Growing Adoption of Additive Manufacturing Taking the 3D Printing Materials Market Forward having Major Players: Stratasys, 3D Systems Corporation, ExOne, EOS, Koninklijke Kentalis, Arkema, CRP Technology S.r.l., EnvisionTEC & LPW Technology

The growth of the 3D printing materials market is being aided by the increasing adoption of the additive manufacturing technique. The process of joining or solidifying materials via computer control is known as 3D printing. Earlier only used for prototyping, 3D printing is being increasingly used for manufacturing. When this happens, the resulting process is called additive manufacturing.

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As per a P&S Intelligence study, the sale of 3D printing materials generated a revenue of $558.4 million in 2017, which is expected to increase to $1,365.6 million by 2023 at a CAGR of 16.7% during the forecast period 2018–2023.

In the aerospace and defense sector, which contributed 35.0% of the total revenue in 2017, 3D printing-aided additive manufacturing helps in designing and producing complex parts, where traditional manufacturing processes have proved inefficient. Further, additive manufacturing also helps in reducing the weight of the parts without compromising on their mechanical efficiency.

The expanding automobile industry, especially in emerging economies, is one of the driving factors of the 3D printing materials market growth. In countries, such as India, China, Brazil, and Indonesia, the purchasing power of people is increasing due to rising disposable income. People here are spending on automobiles, seeing which vehicle firms are rapidly expanding their manufacturing capacities.

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Of all the 3D printing materials available, including plastics, metals, ceramics, and others, plastic held the largest sales volume share (40.0%) in 2017. Further, among the forms in which 3D printing materials are available, such as powder, filament, and liquid, filament recorded the highest sales CAGR (over 50.0%) in the 3D printing materials market during the historical period.

Therefore, we see that the need to cut down on material wastage as well as produce increasingly complicated parts will take the market for 3D printing materials forward.

GLOBAL 3D PRINTING MATERIALS MARKET SEGMENTATION

By Type

• Plastics
• Metals
• Ceramics
• Others

By Form

• Powder
• Filament
• Liquid

By Application

• Aerospace and Defense
• Medical and Dental
• Automotive
• Consumer Goods
• Others

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This release was published on openPR.