3D Printing Materials Market Size to Boost US$8.6 billion by 2027 | CAGR 22.5% – IndustryARC
Increased demand for prototype applications from numerous industrial verticals propelling the 3D printing materials market growth.
HYDERABAD, TELANGANA, INDIA, August 29, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that the 3D printing materials market is expected to reach US$3.2 billion after growing at an estimated CAGR of 7.1% during 2022-2030. The global impact of the COVID-19 epidemic on the 3D printing materials market has been unfavorable. Due to the significant demand for medical equipment and gadgets for COVID-19 therapy, healthcare was the least affected sector. With the widespread use in the production of face shields, the demand for biodegradable thermoplastic polymer/polylactic acid (PLA) materials has skyrocketed. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
1. Asia-Pacific dominates the 3D printing materials market, owing to the increasing automotive industry in the region. The automotive industries in APAC are being fueled by rising per capita income and increasing urbanization, as well as a growing population.
2. Including 3D printing in the design process has several benefits, including the ability to produce high-detail, smooth, and scale models for aircraft designs. Thus, aircraft manufacturers are extensively incorporating 3D printing materials in the aerospace industry, thereby propelling the market growth.
3. The usage of 3D printing materials in manufacturing applications is growing rapidly around the world. Several end-use industries, such as automotive, healthcare, aerospace, and defense, have already embraced 3D printing for large component manufacturing.
4. 3D printing is being used to make car components, mobile cases, wing mirrors, toys, and a variety of other things. End-use industries are moving toward 3D printing for bulk manufacturing because it lowers manufacturing costs, shortens lead times, and produces complex structural things.
5. 3D printing is a more convenient way to make products, but it is costly due to high material costs, which is a major market constraint. The greater expenses are due to the higher purity and composition criteria required for 3D printing.
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1. The plastic segment held the largest share in the 3D printing materials market and is expected to grow with a CAGR of over 21.8% during the forecast period. The expansion of the plastic segment in the market will be driven by increased demand for 3D printing technology along with a rising need for high-performance materials from industries such as automotive, aerospace, and healthcare. Furthermore, low-cost development and production of complex designs, as well as less weight and no material costs, will raise plastic demand in the global market.
2. The Automotive industry segment held a significant share in the 3D printing materials market and is expected to grow with a CAGR of over 23.2% during the forecast period. The automotive industry is flourishing at a rapid pace, globally, for instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), automobile output increased by 10% in the first nine months of 2021, to 57.26 million vehicles, up from 52.15 million units in the same period last year. Therefore, the automotive industry’s demand for 3D printing materials is predicted to increase in the future.
3. Asia-Pacific region held a significant share in the 3D printing materials market and is expected to grow with a CAGR of around 24.6% during the forecast period. According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), automotive production and Vietnam grew by 1.2 percent and 5.5 percent from the previous year to 5,71,632 and 2,50,000 units, respectively, in 2019. According to Invest India, In FY21, India exported 4.1 million vehicles. From April 2021 to June 2021, Indian automobile exports totaled 1,419,430 units, compared to 436,500 units from April 2020 to June 2020. According to the National Bureau of Statistics of China, China accounts for 70% of the global desktop 3D printer market.
1. 3D Systems, Inc.
2. Arcam AB
3. CRP TECHNOLOGY S.r.l.
4. ENVISIONTEC, INC.
5. EOS GmbH-Electro Optical Systems
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