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The global 3D printing materials market size was USD 1.53 billion in 2018 and is projected to reach USD 3.78 billion by 2026, exhibiting a CAGR of 12.1% during the forecast period.
3D printing is a process of producing three-dimensional objects from a digital file. 3D printing, also called additive manufacturing involves putting down consecutive layers of material until the desired object is obtained. 3D printing is a comparatively quicker manufacturing process than conventional manufacturing processes such as injection molding, and subtractive production. The demand for 3D printing in materials is driven by the impelling demand for 3D printing in materials from various end-users such as aerospace, automotive, military, and healthcare.
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Adoption of 3D Printing Technology by Various Industries is projected to drive the market growth
3D printing offers properties including, reduced waste, complexity in designs, cost-effectiveness, and improved design modification. This has attracted manufacturers from various sectors to implement the technology for the manufacturing of parts. Sectors such as food, footwear, music, jewelry, and medical are using 3D printing in materials to develop new products with efficient designs at a lower cost. Reduced weight, improvement in strength, reduced inventory, and mass customization are the major factors responsible for increased demand for 3D printing technology, which, in turn, will increase the demand.
Rising Demand for 3D Printing from End-Users to Drive Market Growth
The 3D printing materials market drivers include the increasing demand from various end-users. The market is expected to advance due to the rising use of 3D printed parts in aerospace, automotive, and military applications. 3D printing technology has turned out to be a highly useful technology for manufacturing parts with intricate designs. 3D printing enables designers to create complex parts at low cost and with production feasibility. Parts made from titanium in the aerospace industry are usually 3D printed as it offers high dimensional accuracy and great mechanical properties. The above factors are expected to boost the market growth.
High Production Cost of 3D Printing Materials is Expected to Obstruct the Market
For 3D printing, materials are used in non-standard forms such as powder, filament, and liquid. The processing of the materials from standard form to the one suitable for 3D printing adds up to the cost of materials. Prices of materials compatible with 3D printers are up to 10-15 times higher compared to the materials used in traditional manufacturing processes, which is one of the major factors restraining the growth of the market.
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Plastics Segment to Hold Dominant Share in the Global Market
Based on type, the market of 3D printing materials is segmented into plastics, metals, ceramics, and others. Plastics dominated the 3D printing materials market. Increasing demand for 3D printing technology combined with the rising demand for high-performance materials from industries including automotive, aerospace, and military will propel the growth of the plastics segment in the market. Additionally, easy prototyping and producing complicated designs at low cost, less weight, and no material loss will boost the demand for plastics in the global market.
The metals segment is projected to register the fastest growth during the forecast period. Metal is one of the preferred materials in the healthcare industry for producing implants and prosthetics. The faster production process coupled with no loss of materials will increase the demand for metals for 3D printing. Furthermore, incorporation of 3D printed metal parts in automotive, aerospace, and industrial machinery are factors fueling the demand for metals in the market.
Aerospace & Defense to be the Major End-Users
Based on end-users, the market for 3D printing materials is segmented into automotive, aerospace & defense, industrial, medical and others. Amongst the end-users, aerospace & defense holds the major share of the market. Aircraft components such as jigs, wings, and engine parts are made from metal by 3D printing. The ability of 3D printing technology to manufacture cost-effective and lightweight parts with high dimensional accuracy has enabled its easy incorporation in the aerospace & defense industry, thereby growing the market.
The automotive segment is estimated to register substantial growth during the forecast period. The increased demand for 3D printed plastics and metals in the automotive industry is due to its properties such as lightweight, and dimensional accuracy. This rising demand for these materials from automotive applications along with the growing automotive industry is anticipated to drive the market.
North America 3D Printing Materials Market Size, 2018 (USD Billion)
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The 3D printing materials market size in North America stood at USD 0.58 billion in 2018. The market in the region is characterized by the demand from end-users such as aerospace, military, and medical, which are progressively using 3D printing technology. High demand for metals from automotive and aerospace & defense industry is the major reason responsible for the growing 3D printing in material market share in this region. Europe accounted for a significant share of the market in 2018. The increasing adoption of 3D printing technology in the healthcare sector to produce implants and prosthetics at a very low cost will drive the growth in this region.
Asia Pacific is expected to grow at a comparatively faster rate during the forecast period due to the rising demand from countries such as China, Japan, and South Korea. The growth in the end-use industries including healthcare, and consumer products, will enable the growth of the market in this region. In the Rest of the World, the market is anticipated to witness growth due to the increasing integration of 3D printing technology for applications in automotive, military, healthcare, and academics.
Diverse Portfolio for Various Application, to Propel Stratasys Ltd. to a Leading Position
The competitive landscape of 3D printing in materials depicts a fairly fragmented market. The dominance of a company is dependent on the diversified product portfolio, and new product launches of 3D printing materials for a variety of applications. Furthermore, constant developments by the key players to improve the physical properties and reduce the cost of the 3D printing materials is expected to increase the presence of the company in the market. The rise in demand for 3d printing in materials industry such as automotive, aerospace, medical, and consumer products has encouraged companies to implement various growth strategies such as expansion, joint venture, and acquisition.
The 3D printing materials market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the report offers insights into the market trends and highlights key 3D printing in materials industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.
An Infographic Representation of 3D Printing Material Market
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Value (USD billion)
Fortune Business Insights says that the global market size was USD 1.53 billion in 2018 and is projected to reach USD 3.78 billion by 2026.
In 2018, the market value stood at USD 1.53 billion.
Growing at a CAGR of 12.1%, the market will exhibit steady growth in the forecast period (2019-2026).
Plastics is expected to be the leading segment in this market during the forecast period.
Rising demand for 3D printing is fueling the demand.
Stratasys Ltd. is the leading player in the global market.
North America held largest market share in 2018.
Properties such as lightweight, and ability to create complex designs will drive the adoption of these materials.
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