3D Printing Industry Market by Technology (SLA, SLS, EBM, FDM, EBM, LOM, 3DP) worth $8.41Billion by 2020

According to a new market research report on "3D Printing Market by Technology (SLA, SLS, EBM, FDM, EBM, LOM, 3DP), Materials (Polymers, Metal), Application (Aerospace, Automotive, Consumer, Healthcare, Government & Defense) & Geography (Americas, Europe, APAC & ROW) (2013 – 2020)" published by MarketsandMarkets the 3D printing market is expected to grow at a CAGR of 23% from 2013 to 2020, and reach $8.41 billion in 2020.

‘3D Printing’ is a contemporary manner of manufacturing products, which is anticipated to revolutionize the manufacturing industry. The technology has innumerable application areas in diverse industries, namely automotive, aerospace, consumer products, industrial/ business machines, healthcare, education & research, government & defense, and so on.

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Increased affordability of 3D printers and printing materials is making it, likely, to inculcate it in mainstream business operation. With the advancement in 3D printing technologies and materials, it has now moved from ‘rapid prototyping’ to ‘end-product manufacturing’. It offers a tremendous opportunity to customize product production for complex geometry of the object. The technology, today, discovers its application in many industries such as industrial design applications, architecture, jewelry design, and so on.

3D printing adds a high value towards developing a concerned product, and has application in various parts of the production phase; such as, it used for prototyping, tooling, and production of small parts. Its main attraction lies in producing highly complicated parts with ease. The availability of designs in 3D printing is far more than that in moldings. Also, it helps to optimize the supply chain and condense the lead times— from the manufacturing to the market.

3D Printing market is expected to reach $8.41 billion by 2020, at an estimated CAGR of 23% from 2013 to 2020. Companies are investing hugely in their R&D activities to develop more compelling methods of manufacturing, with regards to 3D Printing.

3D printing is creating a huge buzz all around the world with its ability to transform industrial manufacturing, along with “on demand” production. 3D printing is present in different industries (such as automotive and consumer products) for a while,now, but huge R&D efforts and government funding is taking this technique to new heights. The advent of 3D printing technologies and materials is driving the growth of this market in almost all industries including aerospace, automotive,      consumer products, government & defense, healthcare, industrial/business machines,         education & research, and others (architecture, arts & forensics). Among these industry applications, aerospace and healthcare are estimated to be the game changers for the growth of this market. These two industries will be the new revenue pockets for 3Dprinting in the upcoming future.

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Enormous opportunities are present, currently, for the 3D printing industry. It has, now, been realised to be a key source to economic growth, and plays a pivotal role towards the strengthening of the design and online retail market. It offers substantial, eco-friendly benefits, by removing the transportation of goods all across the globe; and allowing new, sustainably sourced materials. It reduces the costs involved in conventional manufacturing process, immensely.

The 3D printing market is moving at a very rapid pace and is witnessing enormous developments in patent filings. All the key players are investing, immensely, on research and development activities to gain ‘the first mover advantage’. The 3D printing industry is witnessing a binge of new product developments, mergers & collaborations, expansions and other activities in the research and development field.

The roots of the contemporary 3D printing can be was traced back to the mid-1980’s, with the advent of Stereo Lithography (SLA) technology. Chuck Hull, the inventor and founder of 3D Systems,-invented the ‘original’ 3D printing technology; that is, the Stereo lithography (SLA); he led the development of the .stl file format, which still remains the bench mark in ultra-high-definition 3D printing and CAD connectivity, till date. After years of unsuccessful efforts, Hull’s perseverance and inventiveness paid-off when he printed a ‘teacup’. On 3, October 2013, Chuck Hull was being honoured with the “George R. Stibitz Computer and Communications Award” by the Montana state university.

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