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3D Printing Materials Market - Metal Application growing at 17% CAGR over 2018- 2024
3D Printing Materials Market
The fledging 3D printing technology is set to tread a positive path over the coming years. While 3D printing materials market is already witnessing a major upswing, 3D printing equipment market has also observed a colossal surge. The 3D printing technology is finding massive potential in various industries, including defense, automotive, architecture, medical, and aerospace. The shifting interests of the consumers toward products aesthetics and finish will trigger the manufacturers to adopt this technology, thereby, positively influencing the industry dynamics.
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One of the most differentiating characters of 3D printing is its ability to tailor the objects as per a specific need. This factor has made 3D printing technology quite popular across sectors such as electronics, automotive, education, aerospace, etc. Increase in desktop and professional 3D printer sales and its use in higher secondary education will be prominent growth indicators for 3D printing equipment market in educational applications
Plastics, ceramics, and metals are the three-major product types gaining momentum. In 2015, ceramic 3D printing materials market accounted for over 20% and was worth more than USD 100 million in 2015.
End-use applications such as cups, saucers, plates and statues will favor the segment growth. Metal 3D printing materials industry is experiencing greater demand from automotive, defense, aerospace industries due to considerable metal usage in these sectors. This market is anticipated to record a CAGR of 17% over the period of 2016-2024.
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Electronics & consumers led the global 3D printing materials market in 2015. Surge in electronics gadgets, demand for supreme value product feature, and aesthetics will drive this industry in the years to come.
Automotive manufacturing application is expected to record a Y-O-Y growth of 4% over 2016-2024. The robust growth is subject to the changing lifestyle, rising disposable income, and growing demand for vehicles with an enhanced aesthetic appearance.
Polyjet, colorjet, selective laser sintering (SLS), stereolithography (SLA), and fuse deposition modeling (FDM) are the product segmentations of the 3D printing equipment industry. Polyjet accounted for a massive 35% of the global market share in 2015. SLS product use in automotive and aerospace industries will also upswing the SLS industry to grow at a rate of 15% over the period of 2016-2024.
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Asia Pacific 3D printing material & equipment market is predicted to witness heavy gains over the coming years, owing to robust growth of automobile manufacturing in China, Indonesia, India, and Japan. Moreover, rapid technological advancements will also benefit the regional growth.
North America emerged as a leading region for the overall 3D printing materials industry, having had more that 35% global share in 2015. Growth of aerospace industry and increase in sale of automobiles and electronic gadgets will stimulate the regional development. The growth is also favored by increased government funding.
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3D printing materials & equipment market players are focused on developing high quality products at low costs. The key participants accumulating significant industry share include Arkema, Optomec Inc, Solidscape, Stratasys, 3D Systems, EOS GmbH (Electro Optical Systems), Concept Laser, Voxeljet, SLM Solutions, Hoganas and LPW Technology.
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