Global 3D printing materials market will be worth of USD 1,432 million by 2020 : TMR
The global 3D printing materials market is moderately fragmented as the top four companies accounted for approximately 70% of the total shares in the market in 2013, finds Transparency Market Research (TMR) in a report. To retain a strong hold in the market, manufacturers are involved in intense competition with each other in terms of range of products and product cost. Furthermore to acquire high profit margins and enlarge their consumer base, manufacturers of 3D printing materials are entering into strategic acquisitions and agreements with regional firms. The four leading companies operating in the global 3D printing materials market are Stratasys, 3D Systems Inc., ExOne GmbH, and VoxelJet Technology GmbH.
The global 3D printing materials market was valued at US$600.3 bn in 2015 and is projected to rise to US$1,432.0 bn by the end 2020. The market is expected to expand at an 18.0% CAGR from 2014 to 2020. The electronics and consumer products sector emerged as the leading application segment with a share of 22.9% in 2013 in the global 3D printing materials market. It is anticipated that the electronics and consumer sector will account for a share of 23.8% in 2020. The rising application of 3D printing materials in the electronics and consumer products segment can be attributed to the wide range of mechanical structures that can be printed using 3D printing materials. The fact that various electronic devices such as light emitting diodes, 3D traces, transistors, and solar cells can be printed using the 3D printing technology, the demand for 3D printing materials is expected to intensify further in this segment.
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North America to Emerge Leader in Adoption of 3D Printing Materials
Region wise, North America emerged dominant in the global 3D printings materials market with a share of 37.0% in 2013. It is expected to acquire a share of 38.0% in 2020 in the global 3D printing materials market. The growth of the North America 3D printing materials market can be credited to the growing demand for plastics and metals for 3D printing. The rising demand for 3D printing materials from sectors such as electronics and consumer products, automotive, medical, industrial, education, aerospace, and other sectors such as government, architectural, and military is likely to bode well for the 3D printing materials market in North America.
Rising Implementation of 3D Printing Technology among Various Sectors to Drive Market
3D printing is used in various sectors to project and print three-dimensional objects of any shape through a series of processes. The application of 3D printing technology ranges from industries such as electronics and consumer goods, aerospace, architecture, automotive, and plastics among others. To transform a digital file into a tangible object, 3D printing technology uses materials such as metals, ceramics, and plastics. According to a TMR analyst, “The requirement for the 3D printing of products such as dental crowns, aero-jets, automotive parts, plastic toys, and metal guns among others is anticipated to boost the demand for 3D printing materials over the forthcoming years.” Furthermore, as 3D printing technology finds applications in the defense and military sectors as well, governments of numerous countries have increased funding for 3D printing technology for rolling out harsh, functional, and high-end defense equipment.
Growth of 3D Printing Materials Market to Face Challenge from High Cost of Materials
3D printing requires the use of a wide range of materials that include durable plastics such as PLA and ABS, metals such as aluminum, cobalt, nickel, gold, steel, titanium, and ceramics. However, 3D printing of a large variety of products using the commercial form of these materials is difficult to achieve. As a result, these materials go through additional preparation before their use in 3D printing machines. The initial cost of these materials coupled with the processing cost increases the final cost of these products, thus making it unaffordable for many small and medium scale industries.
However, manufacturers of 3D printing materials and equipment are focusing on the development of feasible and high quality materials to combat the problem of high cost. Moreover, the advent of 3D scanning is likely to open new avenues for the growth of the global 3D printing materials market.
The review is based on a report titled, “3D Printing Materials Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.”
3D Printing Materials Market – Product Segment Analysis
Others (Including wax and laywood)
3D Printing Materials Market – Application Analysis
Electronics & Consumer Products
Others (Including military and architecture)
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