REDDING, Calif., June 30, 2021 /PRNewswire/ -- According to a new market research report titled "3D Printing Materials Market by Type (Polymer, Metal, Ceramics & Composites), Form (Filament, Liquid, Powder), Technology (FDM, SLA, Polyjet, Multijet, Binder Jetting, EBM), Application — Global Forecast to 2028", published by Meticulous Research®, the 3D printing materials market is expected to grow at a CAGR of 26.7% from 2021 to 2028 to reach $9.86 billion by 2028.
The major factors driving the growth of 3D printing materials market include growing demand for polymers in 3D printing; mass customization of various functional parts for industrial equipment, jewelry, and consumer goods; and government initiatives to support the adoption of 3D printing. Lack of awareness of 3D printing technology among supplies, buyers, users, and lack of skilled laborers to perform 3D printing operations is a major challenge for the growth of the 3D printing materials market.
The Impact of COVID-19 on the 3D Printing Materials Market
The COVID-19 pandemic has adversely hit many economies around the globe. To control the spread of this disease and avoid the related consequences, governments across the globe have announced partial or complete lockdowns, majorly impacting many manufacturing industries. The COVID-19 pandemic has an overall negative impact on the 3D printing materials market worldwide. The COVID-19 pandemic has affected all industrial sectors. However, healthcare was the least impacted sector due to the high demand for medical equipment and life saving kits for COVID-19 treatment.
Many countries and businesses started using different 3D printing materials for manufacturing new products such as PPE (face shields and eye protectors), ventilators, and nasal swabs to fight COVID-19, which created a spike in the growth of the 3D printing materials market globally. To overcome the shortage of medical equipment, several government agencies started contributing to support the adoption of 3D printing technology and materials. For instance, in Europe and North America, a consortium of companies was formed in March 2020 to work alongside the Canadian and Spanish health authorities to produce the first 3D-printed nasal swab, which is certified by AEMPS (Spanish Agency of Medicines and Medical Products) and FDA.
The rising demand for medical equipment during the pandemic has forced 3D printing companies to develop methods for fast manufacturing and supply of medical equipment such as ventilators. The various public health commissions are working together to develop ways to assist and support the people who are suffering. For instance, the FDA is working in partnership with the NIH, VA, and America Makes to support non-traditional manufacturing approaches, such as 3D printing for device shortages such as personal protective equipment (PPE). As per this partnership, 3D-printable designs for COVID response will be given a clinical assessment by the VA and the NIH on the 3D Print Exchange.
The global 3D printing materials market is expected to recover in 2021 due to the high adoption of 3D printing technology by the healthcare and industrial sectors. There has been a high demand for fast manufacturing of PPE kits, masks, face shields, and medical equipment, among others, to fight against the COVID-19 pandemic.
Key Findings in 3D Printing Materials Market Study
The 3D printing materials market is segmented based on type, form, technology, application, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on type, the polymers segment is expected to account for the largest share of the overall 3D printing materials market in 2021 by value. The large share of this segment is mainly attributed to its properties such as lightweight, corrosion resistance, toughness, and high strength; high mechanical and thermal resistance than metals; and increasing use of 3D-printed polymers across the aerospace, automotive, and medical sectors. However, the ceramics & composites segment is expected to witness significant growth, as demand for customized 3D printed ceramic vases, bowls, and sculptures is growing rapidly across the globe.
Based on form, the powders segment is expected to account for the largest share of the overall 3D printing materials market in 2021. The large share of this segment is mainly attributed to the increasing demand for powder-based 3D printing for processing industrial metals such as stainless steel, aluminum, titanium, copper, cobalt, nickel alloy, and chrome; use of powder-based additive manufacturing for wildlife conservation applications such as animal prosthetics, rhino horns to discourage poaching, and decoy eggs to record the behaviors of endangered birds. However, the filaments segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the growing usage of different types of filaments to manufacture commercial and military aircraft, jigs & fixtures, toys, and assembly parts
Based on technology, the Fused Deposition Modeling (FDM) segment is expected to account for the largest share of the overall 3D printing materials market in 2021. The large share of this segment is mainly attributed to the nature of allowing users to adjust several process parameters, such as both nozzle and build platform temperatures, build speed, layer height, and the speed of the cooling fan, and cost-effective nature to manufacture customized thermoplastic parts and prototypes. However, the Electron-Beam Melting (EBM) segment is expected to grow at the highest CAGR during the forecast period.
Based on application, the consumer products segment is expected to account for the largest share of the overall 3D printing materials market in 2021. The large share of this segment is mainly attributed to factors such as rapid use of 3D-printed prototypes to understand the aesthetics and functional appeal of the products and high adoption of 3D printing technology to create prototypes across electronics, sports, and jewelry, among other industries. However, the healthcare segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the use of 3D printing technology to create 3D printed masks, nasal swabs, and PPE kits, among others.
Geographically, North America is expected to account for the largest share of the global 3D printing materials market in 2021. The large share of this region is mainly attributed to the high adoption of 3D printing technology across consumer goods, aerospace, and healthcare industries; increasing demand for printing body parts of automotive and aircraft; and increasing public and private partnerships for the development of highly advanced 3D printing materials.
The key players operating in the overall 3D printing materials market are 3D Systems Corporation (U.S.), Proto Labs, Ltd., (U.S.), The ExOne Company (U.S.), HP INC. (U.S.), EnvisionTEC, Inc. (U.S.), Markforged, Inc. (U.S.), Tethon 3D (U.S.), Evonik Industries AG (Germany), Materialise NV (Belgium), EOS GmbH (Germany), Stratasys Ltd. (Israel), Zortrax (Poland), Sculpteo (France), Lithoz GmbH (Austria), and IC3D, LLC. (U.S.) among others.
Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research
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