3D Printing Market Trends

Growth Drivers

• Government investment towards 3D printing - The global government has started to recognize the potential of 3D printing in various fields, including healthcare, defense, transportation, and infrastructure. These investments are expected to strengthen the infrastructure and resources for 3D printing, driving the development and adoption of new technologies and applications.
  
  According to GOV.UK, the government has released a collective fund of USD 1,73,50,351 which includes sustainable 3D printing at scale, digitizing century-old baking techniques, and using AI to improve steel production efficiency. This has created 1000 jobs across the UK and saved 300,000 tonnes of carbon dioxide emission which is taking 65,000 cars off roads.

• High demand for customized gifts and jewelry manufacturing - The demand for silver, platinum, and gold jewelry is rising along with personalized and customizable gifts. 3D printing also known as additive manufacturing allows for a high degree of personalization, and it's a good production process for jewelry creation which allows jewelry designers to create designs that would be extremely challenging to hand carve conventionally.
  
  According to the World Gold Council, the demand for gold jewelry across the globe in the first quarter came in at 479 tonnes (t), and around 3% of the first quarter average from the past five years of 465t.
   
• Increasing demand for automobiles - The automotive industry has achieved great success with the use of 3D printing technologies as a result of which auto parts may be produced on demand due to 3D printing's accuracy, and also eliminates the carbon emissions associated with international supply chains.
  
  According to the latest report, passenger cars have the largest share of motor vehicle sales across the world which represents around 70.4 percent of sales. 

Challenges

• Lack of standardized test methods - The accuracy and efficiency of the products that are formed by 3D Printing are neglected due to the lack of standardized tests to verify their properties such as stiffness, toughness, strength, and hardness.

• Presence of alternatives - The availability of alternatives in the market due to methods such as traditional manufacturing, injection molding, and stereolithography are available and the high purchasing and maintenance costs hinder the market growth of the 3D printing market.