The 3D printing technology involves the printing of a 3D object from a digital model by stacking thin materials. This is a sophisticated technology used for several applications and does not demand the use of large equipment setup. This technology can be used to print several objects within a short duration. The global 3D printing materials market is projected to grow from USD 530.1 million in 2016 to USD 1,409.5 million by 2021, at a CAGR of 21.60% between 2016 and 2021. The increasing demand for the 3D printing technology from end-use industries is driving the 3D printing materials market.
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The key players in the 3D printing materials market are 3D Systems Corporation (U.S.), Arcam AB (Sweden), Arkema S.A. (France), Royal DSM N.V. (Netherlands), ExOne GmbH (Germany), Stratasys Ltd. (U.S.), CRP Group (Italy), and others. These players have adopted various strategies to expand their global presence and increase their market shares. New product launches, partnerships, agreements, collaborations, joint ventures, capacity expansions, and exhibitions are some of the major strategies adopted by market players to achieve growth in the 3D printing materials market.
In 2014, many new 3D printing materials were launched by key players to increase their product portfolio. Similarly, in 2013, there was substantial number of expansions among 3D printing materials manufacturers. New product launches and expansions were the key strategies adopted by manufacturers for increasing their share in the 3D printing materials market.
3D Systems Corp. introduced a new nylon material for its flagship CubePro 3D printers. This new product helped the company to expand its product portfolio in the 3D printing materials market. The company also introduced new infinity rinse-away support material for Cube and CubePro 3D printers. It helped the company in meeting the increasing need for printing complex design requirements for various end-use industries. As a part of its growth strategy, it is mainly focused on new product developments for meeting the requirements of end-use industries. The company is also focused in gaining the leading position in the global 3D printing materials market.
Arcam AB introduced a new 3D printing material Inconel 718, specifically developed for its industrial platforms. This new product can be used in the aerospace & defense end-use industry. This development will enhance the competitive edge of the company and improve the performance of 3D printing materials, supporting the growing demand of the technology. The company also expanded its production facility in Sweden to meet the growing demand of 3D printing technology. This expansion helped the company increase its market presence in Europe and meet the increasing demand for 3D printing materials.
3D printing materials manufacturers globally are continuously upgrading their products and services to provide high standard 3D printing materials. North America accounts for the largest share of the 3D printing materials market. The market is expected to witness significant growth in this region due to the increasing use of the 3D printing technology in various applications such as aerospace & defense, medical & dental, automotive, and consumer goods.
Aerospace & defense segment is expected to play a vital role in the 3D printing materials market
The 3D printing technology has been adopted for the aerospace & defense application, thus increasing the demand for 3D printing materials because of their properties such as good surface finish, dimensional tolerance, good resolution, and low rigidity. The global 3D printing materials market is projected to grow from USD 530.1 million in 2016 to USD 1,409.5 million by 2021, at a CAGR of 21.60% between 2016 and 2021.
The aerospace & defense application accounts for the largest share of the 3D printing materials market globally and the trend is expected to continue during the forecast period. Metal powders such as titanium, nickel, stainless steel, aluminum, and others are used in the aerospace & defense application, as the materials need to withstand extreme conditions. 3D metal printing is used in the aerospace & defense industry for manufacturing complex parts such as jet wings, engine parts, space telescope, metal guns, rocket parts, and others.
The medical & dental segment of the 3D printing materials market is expected to witness a significant growth rate during the forecast period. Several medical products such as surgical equipment, prosthetics & implants, and tissue-engineered products are manufactured through the 3D printing technology. Apart from this, 3D printing is also used for technologies in the field of medicine such as orthopedic, dental, and cranio-maxillofacial. The key drivers of the market are new and improved technologies, financial support from governments, and rapid product development at low costs.
In 2015, North America dominated the 3D printing materials market globally, by both value and volume, and the trend is expected to continue in the future. High growth in the aerospace & defense, automotive, and medical & dental industries and increasing demand for 3D printing technology, especially from the aerospace & defense industry are expected to drive the 3D printing materials market in this region. High demand of the 3D printing technology is expected from the European and Asia-Pacific regions. Germany and the U.K. are the major countries driving the 3D printing materials market in the European region. Countries such as Japan and China are also experiencing high demand for the 3D printing technology in the Asia-Pacific region.
