What is the future of 3D Printing Materials Market? Know Covid Impact on Size, Share & Forecasts
It was estimated prior to this unanticipated outbreak that the 3D Printing Materials Market was expected to grow at a CAGR of 25.00% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the 3D Printing Materials Market.
It was estimated prior to this unanticipated outbreak that the 3D Printing Materials Market was expected to grow at a CAGR of 25.00% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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3D printing is a metamorphic approach to industrial production that enables the manufacturers to create lighter, stronger parts and systems.
3D printing continues to grow from thermoplastics to metals by incorporating various material adoption. There have been multiple advancements through research, addressing challenges that define which materials can be used for more efficient manufacturing.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the end-use industry type, the market is segmented as automotive, aerospace & defense, healthcare, consumer goods, construction, and others. The aerospace & defense industry segment accounted for the largest share of the market in 2019, and is expected to command the market during the forecast period. On the other hand, the automotive industry is expected to grow at an impressive rate owing to the extensive adoption of 3D printing in the manufacturing of components in the industry, which is acting as a catalyst for the growth of the segment.
Based on the application type, the 3D printing materials market is segmented as prototyping, manufacturing, and others. The prototyping segment dominates the market, whereas the manufacturing segment is expected to grow at the highest rate. Various end-use industries, such as automotive, aerospace & defense, and healthcare choose 3D printing for mass production of components as it has the ability to produce complex structured objects, decrease lead time, and reduce manufacturing costs.
In terms of regions, North America is estimated to be the largest market for 3D printing materials during the forecast period, with the USA and Canada being the major countries with lucrative growth opportunities. The growth of the market is driven by the growth of various end-use industries, such as automotive, aerospace & defense, healthcare, and others, which is generating huge demand for 3D printing materials. Asia-Pacific is also expected to offer substantial growth opportunities during the forecast period, primarily driven by the increasing presence of OEMs and tier players to tap the growing demand from emerging economies, such as China and India.
Key Players:
Some of the major 3D printing material manufacturers are-
- 3D Systems Corporation
- Stratasys
- Arkema SA
- Materialise NV
- Evonik Industries AG
- General Electric