Additive manufacturing is the process of using various materials to make objects based on 3D model data. Different types of materials, technologies and processes are used in making these projects. This process provides flexible designs, fast production and cost cutting when compared with traditional technologies and materials. According to the experts, rising demand from different industries is the major driving factor for the additive manufacturing material market of the world. Innovative technology in the market is set to help the global players to find their feet in this market during the next few years. On the other hand, rising prospects from the emerging markets are creating major investment opportunities for the potential investors in these regions.
What Drives the Market?
According to the latest reports, increased government funding and rising demand from around the world is the most vital driving factors for the market. Apart from that, easy manufacturing of the most complex designs, flexibility and cost savings offered by this technology and rapid rate of manufacturing process cycle are also considered to be the major driving factors for the industry. Advancements in the material technology and innovative applications of the products are also expected to drive the market. The major restraints for the additive manufacturing material market include low quality materials, their cost and lack of availability and standardization of the materials. Issues with intellectual property rights and copyright are expected to be the burning issues for the market. However, wide scope of applications and untapped additive manufacturing market are expected to create potential opportunities.
Segmentation and Forecasting for the Market
Researchers segment the global additive manufacturing material market on the basis of the types of technologies, materials, their applications and demand around the world. Major types of materials available in the market include metals, plastics and ceramics. Growing potential of the business with the increasing mergers and acquisitions is expected to create major development opportunities for the key players in the market. Investment opportunities around the untapped segments and developing markets like Asia Pacific, Latin America, Middle East and Africa are also expected to contribute to the growing demand for this industry. As a result, researchers are hoping for steady growth in the next few years.
According to them, the global additive manufacturing material market is poised to witness a steady CAGR of over 20% from 2014 to 2019. At such a healthy compound annual growth rate, the industry is expected to become worth $1,082 million by the end of the year 2020. Stereolithography technology is expected to dominate the global market during the next few years, which will be followed by poly-jet and other technologies. Based on the application segments, automotive industry is anticipated to dominate the global market. On the basis of geographic regions, Americas are expected to dominate the global industry in terms of market share. The materials segment of the market is largely dominated by plastics.
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