3D printers market. Competition, patents and profitability of the industry.

Technology has always revolutionized the ways in which humans work and prosper. One of the biggest technological inventions that have resulted in modernizing nearly all of the sectors of human life is the three-dimensional printing or also known as additive manufacturing. This process utilizes the process of layering to produce a desired product; layer on top of each other. The process unlike the old methods of subtraction does not cut out substances or material from the product instead uses the method of addition for shaping and forming the final product. Up till now, this revolutionizing technology of 3D printing has brought impeccable wonders in major departments or sectors that revolve around the human life. 3D printing has modernized the sector of medicine; now the patients who earlier were waiting on the verge of death are saved through tissue, organs and cells implants. 3D printing has shown excellency in the industries of automotive and aircrafts by introducing energy efficient technology into the sector. Another sector where 3DP has shown remarkable progress and development is the food industry. The industries using the 3DP technology in their functionalities and applications are ever-growing. When observed carefully and studied analytically, it appears that the 3D printing market faces a great competitive environment. To overcome the challenges lying ahead and to run in pace with the growing digital technologies it is very important for the 3DP market to put its performance in all the competitive analysis i.e Porter’s Five Forces, SWOT analysis and PEST analysis to see the stance of 3DP in market and improve it. With increase adaptation of 3DP in industrial market, a large number of companies have patented their processes. The 3D patent movement in 2020 by a large number of firms is known to make progress in the technological department of these firms. As for the profitability of 3D printing market, the 3D printing technology is leading to the reduction of waste materials and owing to the high accuracy and precision of the technology, users are able to print even the slightest or minor details of the variables, thereby leading to increased revenues and margins. The technology will be able to achieve its commercial significance when the depths of the desired goals will be applied to the technology and its applications. 3D models have helped the world achieve understandable concepts which were otherwise conceptual and not possible to achieve. Challenges do lie ahead however; the opportunities and possibilities in the formulation of printing material and product designing are limitless.