The 3D printing filament market stood at $693.1 million in 2019, and will reach $7,082.0 million by 2030, registering a 26.8% CAGR during 2020–2030. This growth can be ascribed to the rapid adoption of 3D printing technology in end-use industries like aerospace, automotive, and manufacturing. Application of filament in 3D printing allows the production of durable and lightweight components and parts. Moreover, the filaments aid in developing intricate and sophisticated designs on the components.
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Moreover, burgeoning demand for 3D printed parts and components from the automobile sector will accelerate the 3D printing filament market in the coming years. Automakers are making huge investments in the research and development (R&D) of this technology to reduce the vehicle weight and enhance the strength of automobiles. Moreover, utilization of these novel components amplifies the aesthetics of the vehicles. Due to these factors, the vehicle manufacturers have started creating components like air ducts, functional mounting brackets, full-scale panels, and interior parts through filament-based 3D printing.
Globally, the North American 3D printing filament market generated the highest revenue in 2019 and it is expected to remain the frontrunner in the forecast period. This is attributed to the hefty investments in advancement of 3D technology and initial adoption of this technology in several North American nations. Businesses are making hefty investments to integrate this technology with the traditional manufacturing machines. Additionally, the presence of industry leaders like 3D Systems Corporation, Stratasys Ltd., Huntsman Corporation, and DuPont de Nemours Inc. will aid the market growth in the foreseeable future.
Whereas, the Asia-Pacific 3D printing filament market will exhibit the fastest growth during the forecast period. This can be ascribed to the rapid development in 3D printing technology and extensive digital manufacturing of medical prototypes, automobile components, agricultural machinery, and industrial tools. Among APAC nations, China will account for the largest market share, on account of strong government support to promote 3D printing filaments. Additionally, the existence of automotive giants like Hyundai Motor Company and Toyota Motor Corporation and the improving healthcare industry across the region are also facilitating the market growth.
Thus, the expansion of the automobile and aerospace sectors will amplify the adoption of 3D printing filaments in the manufacturing of several components and parts.
