DMLS to Hold the Largest Share of 3D Printing Market in 2018
Direct metal laser sintering (DMLS) technology accounts for the largest share of the 3D printing market. This technology enables the creation of high-quality metal parts as it facilitates the construction of complex geometrics of metals, which makes it ideal for the manufacturing vertical. The parts developed through the DMLS-enabled 3D printing are durable and resistant to heat as it uses materials such as Inconel, aluminum, stainless steel, and titanium.
North America to Hold a Significant Share of 3D Printing Market by 2024
North America is expected to account for the largest share of the 3D printing market by 2024. In the US, 3D printing is used in the companies functional in the major industries, such as manufacturing, aerospace & defense, and healthcare, which is driving the 3D printing market in this region. The continuous technological advancements and financial support from the governments are also driving the market in North America.
