III. Industry Analysis
The global 3D printing market reached a value of $16 billion last year and is expected to reach $57.1 billion in the next five years, exhibiting at a CAGR of 24.1%. Ease in the development of customized products, reduction in manufacturing cost and process downtime, government investments in 3D printing projects, and development of new industrial-grade 3D printing materials are some of the factors accelerating the growth of the market.
With a new class of better-performing machines, more materials available and greater ability to deliver 3D printed parts that are true to their mechanical properties, 3D printing has proven to be a significant time and cost-saving option for design and manufacturing.
Furthermore, 3D printing is aggressively expanding its footprint in different applications globally. The 3D printing technology has the access and ability to print simple and complex objects in small to large sizes. The automotive vertical is the fastest-growing vertical for the 3D printing market.
