Global 3D Printer Market to Grow at 36.54 Percent CAGR by 2022
February 20, 2018
The global 3D printer market is poised for a rocket ride between 2018 and 2022, according to market research firm Research and Markets. The industry’s market value is expected to grow at a 36.54 percent compound annual growth rate during the forecast period.
“The latest trend gaining momentum in the market is growing demand for new materials,” says Research and Markets. “The declining prices of 3D printers are leading to the wider adoption of 3D printers. This is fueling the demand for 3D materials. Materials such as plastics, metals, and ceramics are the key products used in the 3D printing technology. Plastics are the most commonly used printing materials as they are cheaper compared with other materials such as metals. However, the demand for new materials has been increased as larger companies are rapidly investing in innovating materials.”
Another significant trend in the market is customization. Creating or altering a product according to user specifications or needs will be the wave of the future for the industry.
“Customers have shown a great deal of interest in customized 3D products, either by ordering the product from companies that provide customized products or by purchasing a desktop 3D printer, which will help them in designing and developing the 3D-printed products in-house,” says Research and Markets.
Factors currently hindering the sector include the high cost associated with training the workforce.
Key vendors in the market include Stratasys, 3D Systems, SLM Solutions, EOS, XYZprinting, Ultimaker, and Formlabs.