Global 3D Printing Materials Market is estimated to be valued at US$ 1287.8 Million in 2022, According to the Global 3D Printing Materials Market Report, By Product Type (Ceramics, Plastics, Metals, and Others), By Application (Electronics & Consumer Products, Automotive, Medical, Industrial, Education, Aerospace, and Others (Military, Architectural, Government, etc.)), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
Global 3D printing materials market was valued at US$ 1287.8 Million in 2022. 3D printing materials market is expected to register a CAGR of 10.6% over the forecast period (2023-2030), to reach US$ 2875.2 Million by 2030.
3D printing is a process, where an object is manufactured in three dimensions and is also known as additive manufacturing. 3D printing materials are materials that can be easily manipulated by the 3D printing machines to manufacture desired objects. Ceramics, metals, and plastic are some of the majorly used products as 3D printing materials. Automotive, education, medical, and aerospace are some of the key end user of the 3D printing materials.
Driver:
The market expansion of 3D printing materials is being driven by favorable government backing for the technology. The military and defense industries make extensive use of 3D printing technologies. Military items that can resist rigorous functional testing may be produced with the help of 3D printing technology. Governments throughout the world are substantially funding experiments and research into 3D technology, which is accelerating industry expansion.
Global urbanization and industrialization are predicted to accelerate the market expansion for 3D printing materials. The market for 3D printing materials is expanding as a result of the expansion of various industrial industries, increased urbanization, and rising global consumer demand.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/3d-printing-material-market-4376
Restraints:
It is anticipated that the health risks connected with the materials utilized in 3D printing technology would impede market expansion. Due to the solvents and inks used in the 3D printing business, the materials used in printing technology are very hazardous by nature and can result in a number of health problems, including skin dermatitis.
When compared to traditional casting technologies, the goods made utilizing 3D printing technology are less durable. This limitation on adoption of the technology is impeding the market expansion for 3D printing materials.
Key Trends and Analysis of the Global 3D Printing Materials Market:
- Increasing use of the electronic gadgets among consumers is one of the current trends around the globe. According to an Indian Express in December 2020, there is an increase in use of smartphones and electronic devices. Manufacturers are adopting 3D printing technology for developing high-end smart electronic products. The use of 3D printing enables the in-house creation of prototypes of circuits and circuit boards. The adoption of 3D printing technology reduces procurement expenses, thereby augmenting the market growth.
- Partnership and agreement among key players for business expansion are some of the emerging trends in the market. For instance, in June 2020, HP, launched a new material for its 3D printers, HP 3D High Reusability PP, which is a polypropylene produced in partnership with BASF. The new High Reusability PP was developed specifically for use with HP’s Jet Fusion 5200 series of 3D printers. It provides good chemical resistance, low moisture absorption, and long-term durability, and it is economical at cost.
Key Takeaways of the Global 3D Printing Materials Market:
- On the basis of application, electronics & consumer products segment dominated the global 3D printing material market 2022, accounting for 21.9% share in terms of value, followed by others and automotive segments, respectively
- In October 2021, Stratasys Ltd., a manufacturer of 3D printers, software, and materials for polymer additives acquired Xaar 3D Ltd., a leading developer of 3D printing solutions, which is expected to boost the company’s growth in the sector of 3D printing materials
New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities for the 3D Printing Materials are key strategies adopted by players in the global 3D printing materials market. For instance, in October 2021, Evonik Industries, developed two new photopolymers for 3D printing, namely, INFINAM RG 3101 L and INFINAM FL 6300 L. This recently announced product line of synthetic resins are suitable for use in standard photopolymer 3D printing techniques such as Stereo lithography and digital light processing.
