Technology is an interesting thing. Imagine being a blacksmith or a buggy manufacturer as Henry Ford starting popping out gas-powered vehicles.

Such is the situation today regarding 3D printing. There are a number of reasons why manufacturers should fear this advancement.

Change Affects Growth

One of the biggest things that has recently happened in the 3D printing marketing is that a number of patents expired. This helped open the market to a number of new companies and also had the effect of really pushing the envelope even further in terms of advancement.

The 3D printing industry, also known as additive manufacturing, is now focused on plastic-based and metal-based technologies. These patents expired in 2006 and 2014, respectively, and there is now huge growth in terms of rapid prototyping, as well as final product production and the creation of end-user parts.

Related Link: 5 Ways 3D Printing is Taking Over The World: Ford Motor Company, Stratasys, Ltd. & More

Much More Convenient

Traditional manufacturing can be a labor and time intensive process. In most cases, the company needs to undergo forging, grinding, milling and assembly. All of this is after the molds, jigs and fixtures needed have been created and perfected. With 3D printing, an end-use item can be created all in a single step. It is actually 'built' by the printer, layer by layer. The item comes out fully assembled and ready to be used.

On top of all this, there is no factory or assembly line needed. A printer can go from creating a picture to actually building a wrench or complicated machine parts. The printer can also be kept close to the place of use.

Gives Customers Real Power

This is also a boon for customers. In many cases, there are companies that will allow a customer to upload a design to their website. The customer then hits the print button and the company uses its 3D printer to create the item and ships it to the customer.

There are companies that allow you to get into the business by taking the orders for you, printing the item and shipping it to your buyer. At the end, you end up collecting the profit, minus a small commission.

It's also possible to 'print' many items that would have required spending money just a few years ago.

Manufacturers May Lose Out

While many still see the 3D printing market as an idea whose time is yet to come, it did represent a $3 billion market as of last year. 3D printing has been growing at the rate of 20 percent (or more) each year. By 2020, some experts are looking for a $10 to $15 billion market. Beyond this, the growth could become exponential if things really start taking off.

Manufacturers that are currently making common and easy-to-duplicate items are likely to be the ones who get hurt the most, at least in the short term. The cost of good 3D printers has been dropping and are still pricey, but could soon be a threat. The main limitations, in addition to the cost of printers, will be the speed and time it takes to actually print designs and creations. There may very well be a number of companies specializing in printing out 3D designs, however, so many lower-end manufacturers could soon see a period of rapidly expanding creative destruction.

See more from Benzinga

© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.