Global 3-D printer market to reach CAGR of 56 percent until 2020, says study

According to “Global 3D Printer Market 2016-2020,” a research study released by London-based Technavio, the global 3-D printer market is expected to grow at a CAGR of more than 56 percent to 2020.

Automotive is the largest segment of the global 3-D printers market, says the report. Sales of 3-D printers for making metal automotive parts have increased significantly over the past 10 years. According to the report, the majority of automobile manufacturers are shifting from traditional production techniques to highly customizable 3-D printing for manufacturing their functional parts and prototypes.

In 2015 the Fiat Chrysler Automobiles team printed several model cars in resin, using 3-D printing techniques. Also, Toyota and Materialize teamed up to develop a lightweight car seat using 3-D printing technology in September 2015.

“The global 3-D printer market has huge growth potential in industries that display highly individualized applications and complex architectures,” said Sunil Kumar Singh, one of Technavio’s lead analysts for computing devices research.