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As per TMR, the global 3D printing market will rise at an impressive 18% CAGR between 2017 and 2025. At this pace the market will reach $32.3 billion 2025 from $7.3 billion in 2016. The global 3D printing market is still at its budding stage hence with the entry of new players the competition is likely to get fiercer in the coming years. Furthermore, the rising research and development initiatives will bring about various innovations, subsequently enabling the global 3D printing market gain significant momentum.
Presence of several large and small players has rendered vendor landscape in the global 3D printing market highly fragmented. As these companies rival in terms of innovation, the market is expected to witness launch of various improvements and upgrades in the coming years. According to a new study by Transparency Market Research (TMR), Solidscape, Inc., EOS GmbH, and Stratasys, Ltd. emerged as dominant players in the global 3D printing market in 2016. These companies enjoy a widespread geographic presence, which has helped them stay ahead of the curve. Some of the other prominent enterprises in the global 3D printing market are ExOne GmbH, Concept Laser GmbH, SLM Solutions GmbH, Optomec, Voxeljet Technology GmbH, and Arcam AB.
Recent Technological Advancements to Create Lucrative Growth Opportunities
The robust growth witnessed in the global 3D printing market is attributable to the expanding applications of the technology. This, coupled with the rising awareness about the benefits of using 3D printing over indigenous manufacturing methods, is also expected to create lucrative prospects for growth. Recent technological advancements have impelled manufacturers to incorporate new materials to offer surface enhancement in the final products. Given the scenario, the demand for 3D printing is expected to scale higher thus giving impetus to the overall market.
The advent of 3D printing has simplified customizing products, while reducing the overall manufacturing cost. Realizing the benefits in store, government investment towards 3D printing projects has increased as well. Spurred by these factors, the global 3D printing market will exhibit strong growth in the coming years.
High Cost and Limited Availability of Materials May Curb Growth to an Extent
On the downside, high cost of materials and absence of a standardized process are the key threats witnessed by the global 3D printing market. Besides this, the market is also reeling under the limited availability of materials. With companies enhancing their manufacturing bandwidth and implementing this could be a key drawback for the market. Nonetheless, improvements in supply chain management and the presence of vast untapped market will enable the manufacturers to mitigate aforementioned concerns and others. In the coming years the market will witness the rising demand from diverse sectors such as education, printed electronics, jewelry, and automotive, which will continue fuelling the demand for 3D printing through the course of the report's forecast period.