In its latest study on the 3D printing materials market, Future Market Insights (FMI) provides insights into factors favoring the demand outlook across key segments in terms of material type, form, and application. The report also shed light on critical trends and opportunities elevating sales in the 3D printing materials market for the next 10-years.
As per a recent survey by FMI, the global three-dimensional (3D) printing materials market is poised to total US$ 5.1 Bn by 2031, in comparison to the US$ 1.24 Bn registered in 2020.
Increasing adoption of 3D printing technology across the industries such as medical, industrial, construction, and others is propelling the demand in the market. Driven by this, the market is estimated to expand at over 14% CAGR over the forecast period 2021-2031.
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Advanced technologies such as 3D printing are extensively finding inroads into the automotive industry owing to its high preferabilty for mass production and low risk of errors. It is increasingly being used for additive manufacturing of automotive components such as front bumpers, suspension wishbones, ducting, battery covers, and others.
Hence, demand for high-performance materials for the production of aforementioned components is anticipated to create high revenue-generation opportunities in the market.
As per FMI, North America is estimated to emerge as the dominant market in terms of region, expanding at 14% CAGR through 2031. Increasing utilization of 3D printing technology for the construction of buildings across the U.S. and Canada is favoring the sales of 3D printing materials.
In terms of material-type, metals are projected to remain highly sought-after materials in the market, projecting sales growth by 11.5% year-on-year (YoY) between 2020 and 2021. Surging demand for cobalt-nickel alloys, steel, and titanium in 3D printing owing to their durability, strength, and low carbon emission attributes is driving the growth in the segment.
“Rising application scope of 3D printing technology across aerospace and defense sector to benefit from superior quality production, reduced production time, and declined labor cost is expected to accelerate the growth in the market,” says a FMI analyst.
Key Takeaways from 3D Printing Materials Market Study
- Sales in the U.S. are estimated to total US$ 514 Mn, increasing by 10.9% YoY between 2020 and 2021.
- Germany is anticipated to account for a significant share in the Europe market, registering an exceptional YoY growth of 12.7% in 2021.
- China is forecast to emerge as the most attractive market in East Asia, accounting for around 70% of the sales through 2021.
- Japan and South Korea are expected to account for more than 2.7% of the total value share by the end of 2021.
- On the basis of form, the powder form segment is projected to account for the largest share in the market, expanding at 13.5% CAGR over the assessment period.
- Increasing applications of 3D printing in the production of jigs, wings, engine market, and other components of aircraft are propelling the demand for 3D printing materials across the aerospace industry.
- Growing adoption of high-performance materials such as cobalt, nickel, and titanium, owing to their high durability and impact withstanding characteristic is increasing the sales of 3D printing materials in the metal segment.
- Implementation of stringent regulations regarding the use of plastic is hampering the sales of 3D printing materials across the plastic segment.
- High cost materials such as polymers and metals compared to materials utilized in traditional production methods is expected to hamper the sales in the market.
Leading companies in the global market are Stratasys, Ltd., SANDVIK AB, Covestro AG, Arkema S.A. and EOS Gmbh Electro Optical Systems and others. These players are anticipated to collectively account for nearly 42% of the total sales in 2021.
Key participants are focusing on adopting inorganic strategies such as partnerships, collaborations, mergers, and acquisitions to strengthen their market presence. Some of the players are aiming at launching novel products and increasing their production capacity to gain competitive edge. For instance,
- In October 2021, Evonik Industries, a German speciality chemicals company, announced extending its product portfolio by launching two new photopolymers for 3D printing – INFINAM® FL 6300 L and INFINAM® RG 3101 L. These products are made using synthetic resins and are suitable for use in standard 3D printing techniques such as stereolithography (SLA).
- In October 2021, Stratasys Ltd., a global leader in additive technology solutions, announced acquiring remaining share Xaar 3D Ltd. from a U.K.-based company Xaar plc. The acquisition will assist the company to strengthen its footprint across 3D printing materials sector.
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Some of the key players operating in the market profiled by FMI are: Covestro AG, Arkema S.A., Sandvik A.B., Evonik Industries A.G., EOS GmbH Electro Optical Systems, Ultimaker B.V., Hoganas AB, The EXONE Company, General Electrics, 3D Systems Corporation, Materialise NV, STRATASYS LTD, MARKFORGED Inc.,
Key Questions Covered in the Report
- The report offers insight into 3D printing materials market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for 3D printing materials market between 2021 and 2031
- 3D printing materials market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- 3D printing materials market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others