3D Printing Materials Market to exceed $14 billion by 2024
Published Date: September 6, 2019 Authors: Kiran Pulidindi, Soumalya Chakraborty
According to a new research report by Global Market Insights, Inc, the 3D printing materials market size will exceed USD 14 billion by 2024;
The 3D printing materials market is likely to attain a significant share of the overall industry primarily in North America and Europe due to the rising product demand across various end-user industries including automotive, medical, aerospace, electronic & consumer products, etc. The regions have witnessed strong customer base for designer and modified vehicles, which require 3D printing materials & equipment to sustain in the rapidly evolving automobile industry in the region.
The product finds widespread applications across the healthcare industry to manufacture a variety of medical devices. It is not only used in creating multiple identical copies of the same device but is also applicable for manufacturing three-dimensional objects for patient care and advanced experimental work with very complex structures, which are also biocompatible in nature.
Strong growth of the medical industry in North America and Europe due to high R&D investments, will subsequently help augment 3D printing material market size during the forecast period. However, initial investment to acquire 3D printing materials & equipment is high owing to expensive raw materials and limited production & availability. Additionally, commercial grade equipment can cost USD 10,000 to USD 100,000 and with limited production capacity.
Browse key industry insights spread across 164 pages with 170 market data tables & 13 figures & charts from the report, “3D Printing Materials Market Size By Product (Ceramics, Plastics, Metals), By End-user (Electronics & Consumer Products, Automotive, Medical, Industrial, Education, Aerospace), 3D Printing Equipment Market Size By Product (Polyjet, Fuse Deposition Modeling [FDM], Selective Laser Sintering [SLS], Stereolithography [SLA], Colorjet), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 –2024” in detail along with the table of contents:
Plastics segment was the largest segment in global 3D printing materials market and is expected to retain the position by 2024. This is due to the excellent properties of plastics that make them ideal for 3D printing. Metal is one of the fastest growing segments and generated revenue at over USD 135 million in 2015. This growth is attributed to huge scope of 3D metal printing in automobile and industrial sector.
Electronics & consumer products and automotive segment were the largest end user segments in 2015 and collectively accounted for more than 35% market share by revenue. These early adopter industries use 3D printing for prototyping and manufacturing of complex parts and will maintain their dominance during forecast time period.
The market is segmented into polyjet, colorjet, fuse deposition modeling, stereolithography, selective laser sintering and others, with respect to the product spectrum. Fuse deposition modelling is the largest product segment in the 3D printing materials market owing to its extensive usage for prototyping and fast manufacturing. The product usage in the automotive, aerospace and medical industries coupled with its comparatively inexpensive nature will drive the segment growth till 2024.
North America was the largest region for 3D printing materials market in 2015. This is mainly due to presence of strong automotive, consumer electronics and medical industry in the region. However, Asia Pacific is the fastest growing region owing to growing automobile industry, rising healthcare spending by the regional government, along with high demand of consumer electronics in the region.
The 3D printing materials industry has well established players such as Stratasys Ltd., 3D Systems Inc., ExOne, Voxeljet accounting over than 70% market share in 2015. These companies spend heavily on R&D to increase efficiency of product and to develop new products. For instance, in 2019, 3D system Inc., delivers industry’s first completely scalable platform enabling companies to reduce cost, increase efficiency and gain competitive advantage over competitors.
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