3D Printing Materials Market worth $4.5 billion by 2024 | Key Players include 3D Systems Corporation, Stratasys, Arkema SA, Materialise NV, Evonik Industries AG, and General Electric

According to recent market research "3D Printing Materials Market by Type (Plastic, Metal, Ceramic), End-Use Industry (Automotive, Aerospace & Defense, Healthcare, Consumer Goods, Construction), Form (Powder, Liquid, Filament), Technology, Application, and Region - Global Forecast to 2024", The 3D printing materials market size is estimated to grow from USD 1.5 billion in 2019 to USD 4.5 billion by 2024, at a CAGR of 25% during the forecast period. The 3D printing materials market is witnessing significant growth because of the growing demand from industries such as healthcare, automotive, and aerospace & defense.

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The use of 3D printing materials is increasing due to the increasing demand for custom-made materials for a specific application, wherein manufacturers develop niche and superior materials by modifying their properties as per the requirements. The 3D printing materials market size is estimated to grow from USD 1.5 billion in 2019 to USD 4.5 billion by 2024, at a CAGR of 25% between 2019 and 2024. The increasing use of 3D printing materials in aerospace & defense and the automotive industries is bolstering the market, globally.

The 3D printing materials market, by end-use industry, is segmented into automotive, aerospace & defense, healthcare, consumer goods, construction, and others including electronics and education. The market in the automotive end-use industry is projected to register the highest CAGR, in terms of value, during the forecast period. Aerospace & defense is the largest end-use industry segment of the 3D printing materials market, followed by the healthcare end-use industry. The growing usage of 3D printing materials is these end-use industries is bolstering the market.

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The 3D printing materials market size is estimated to grow from USD 1.5 billion in 2019 to USD 4.5 billion by 2024, at a CAGR of 25% between 2019 and 2024. 3D printing has been regarded as one of the major disruptive technologies of this century transitioning from prototyping to a potential production method across various industries. 3D printing, also referred to as additive manufacturing, is expected to have a positive impact on various end-use industries such as aerospace & defense, healthcare, automotive, and consumer goods to name a few.

The major 3D printing material manufacturers are 3D Systems (US), Stratasys (US), Arkema SA (France), Materialise NV (Belgium), Evonik Industries (Germany), and General Electric (US). These players have adopted various growth strategies such as acquisition and new product launch to expand their presence in the global market. New product launch and joint venture & partnership were the dominant strategies adopted by the major players, between 2014 and 2019, which helped them to offer innovative products and broaden their customer base.

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Stratasys Ltd. has a prominent presence in the 3D printing materials market. The company has a strong brand image, and it caters to the growing demand for 3D printing materials, in major applications. It opted inorganic and organic growth strategies through launching new PEKK-based high-performance thermoplastic material, namely, Antero 800NA and through collaboration with Team Penkse (US). The company mainly focuses on R&D activities to maintain its comprehensive portfolio of 3D printing products that have significant growth potential.

3D Systems Corporation has secured a strong position in the North American market. It is also establishing its presence in Latin America and MEA and is now focusing on APAC. The company is a strong market player in the functional materials & solutions business segment. It has a strong focus on R&D and has acquired Vertex Global Holding B.V. which provides dental material through its Vertex and NextDent brand. Additionally, 3D Systems Corporation is highly engaged in adopting organic growth strategies to remain competitive in the 3D printing materials market. For instance, the company launched 30 new materials that are useful in automotive, durable goods, and jewelry applications.

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