The global 3D printing materials market is projected to generate $16,230.8 million revenue by 2030, advancing at a CAGR of 25.9% during 2022–2030. This will be due to the increasing use of 3D printing in the manufacturing sector, where it enables mass customization, and the booming automobile demand in developing nations.
Due to the COVID-19 pandemic, there was an excessive demand for medical and other specialist products, particularly personal protective equipment. The traditional medical device production line was challenged by the excessive worldwide demand, and the need for a simple, low-cost, and speedy fabrication process was felt more than ever. In order to cover the gap and improve the supply of medical devices, manufacturers turned to additive manufacturing, or 3D printing. Several previously/conventionally constructed designs have been changed and altered to meet the COVID-19 3D printing criteria.
Aerospace and defense is the largest application area, contributing around 40% revenue to the global 3D printing materials market in 2022. This is attributed to the use of titanium for 3D-printing parts or prototypes in this industry. Titanium is one of the most-expensive 3D printing materials, and it is majorly used in aerospace and defense applications, thus resulting in its largest contribution to the market, in terms of value.
Moreover, the automotive sector is expected to grow the fastest during the forecast period. This is mainly because the demand for automobiles is rising at a rapid pace in emerging economies. China, India, Brazil, and Indonesia are all witnessing rapid economic development, characterized by the growing purchasing power of the individuals. This has boosted the sales of automobiles in these countries, as a greater number of individuals can now afford passenger cars.
3D printing is becoming popular in the automotive industry, in the designing of automotive parts that have complex geometries. Such components were difficult to produce using the traditional methods. Moreover, 3D-printed automotive components are lightweight and consume less energy to process. Hence, with the rising adoption of 3D printing in the automotive industry, the demand for the associated materials is also expected to rise during the forecast period.
Moreover, the filament form will continue to hold the largest share in the market during the forecast period. Acrylonitrile butadiene styrene (ABS) and poly lactic acid (PLA) are the most-widely accepted plastic filaments in the 3D printing industry. This can be ascribed to their excellent layer adhesion, reduced shrinkage, high density, warp resistance, and other superior properties.
The 3D printing materials market will exhibit the fastest growth in APAC during the forecast period. This is attributed to the extensive industrial base, supportive government policies for this technology, and funding in research and development in the region. The growth of the APAC 3D printing materials market is led by China, due to the growing count of construction projects and rapidly expanding electronics industry in the country.
The major players operating in the global 3D printing materials market are 3D Systems Corporation, Arkema group, Royal DSM N.V., ExOne Operating LLC, Stratasys Ltd., General Electric Company, EOS GmbH Electro Optical Systems, Materialise NV, Sandvik AB, and Höganäs AB.