Global 3D Printer Market is Expected to Grow with a CAGR of 18.00% from 2022 to 2028

Global 3D Printer
  • Global 3D Printer Market

As stated in our extensive report, the Global Global 3D Printer Market accounted for11.1 USD Billionin 2021.

A 3D printer is like an inkjet printer that is operated from a computer. It works by building up a 3D model with one layer at a time by repeatedly printing over the same area from the bottom upward, by using a method which is known as fused depositional modeling (FDM). The printer automatically creates entirely a model within a period of hours by turning a 3D CAD drawing into lots of two-dimensional. The cross-sectional layers of the model can effectively separate the 2D prints that sit one on top of another, without the paper lying in between. This type of printer deposits layers of molten plastic or powder and fuses them together with adhesive or ultraviolet light. A 3D printer works by extruding molten plastic via a tiny nozzle that it moves around precisely under computer control.

The demand for 3D printers is been growing during the past few years due to the various benefits it offers as compared to the traditional manufacturing processes. The production process provides benefits like rapid prototyping, design flexibility, print-on-demand, fast designing and production, minimal wastage, ease of access along reduced time and cost efficiency, among others. Furthermore, the market for industrial 3D printers is also expected to grow at a considerable rate during the forecast period since these printers are used for professional, personal, as well as for production purposes. Additionally, increased focus on high-volume production using 3D printing and smart manufacturing with the integration of Industry 4.0 is also expected to support the growth of the market in the years to come.

However, the limited availability and high cost of materials along with the lack of standard process control are expected to hinder the growth of the market in near future. Moreover, the increase in demand for healthcare supplies due to the COVID-19 outbreak will further support the growth of the market. Additionally, the potential to improve manufacturing processes and enhance supply chain management is also likely to create immense opportunities for 3D printers during the estimated timeframe.

Asia Pacific held the largest market share in 2021. This is attributable to the increasing adoption of additive manufacturing in the region. Furthermore, an increase in investments by the government is also likely to support the regional growth of the market. Additionally, the growing demand for 3D printing services is also expected to support the growth of the market in near future.

Some of the prominent players operating in the GlobalGlobal 3D Printer Market include Stratasys Ltd. (U.S.), 3D Systems Corporation (U.S.), HP Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), and Canon Inc. (Japan).