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3D Printing Material Market to cross $3bn by 2024

Author : Rahul Varpe | Published Date : 2019-07-02 

Robust growth indicators in aerospace and defense industry across the globe will be the major growth driver for the 3D printing materials market over the forecast timespan. 3D printing materials & equipment are widely used in automobile, electronics, aerospace, defense and medical & pharmaceutical industry with advantages offered such as design freedom, high speed precision and smooth surface finish. 

Medical & pharmaceutical industry has emerged as one of the major end-users of 3D printing materials & equipment over the past few years. The significant applications of the product in the industry is production of organs including heart & liver and human tissues fabrication. It is employed for manufacturing of dental crowns which is used in dental treatments. Increasing health awareness among consumers shall positively influence 3D printing materials market growth in the near future.

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3D Printing Materials Market is forecast to reach USD 3 billion and 3D Printing Equipment Market shall reach USD 9 billion according to this new research report.

Education sector is also an important share contributor for global 3D Printing Materials market. Increasing market of desktop and professional 3D printers in offices shall accelerate product demand in the coming years. However, high overall product cost may hinder the 3D printing materials & equipment market growth over the forecast period. Technological advancements and growing demand across different applications may open new growth avenues for the product market in near future.

Based on product type, ceramic segment of 3D printing materials market, in 2016, held almost 20% of overall industry share. The product segment is expected to witness significant gains due to its wide usage in printing applications of plates, cups% saucer, figurines and statues. Metal segment of 3D printing materials market shall experience growth rate more than 17% in the forecast timeframe. Widespread product demand in defense & aerospace, industrial and automotive industries has fueled metal 3D printing materials demand over the recent years.

Electronics & consumer goods segment emerged to be largest end-users for the 3D printing materials market and held close to 20% of global product business. Increased consumer spending on consumer goods due to rising per capita income has positively influenced electronic gadgets and appliances demand throughout the globe. This increasing product demand from electronics industry shall fuel the 3D printing materials market growth in the forecast timespan.

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Automobile manufacturing amounted to 9 million units in 2016 and by 2024, it may reach 125 million units. Moreover, the automobile sector is poised to achieve approximately 16% CAGR in the forecast duration, which is strong indicator for 3D printing materials market growth by 2024.

In 2016, North America was valued more than USD 200 million and accounted for approximately 35% of global 3D printing materials market. The major growth driver for the regional market is the booming aerospace and defense industry, which is supported by governments through huge capital investment to strengthen the defense sector.

Asia pacific will witness maximum gains over the forecast period. Particularly in China, Indonesia, India and Japan, technological advancements in automobile as well as medical & pharmaceutical industry shall propel the product demand in the coming years.

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In 2016, 3D printing materials market was consolidated with key companies holding close to 50% share of the industry market. Major industry players are Voxeljet, ExOne, Optomec, Envisiontec, Royal DSM and Concept Laser. Other notable companies are EOS GmbH, LPW Technology, Stratasys, Arkema, Solidscape and Hoganas.

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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