The advantages of 3D printing over traditional production methods offer many opportunities for vertical markets, from product design, development and customization services to more efficient supply chain restructuring. Continuous innovation and updating of our product portfolio help to attract a wide range of consumers working in the industry. 3D printing technology completes the production of finished products for a variety of vertical purposes. The use of 3D printing continues to grow in a variety of industries, increasing efficiency and accessibility, and providing financial and operational benefits to the business environment. One of the main reasons for the exponential growth of the adoption of 3D printing technology is the complexity of models that cannot be created with traditional production methods. Conventional production processes are based on the removal of raw materials to produce finished products. 

MARKET DRIVERS

The key factor driving the market growth in technology is the complexity of models that cannot be created with traditional production methods. One of the main reasons for the exponential growth of the adoption of 3D printing technology is the complexity of models that cannot be created with traditional production methods. Conventional production processes are based on the removal of raw materials to produce finished products. Instead, 3D printing is also called additive production, because it is done by building a product layer by layer. With the rapid development of materials, such as the new conditions of use of polymers and metals, additive manufacturing is evolving from a prototyping tool to a functional part of the production. New materials that meet the standards (FDA, ASTM, and ISO), short delivery times, and innovative finishing technologies allow the integration of technology in production processes. In addition, the availability of this technology has increased due to additional production and lower car prices due to increased experience and awareness. New and improved modeling methods for melting have allowed the use of different materials and have been widely used in various fields in recent years.

MARKET OPPORTUNITY

The global 3D printing market is expected to witness increasing new growth opportunities for the market with growing medical demand due to the COVID-19 pandemic. The global health sector has been severely affected by the spread of COVID-19. The growing demand for masks, personal protective equipment, test equipment, and other medical devices has forced manufacturers of these components to focus on production. The growing number of patients and the lack of access to raw materials for the production of medical devices and personal protective equipment have significantly disrupted global supply chains. This has encouraged manufacturers to look for effective alternatives, such as original equipment, to help mass produce these components.

MARKET RESTRAINT

The major restraining factor for the global 3D printing market is limited availability and high material costs. There is a wider range of raw materials for traditional production than production processes based on 3D printing. The production of products using 3D printing technology is a major obstacle to the market due to the expensive process due to the high cost of the material. Technology is a major technological breakthrough, but the materials available are still limited. The accuracy and reproducibility of 3D printed products are hampered by the lack of good standards for the mechanical properties of the materials used. These factors are expected to restrain the market growth over the forecast period.

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MARKET GROWTH CHALLENGE

The major growth challenge for the market is the threat of copyright infringement. 3D printers could become very popular due to the increasing use of this technology and the expiration of the patent. Companies are starting to upload files to their websites so that consumers can select a product and then send it to the consumer. With this increased use, consumers can expect a higher level of customization for the products they purchase. Increasing consumer acceptance may increase 3D piracy. This means that consumers can produce their own products instead of buying them from suppliers.

CUMULATIVE GROWTH ANALYSIS

The report provides an in-depth analysis of the global 3 D Printer market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. The increasing demand for various 3 D Printer in various applications has led to the increasing demand for the market and is expected to witness growth at a CAGR at specific CAGR from 2021-2028. 

3 D PRINTER MARKET SEGMENTAL OVERVIEW

The global 3-D Printer market comprises different market segments like technology, application, end-user and geography.

3-D PRINTER MARKET BY TECHNOLOGY

Selective Laser Sintering (SLS) is expected to dominate the market over the forecast period.. Due to its unique advantages over other technologies, it is expected to record the highest CAGR in the forecast period. SLS uses 12 nylon powders as raw material to replace the photosensitive resin used in stereolithography. It has been found that companies and research institutes around the world use this material and technology to solve problems such as the fragility of resin in sunlight. SLS has also proven to be inexpensive and materially viable as it does not require special post-printing support structures. SLS also offers increased durability and can be made with functional parts or prototypes. SLS also finds a wide range of applications in a variety of industries, including the aerospace and defense industry and the automotive industry.

3 D PRINTER MARKET BY APPLICATION

Prototypes are anticipated to lead the market to gain a majority of the market share in 2021 and are expected to maintain their dominance over the estimated time period. Prototyping allows manufacturers to achieve high accuracy and develop reliable end products. Therefore, the prototype segment is expected to dominate the market during the forecast period. Functional parts include metal fasteners for smaller connections and other hardware. The accuracy and precise dimensions of these functional parts are of paramount importance in the design of the machine and the system. 

COMPETITIVE LANDSCAPE ANALYSIS

The competitive landscape analysis of the 3 D Printer market is majorly focused on expanding the global growth of 3 D Printer with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in 3 D Printer has led to the growing demand for the market. Besides, the market offers a range of products in different applications to fulfill the required demand of consumers which is further contributing to healthy growth in the market.

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