Scope and Importance:
The 3D printing market was esteemed at USD 10.58 billion out of 2018, and is relied upon to arrive at an estimation of USD 49.01 billion by 2024, at a CAGR of 29.48% over the forecast period 2019-2024. Toward the finish of 2018, America Makes declared it was granting USD 1.6 million to a joint undertaking between Arizona State University and the ASTM International Additive Manufacturing Center of Excellence. In the prior months of 2019, the project aims to advance post-processing methods for SLM parts.
With technological advancements and product innovations, use of 3D printing technology has found various application in a wide variety of areas, such as jet engines, advanced prosthetics, and even living tissue (with a potential to disrupt the entire manufacturing industry).
• The industry is being constantly driven by technological developments, which guarantee higher adaptability and empower faster design. Further, manufacturers have realized the advantages that 3D printing offers, such as optimizing material, labor, and transportation costs. Manufacturing units have had the option to eliminate material wastage using 3D printing.
• Governments over the world have just begun putting resources into R&D on 3D printing, which has positively affected on technology propagation and adoption. For example, the Dutch government put an extra USD 150 million in 3D printing-related research and development.
• However, the market remains constrained by high costs of equipment needed to deploy 3D printing on an industrial scale. The absence of a worldwide principles body directing producers likewise confines the market development.