How is Increasing Adoption of 3D Printing Driving 3D Printing Filaments Market?

The manufacturing world has changed a lot since the start of the industrial revolution. Clearly, great minds might have come up with different sort of ideas for manufacturing products on an industrial scale. Some of the traditional manufacturing techniques include subtractive manufacturing and formative manufacturing (injecting modules). But, since there is scope of improvement in almost every field, regardless of the time period, the notion of 3D printing came into being, and in 1987, Chuck Hull released the first 3D printer, which changed the face of industrial manufacturing. With the development of 3D printing techniques, the need for cutting tools or molding reduced, and the manufacturing process became easy and more efficient.

In 3D printing, a component is manufactured directly onto a built platform, layer by layer, by using different kinds of materials, which are referred to as filaments. It is no wonder that the demand for 3D filaments is increasing with the growing adoption of 3D printing. According to a P&S Intelligence report, in 2018, the global 3D printing filaments market reached a value of $544.8 million, and it is further expected to generate $2,146.2 million by 2024, progressing at a 25.4% CAGR during the forecast period (2019–2024). Ceramics, metals, and plastics are some of the major materials which are used in 3D printing.

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These filaments are used in different industries, namely healthcare, industrial, consumer goods, automotive, and aerospace & defense. The components in the aerospace & defense industry are complex in nature, and 3D printing is the ideal way for manufacturing them. In addition to this, customized aircraft components can be produced much more easily with 3D printing techniques, as compared to conventional manufacturing techniques. Due to these reasons, the adoption of 3D printing in the aerospace & defense industry is rising, which, in turn, is resulting in the growth of the 3D printing filaments market.

Mass customization is a major reason for the increase in the adoption of 3D printing techniques. While the technology was first adopted by the aerospace industry, it soon became the go-to option for other industries as well. Due to the changing preference of people, product customization has become an important aspect for companies to gain a competitive edge in the market. The usage of 3D printing, instead of subtractive manufacturing, also reduces wastage and operational costs. All these factors would further result in a growing demand for 3D printing filaments in the near future.

The requirement for these materials has been quite high in North America in the past, which can be attributed to the rapid expansion of the aerospace & defense industry and the early introduction of 3D printing for mass customization of intermediate products in the region. Aircraft manufacturing companies in North America, such as The Boeing Company and Lockheed Martin Corporation, are increasingly incorporating 3D printing into their production processes, which is creating a high requirement for the materials used in 3D printers.

In conclusion, the consumption of 3D printing filaments is growing due to the rapid adoption of 3D printing for mass customization.