Increasing demand from aerospace & defense and automotive sectors to drive the 3D printing materials demand
Nov 20, 2020 (AB Digital via COMTEX) —
The global 3D printing materials market size is estimated to grow from USD 1.6 billion in 2020 to USD 4.5 billion by 2025, at a CAGR of 23.5% between 2020 and 2025. 3D printing has been regarded as one of the major disruptive technologies of this century, transitioning from prototyping to a potential production method across various industries. 3D printing, also referred to as additive manufacturing, is expected to have a positive impact on various end-use industries such as aerospace & defense, healthcare, automotive, and consumer goods, to name a few. However, amidst the global COVID-19 pandemic, the demand for 3D printing materials from the industries mentioned above is expected to show relatively slower growth in 2020.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1295
The aircraft industry is one of the early adopters of 3D printing technology. The technology is highly useful for producing complex parts. It provides designers the advantage of creating the best parts with reduced cost and production feasibility. 3D printing materials, for instance, metals, are used in the making of many aircraft parts, such as wings, jigs, and engine parts. Titanium materials are mostly used as 3D printing materials in the aerospace industry as it offers excellent mechanical properties and high dimensional accuracy during production. 3D printing technology is transforming the manufacturing process in the automotive industry. The technology has helped the industry in making more complex and lighter structures at the optimized costs. Many Formula 1, supercars, and concept cars are using 3D-printed parts. For instance, in the first quarter of 2018, the leading car manufacturer, Bugatti (France), revealed a 3D-printed brake caliper made using titanium.
Manufacturing is expected to be the most promising application of the 3D printing materials
The 3D printing materials used in the manufacturing application is witnessing a high growth across the globe. Various end-use industries, including automotive, healthcare, and aerospace & defense, have already adopted 3D printing for the mass production of components. Nowadays, automotive components, mobile cases, wing mirrors, toys, and various other products are being created using 3D printing technology. End-use industries are shifting toward bulk manufacturing using 3D printing, as it reduces manufacturing cost, decreases lead time, and produces complex structured objects.
North America is expected to be the largest market for 3D printing materials during the forecast period.
North America is expected to dominate the 3D printing materials market during the forecast period due to the substantial adoption and manufacturing of products based on 3D printing technology. The increasing demand from the aerospace & defense, medical & dental, and automotive end-use industries in North America are also driving the market in the region. In addition, strong support from the governments for 3D printed goods over conventional goods and the presence of key manufacturers in the region are expected to drive the market further. But, because of the lockdown situation occurred due to COVID-19, many floor workers are unable to work in manufacturing facilities, which has resulted in the reduction in output across the aircraft and car manufacturing facilities. Thus, the market for 3D printing materials will grow at a slower rate in 2020 in comparison to the previous year.
Major 3D printing material manufacturers are 3D Systems Corporation (US), Stratasys (US), Arkema SA (France), Materialise NV (Belgium), Evonik Industries AG(Germany), and General Electric (US).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Address:630 Dundee Road Suite 430
State: IL 60062
Country: United States