The global 3D printer market size is poised to grow by USD 14.49 billion during 2020-2024, progressing at a CAGR of over 39% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global 3D Printer Market 2020-2024 (Graphic: Business Wire)
The increasing demand for 3D customized products will be a significant factor driving the growth of the 3D printing market. The growing trend of customization has resulted in increasing consumer interest in 3D personalized products that are created according to the needs and requirements of the customer. The affordable price of desktop 3D printers is supporting this trend by allowing consumers with high disposable income to design and develop expensive 3D printed products, such as toys and home décor in-house. Several consumers are also availing the services of online vendors to procure customized products. Thus, the growing interest in 3D customized products will fuel the growth of the 3D printer market during the forecast period.
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The major 3D printer market growth came from Fused deposition modeling (FDM) technology segment. Fused deposition modeling (FDM) technology is user-friendly and uses filaments such as acrylonitrile butadiene styrene (ABS) and polylactic acid (PLA) plastics, which cost much lower than materials used in selective laser sintering (SLS) and stereolithography (SLA) technology. These factors are expected