The global 3D printing filaments market is projected to reach $2,146.2 million by 2024, with a CAGR of 25.4% during the forecast period. The market is primarily driven by increasing demand for these filaments from the aerospace industry, growing demand for 3D printed parts in the automotive industry, and need for achieving mass customization of industrial goods.
With the introduction of 3D printing technology, a change is being witnessed in production processes of various industries including aerospace and defense, healthcare, automotive, and consumer goods. At its initial stage, the technology was adopted by the aerospace industry to make customized products, but as the time evolved, it was adopted by other industries as well. The wide adoption of the technology in industrial manufacturing processes is due to product customization, need for producing complex products, and reduction in wastages. This high adoption is expected to fuel the demand for 3D printing filaments in the coming years.
Insights into market segments
Among all types of 3D printing filament materials, the demand for plastic-based filaments was the highest in the 3D printing filaments market during the historical period, with a contribution of around 90% share, in terms of value, in 2018. This is due to their properties such as flexibility, easily availability, and cost effectiveness. PLA- and ABS-based filaments are widely used in the production of a wide variety of consumer goods, and medical and dental products and equipment, thereby resulting increased demand for plastic-based printing filaments.
Based on application, the aerospace and defense category accounted for the largest market share, of over 20%, in terms of value, in 2018. A wide variety of complex aerospace components can be prepared using 3D printing filaments. Moreover, 3D printed customized aircraft components can be prepared with much ease as compared to the traditional manufacturing techniques. Owing to aforementioned factors, the 3D printing filaments market is expected to grow in the aerospace and defense industry.
North America to hold the largest share in the 3D printing filaments market
Globally, North America held the largest share in the 3D printing filaments market, with a contribution of over 40%, in terms of value, in 2018. The demand for these filaments in the U.S. is very high, owing to the country’s highly advanced aerospace and defense industry. The 3D printing filaments are used in the manufacturing of highly complex aerospace components, thereby driving the market growth in the region.
Browse report overview with detailed TOC on "3D Printing Filaments Market Research Report: By Type (Plastics, Metals, Ceramics), Application (Industrial, Aerospace and Defense, Automotive, Consumer Goods, Healthcare), Regional Outlook (U.S., Canada, Germany, France, U.K., Italy, China, Japan, South Korea, Australia, Brazil, Saudi Arabia, Mexico, U.A.E.) – Global Industry Size and Share Analysis, Trends and Growth Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/3d-printing-filaments-market
3D printing filaments market competitive landscape
Some of the major players operating in the global 3D printing filaments market are Stratasys Ltd., 3D Systems Corporation, Airwolf 3D, colorFabb B.V., Markforged Inc., Push Plastic, Shenzhen Esun Industrial Co. Ltd., Soildspace Technology LLP, TreeD Filaments, and Innofil3D BV.
3D PRINTING FILAMENTS MARKET SEGMENTATION
Market Segmentation by Type
Market Segmentation by Application
Market Segmentation by Geography