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3D Printing Filament Market To Generate Revenue Worth $7,082.0 Million by 2030

Published Date:   July 2020

In recent years, the increasing usage of 3D-printed components in end-use industries across the globe, particularly aerospace & defense and automotive, has created a significant demand for 3D printing filaments. Components produced with the 3D printing technology find application in a wide range of end-products in these industries, owing to which companies are making hefty investments for technological development, in order to integrate the technology with their existing machinery. Owing to such factors, the 3D printing filament industry is projected to demonstrate a CAGR of 26.8% during the forecast period (2020-2030), to reach $7,082.0 million by 2030.

The 3D printing filament market is largely dependent on end-use industries such as aerospace & defense, automotive, consumer goods, and healthcare. Most of these industries have witnessed a downfall during the COVID-19 period, owing to which there has also been a decline in the demand for 3D printing filaments. Companies are cutting down on research & development (R&D) and operating costs to a great extent, in order to sustain themselves during the market crisis. Since the 3D printing technology is in the developing stage, it entails a high cost, owing to which companies are not preferring its usage, presently.

Plastic-Based Filaments To Witness Highest Demand from End-Use Customers

The 3D printing filament market is categorized into plastics, metals, ceramics, and others, on the basis of type. Among these, the plastics category is expected to generate the largest sales volume during the forecast period. As of now, the 3D printing technology is at the nascent stage, owing to which there is a high capital requirement, thereby making it difficult for small- and medium-scale enterprises to use the technology effectively. However, plastic-based filaments are available at a significantly lesser cost than other alternatives, thereby helping companies manufacture products at a lower cost. Owing to such factors, the demand for plastic-based 3D printing filaments is likely to increase during the forecast period.

Based on application, the 3D printing filament market is classified into aerospace & defense, automotive, consumer goods, industrial, healthcare, and others. Among these, the aerospace & defense industry is expected to account for the largest share, in terms of value, during the forecast period, on account of the rapid growth of the aviation sector This, in turn, has resulted in an increase in the usage of the 3D printing technology, owing to its proven effectiveness in the production of several aircraft components, such as mounting brackets, cabin interiors, and jigs and fixtures.

Further, the consumer goods category is expected to showcase the highest growth rate during the forecast period. Since consumer goods is a fast-moving industry, which requires the development of new products in a short period of time, to capture a larger market share. The 3D printing technology can help the industry to a certain extent, since it has the ability to reduce the time for R&D, by reducing the dependence on raw material suppliers. This enables companies to focus on product innovation, as well as marketing.

Geographically, Asia-Pacific (APAC) is expected to showcase the fastest growth in the coming years, due to the increasing manufacturing operations in the region, mainly in China, and government support to utilize the latest technology. In addition, the presence of big automotive companies, such as Toyota Motor Corporation and Hyundai Motor Company, , and growing healthcare sector across the region are also boosting the demand for 3D printing filaments.

New Product Launch Is Key Strategy Adopted by Players

It has been observed that the development of new and improved products is being adopted as a key strategic measure by manufacturing companies, in order to gain a larger market share. For instance, in May 2020, Evonik Industries AG launched its polyether ether ketone (PEEK) 3D printing filament for custom medical implants. In addition to its implant-grade filament, the company is also providing a testing-grade variant, which offers the same product properties, but without the documentation needed for approval, for medical applications. This offers potential users a cost-effective way of leveraging the processing characteristics of the material for their chosen 3D printer.

Browse report overview with detailed TOC on "3D Printing Filaments Market Research Report: By Type (Plastics {Polylactic acid, Acrylonitrile butadiene styrene, Polyethylene terephthalate glycol, Acrylonitrile styrene acrylate}, Metals, Ceramics), Application (Food Additives, Pharmaceuticals, Agricultural Products, Personal Care Products, Plasticizers, Fuel Additives) - Global Industry Analysis and Demand Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/3d-printing-filaments-market

In addition, in November 2019, MakerBot Industries LLC, a subsidiary of Stratasys Ltd., announced the addition of nylon to its growing portfolio of engineering-grade materials. The material can be used for functional prototyping and other end-use applications in the automotive, industrial, and consumer product sectors.

Stratasys Ltd., 3D Systems Corporation, Airwolf 3D, ColorFabb B.V., Markforged Inc., Push Plastic, Shenzhen Esun Industrial Co. Ltd., Solidspace Technology LLP, TreeD Filaments, Innofil3D BV, Koninklijke DSM N.V., Evonik Industries AG, DuPont de Nemours Inc., SABIC, and Huntsman Corporation are some of the key players operating in the 3D printing filament industry.