3D Printing materials are used in additive manufacturing process where they help form a physical object from a digital design. The 3D printing materials market worldwide has been witnessing profitable growth opportunities because of an increasing usage of technology. With growing awareness about the advantages of 3D printing, the 3D printing materials market is expected to grow further.
The demand or plastics is high in the 3D printing materials market owing to their increased durability and flexibility. Plastics are available in several colors, which makes them an appealing option for printing materials. The emergence of fresh printing materials such as metals will enhance the growth prospect of the 3D printing materials market.
The increased use of 3D printing technology in education is an important growth driver and could boost the growth of the 3D printing materials market. A big growth driver of the 3D printing materials market worldwide has been the increase in the usage of 3D printing materials in applications across several end-use industries.
The global 3D printing materials market is expected to grow at a compound annual growth rate (CAGR) of approximately 24% during the forecast period 2019-2027. Some of the application areas include automobiles, healthcare, and aerospace. In each case, the need for high quality components can be met comfortably by using 3D printing materials.
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3D printing technology is being used in the medical industry as well, in producing dental crowns as well as for root canal treatments, thus boosting the 3D printing materials demand. 3D Printing has helped in styling, customization of products, and designing. Growing use of professional 3D printers will eventually develop demand for 3D printing materials.
3D printing technology offers numerous benefits such as improved quality of products, appealing designs, and sturdiness. Owing to these benefits, the product demand is quite high, thereby boosting the 3D printing materials market.
With growing understanding of 3D printing methods, it is likely to open a new frontier in designing printed electronics and in new application areas, which could boost the 3D printing materials market further.
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Asia Pacific 3D Printing Market Expected to Witness Fastest Growth
The expansion of the 3D printing materials market has been fueled by factors such as government initiatives, support from regulatory bodies, and other manufacturing organizations creating awareness about 3D printing materials availability.
Several companies are emphasizing on use of new materials as well as invest in advanced technologies, which would boost the 3D printing materials market. With 3D printing materials market players aiming to decrease product prices, the industry is anticipated to witness strong growth in future.
Some of the important players in the 3D printing materials market include Arcam (Sweden), ExOne GmbH (Germany), and Dutch Filaments.
The global 3D printing materials market witnessed North America emerge as the global leader in the 3D printing materials market in 2018, accounting for over 27% of the shares.
Asia Pacific is anticipated to witness the fastest growth in the 3D printing materials market, due to the increasing adoption of 3D technology in countries such as India, China in this region. Europe, too, is expected witness large-scale growth in the 3D printing materials market.
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High Manufacturing Cost, Lack of Standard Process Could Impact 3D Printing Materials Market
The rest of world, however, is anticipated to witness slow growth in the 3D printing materials market in the coming years. The reason for the reduced pace of growth is the limited scope for 3D printing technology in the region.
The 3D printing materials market, in addition, faces its own set of challenges. High cost of the materials and lack of availability of a standardized process are impeding the growth of the 3D printing materials market.
Companies in the 3D printing materials market players are developing novel products to cater to current and emerging materials.
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