Global 3D Printing Market Size, Share, Development, Growth and Demand Forecast to 2023 By P&S Market Research

3D printing refers to additive manufacturing, which follows the process of adding material in consecutive patterns to build the desired shape. However, traditional manufacturing techniques follow subtractive manufacturing, and create a huge amount of waste as the cut off material cannot be reused. 3D printing eliminates such waste since the only required material is placed in the location and the rest is left out as empty space. It is possible to 3D print in a wide range of materials such as metals, polymers, ceramics, alloys and several forms of food. Global 3D printing market is expected to register a significant growth during the forecast period. Based on application, 3D printing is widely being used in prototyping; however, applications of 3D printers are not limited to it and impacts process designs and supply chain management. 3D printing, as an end-use manufacturing technology, is still in the beginning phase, though it has huge potential to entirely revolutionize many design and production processes in near future.

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The global 3D printing market is expected to reach $31,863.7 million by 2023. Some of the benefits associated with 3D printing, such as customization, cost efficiency, product manufacturing transformation and competitive advantages, are likely to enhance the acceptance of 3D printing technology across the globe. Increasing acceptance of 3D printing technology is one of the major factors that is expected to drive the global 3D printing market during the forecast period. However, lack of in-house expertise among companies is the major factor restraining the acceptance of this technology, thereby inhibiting the growth of 3D printing market.

Individualization and personalization of the purchased products has been evolving as a key trend in the global 3D printing market. Unlike standard mass production, in which all the products coming out of the mold are same, 3D printing offers the flexibility to customize the product as per consumer’s needs. Customization of designs is especially helpful in industries such as healthcare and gems and jewelry, where people can have distinguished products through 3D printing.

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3D printing offers high speed and better quality, due to which most of the global population tends to shift toward 3D printing from traditional manufacturing. Moreover, 3D printing is more economical than traditional manufacturing, as it allows for creation of products through additive manufacturing. Most of the companies are actively adopting the 3D printing technology to pursue cost savings by reducing overpriced and wasteful inventories. 3D printing offers flexibility to shift physical inventory to virtual inventory, which allows to create on-demand products and helps in improving the supply chain.

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