3D Printing Filaments Market By Type, Application, Geographical Regions and Industry Forecast to 2030

Automakers across the world are heavily investing in research and development (R&D) to increase strength, reduce weight, and amplify the aesthetic value of vehicles. To achieve these objectives, automobile manufacturers are increasingly using 3D printing filaments to produce components such as air ducts, interior accessories, functional mounting brackets, and full-scale panels. With the surging production and adoption of automobiles, the consumption of such filaments will accelerate in the coming years. As per the Organisation Internationale des Constructeurs d'Automobiles (OICA) around 78 million vehicles were purchased in 2020, globally.

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Further, the rising adoption of 3D printing technology in the aerospace industry will also help the 3D printing filaments market advance at a CAGR of 26.8% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue will rise from $693.1 million in 2019 to $7,082.0 million by 2030. The aircraft and aviation sectors are extensively using 3D printing filaments to decrease the weight, enhance the strength, and achieve complex and customized designs in the manufactured products.

Moreover, the inefficiency of subtractive manufacturing, which includes casting, molding, extruding, cutting, and forging processes, in creating intricate designs is augmenting the need for 3D printing filaments in the manufacturing sector. Usage of filament-based 3D printing processes allows the development of aesthetically improved products in the medical devices, consumer goods, fashion, healthcare, jewelry, art and sculpture, architecture, and food industries. Unlike traditional manufacturing methods, 3D printing technology does not have huge manpower and machinery costs associated with it.

The type segment of the 3D printing filaments market is classified into metals, plastics, ceramics, and others such as carbon and wood fiber. Among these, the plastics category held the largest market share in 2019, due to the easy availability, less intricacy, and low cost of plastic-based filaments. As the overall cost of 3D printing is high, it is very important to reduce the overall price of printing a product using this technology. The reduced price of the manufactured products is attained by using plastic-based filaments.

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Whereas, Asia-Pacific (APAC) is expected to register the fastest growth in the 3D printing filaments market, during the forecast period, due to the rapid advancement in 3D printing technologies and surging digital production of medical prototypes, automobile components, industrial tools, and agriculture machinery in the region. At present, China is advancing rapidly in the APAC market, due to the strong government support to promote the usage of 3D technology in the country. Additionally, the presence of automotive giants, such as Hyundai Motor Company and Toyota Motor Corporation, in the region is also supporting the market growth in APAC.

Thus, the mounting vehicle production and rising adoption of 3D printing technology in the aerospace and manufacturing sectors are expected to propel the usage of 3D printing filaments in the foreseeable future.

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This release was published on openPR.