According to the new research report
"3D Printing Market by Offering (Service and Printer); Process (Directed Energy Deposition and Power Bed Fusion); Technology (Selective and Direct Metal Laser Sintering); Application (prototyping and part manufacturing); End users (industrial and education) and Geography - Global Forecast to 2025," is expected to grow from USD $9.9 billion in 2018 to USD $42.9 billion by 2025; it is estimated to grow at a CAGR of 23.3% during 2019–2025. Increasing adoption of 3D printing in different verticals and development of new industrial-grade 3D printing materials are the key factors fueling the growth of this market.
The market for services is expected to account for the largest share of the 3D Printing Market by 2025. The leading position of the market for service can be attributed to its increasing demand for custom design and manufacturing. Another reason for holding the leading position is the increase in demand for desktop or personal printers from education and consumer industries.
The market for powder bed fusion process is expected to grow at the largest CAGR from 2019 to 2025. The ability to produce complex geometries, high-feature resolution, good strength, and decent surface finish are the major drivers for the market for the powder bed fusion process. The lead time required to develop a product using this process is less than that for other processes. These processes find their applications in several industries, ranging from, automotive to healthcare to industrial verticals.
The market for selective laser sintering technology is expected to grow at a higher CAGR from 2019 to 2025 than that of laser metal deposition technology. This technology uses a laser beam to fuse powdered thermoplastics. It is an affordable 3D printing technology that can be used to build durable and stable production parts in low volumes. SLS-based 3D printing is deployed in the aerospace & defense, electronics, automotive, healthcare, energy and engineering sectors. The 3D Printing Market for prototyping applications is expected to grow at the high CAGR from 2019 to 2025. The market for the prototyping application is driven by the steady demand for these applications in several industries. This helps several companies to reduce wastage during prototype transitions in traditional manufacturing and also helps them to bring down their operational costs.
Based on end-user industry segment, the market for the industrial vertical is expected to grow at the highest CAGR from 2019 to 2025. The growth of the 3D Printing Market for the industrial vertical is driven by the ongoing investments from well-established corporations such as GE Aviation, BAE Systems and others that are expected to strengthen the demand in future. Applications of AM technologies in the industrial sector include tooling, special machinery manufacturing, and robotics.
The 3D Printing Market in APAC is expected to grow at the highest CAGR during the forecast period. The region’s huge population, government initiatives, increase in research and development, and extensive industrial base is the major factors that make APAC a dynamic region for 3D printing, with Japan and China being the major contributors.