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According to the latest report by IMARC Group, titled “3D Printing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global 3D printing market size reached US$ 16 Billion in 2021. Also known as additive manufacturing, 3D printing refers to the process of making three-dimensional solid objects, such as patterns, physical models, production parts, and tooling components, via a computer-aided design (CAD) model. It involves adding a series of additives layers, which helps in eliminating the need for cutting and drilling. It offers several advantages over conventional production methods, which include stability, durability, high sensitivity, and lower raw material wastage.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global 3D Printing Market Trends:
3D printing finds extensive application in various end use industries across the globe. For instance, it is utilized in the automotive sector for creating complex automobile parts, speeding up tooling cycles, enhancing measurement and testing, and providing customization solutions in different aspects of vehicle manufacturing. Besides this, it is employed in the fashion industry to make nylon-based clothes and jewelry items. Furthermore, the escalating demand for prototyping applications in the aerospace, healthcare and defense sectors is strengthening the growth of the market. Moreover, leading players in the industry are investing in research and development (R&D) activities, which is expected to drive the market. Looking forward, the market is projected to reach a value of US$ 57.1 Billion by 2027, expanding at a CAGR of 24.1% during the forecast period (2022-2027).
Market Summary:
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