3D Printing Market Worth 32.78 Billion USD by 2023

PUNE, India, July 5, 2017 /PRNewswire/ --

According to the market research report "3D Printing Market by Offering (Printer, Material, Software, Service), Process (Binder Jetting, Direct Energy Deposition, Material Extrusion, Material Jetting, Powder Bed Fusion), Application, Vertical, and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the 3D printing market is expected to be worth USD 32.78 Billion by 2023, at a CAGR of 25.76% between 2017 and 2023. The growth is attributed to the factors such as the ease of development of customized products, ability to reduce overall manufacturing costs, and government investments in the 3D printing projects for the development and deployment of the technology.

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Browse 73 Market Data Tables and 98 Figures spread through 235 Pages and in-depth TOC on "3D Printing Market"

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The market for desktop printers expected to grow at higher CAGR during forecast period 

The market for the desktop segment is expected to grow at a higher CAGR between 2017 and 2023. Product innovation, customization, reduction in the cost of desktop 3D printers, and the introduction of new materials are the major drivers for the growth of the market. Desktop 3D printers are now being used by both hobbyists and professionals to develop functional parts, especially the consumer products, owing to the availability of advanced 3D printing technologies at an affordable cost.

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Plastic and metal held large share of the 3D printing materials market in 2016 

Plastic and metal segments occupied the largest and second-largest shares, respectively, of the global 3D printing material market. However, the market for other materials is expected to grow at the highest CAGR during the forecast period, driven by the increasing demand for biomaterials used in the healthcare vertical and certain specialized materials (such as laywood, wax, paper) in emerging applications. 3D printing has started penetrating into new verticals, such as electronics, biomedical, pharmaceuticals, and construction. Hence, with the growing demand, the rate of consumption of the mentioned printing materials is expected to grow at a significant rate in the next five years.