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Research and Markets has announced the addition of the "World 3D Printing Market - Opportunities and Forecasts 2014 - 2020" report to their offering.
The global 3D printing market is in the progressive phase of its life cycle, valued at $2,811.8 million in 2014, and is anticipated to reach $8,683.7 million by 2020, growing at a CAGR of 21% during 2015 -2020.
3D printing, also known as additive printing technology, allows manufacturers to develop objects using a digital file and variety of printing materials. The materials used in 3D printing include various types of polymers, metals, and ceramics and similar others. 3D printing offers methodologies that make manufacturing of complex designs an apparent reality. Widespread applications of 3D printing, and the potential prospects of 3D printing in diverse fields would fuel the market growth.
The factors driving this market are reduction of errors, high degree of accuracy, efficient use of raw materials, ability to build customized products, simultaneous use of multiple materials for printing, and competency over traditional techniques.
On the contrary, high production cost to individual users, expensive 3D printing software, lack of channel partner assistance, and scarcity of skilled labors are some of the key restraining factors for the global 3D printing market.