The 3D printing materials market is expected to register a CAGR of more than 20% during the forecast period. Some of the prominent trends that the market is increasing usage in various manufacturing applications.
- High capital investment requirement is likely to hinder the market's growth.
- Introduction of new materials, like graphene opens for newer applications and adoption of 3D printing technology in home printing are expected to act as an opportunity for the market.
Key Market Trends
Increasing Applications in the Automotive Industry
- 3D printing materials are extensively used in the automotive industry, for the manufacturing of the scaled models, for the purpose of testing. They are also used for components, such as bellows, front bumper, air conditioning ducting, suspension wishbone, dashboard interface, alternator mounting bracket, battery cover, etc. Automotive OEM manufacturers are using 3D printing materials for rapid prototyping.
- Owing to the advantages of 3D printing process, such as low cost, less manufacturing time, reduced material wastage, etc., automotive manufacturers are moving toward the usage of this process.
- Some of the largest automotive manufacturers in the world, such as AUDI, Rolls Royce, Porsche, Hackrod, and many others, are using these materials for the manufacturing of spare parts and metal prototypes.
- Factors such as adoption of electric vehicles across the world is expected to increase the demand for 3D printing materials.
- Furthermore, the presence of automotive giants in the European region, along with huge investments made in the automotive R&D sector by companies and governments, is propelling the growth of the 3D printing materials market.
China to Dominate the Market
- The growth in the China remains high, but is gradually diminishing, as the population is aging, and the economy is rebalancing from investment to consumption, manufacturing to services, and external to internal demand.
- China has the world's largest automotive market in terms of production. However, the production in the country declined from past few years.
- Currently, many OEM manufacturers are introducing hybrid body structures, which incorporate plastic and composite materials, in combination with traditional steel and light alloy components. The deployment of these components is expected to drive the demand for carbon fiber, due to their lightweight and tough features, which contributes to lesser fuel consumption.
- Apart from the above, the demand for carbon fiber in China is mainly driven by the growing manufacturing activities of the aerospace industry in the country.
- This growth in the industry is primarily dependent on the rising passenger traffic, due to the higher spending power, and better air connectivity, The increasing passenger traffic is further creating a robust demand for increase in the number of aircraft.
- Such factors are expected to drive the market in the country.
The 3D printing materials market is consolidated, with few players holding the major share in the market. Key players in the 3D printing materials market include Arkema Group, 3D Systems Inc., Hoganas AB, Ultimaker B.V., Royal DSM N.V. and other prominent players include CRP Technology S.r.l., EnvisionTEC Inc., EOS GmbH Electro Optical Systems, and General Electric, among others.
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