North America Dominated the 3D Printing Materials Industry

The 3D printing materials market was USD 2,578.8 million in 2022, and it will reach USD 16,230.8 million by 2030, advancing at a rate of 25.9% in the years to come.

Plastics holds the largest share in terms of volume, over 30%. This is because of the low prices, easy availability of plastics and their use in numerous designs.

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Additionally, plastic materials offer high adaptability, extreme temperatures, resistance to abrasion, shock, physical distortion, and chemicals; excellent flexibility, sturdiness, and high elasticity, which further increases their consumption.

The filament form dominated the industry in the recent past. This has a lot to do with the use of filaments in toys, numerous household objects, educational models, and cars. Some of the frequently used filaments are PP, nylon, TPU, PLA, ABS, and PVA.

Because of the high strength, low cost, and wide variety of applications, the requirement for 3D printing filaments will keep on increasing in the years to come.

North America dominated the 3D printing materials market, around 45%, in the recent past. This has lot to do with the growth and wide acceptance of the use of this technology in product manufacturing and mass customization . The governments of numerous countries are encouraging the usage of 3D printing.

Furthermore, Europe followed North America in the recent past, with about 35%. The  progress of the industry in this region is powered by the existence of notable aircraft manufacturing companies, for example EuroJet Turbo GmbH, Airbus SE, ArianeGroup, and European Satellite Navigation sectors. As 3D printing materials offer users a simple supply chain, lessen risk, and are lightweight, their acceptance has increased in the aerospace sector.

It is because of the increasing use of 3D printing in the manufacturing sector, the demand for 3D printing filaments will increase at the rate of knots in the future.

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How Are Educational Institutions Improving Learning Through 3D Printing?

Manufacturing firms are using 3D printing to explore opportunities offered by additive manufacturing. Production units are integrating additive manufacturing into their organization to yield faster and better results. Over the years, 3D printing has gained popularity in additive manufacturing, which was previously based on the subtractive process in which wasted raw materials are reused several times. For example, automotive production facilities use left-over metal sheets to develop metal plates to be reused for the manufacturing of other parts. However, in recent years, the usage of 3D printing materials has escalated, due to the growing adoption of 3D printing technology.

Additionally, the rising integration of the 3D printing technology in the education sector will propel the 3D printing materials market at a CAGR of 16.7% during 2018–2023. According to P&S Intelligence, the market stood at $558.4 million in 2017 and it is expected to surpass $1,365.6 million by 2023. Educational institutions are using 3D printing to boost the cognitive ability of students and transform their ideas into physical form. This printing technology is enabling students to design basic 3D shapes, on laptops and tablets, and explore novel ideas. 

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In the coming years, North America is expected to register the highest sales of 3D printing materials, owing to the strong presence of established players and rapid growth in the usage of 3D printing technology. Moreover, rising adoption of this technology in the medical and dental sector will accelerate the usage of such materials in the region. However, the Asia-Pacific (APAC) 3D printing materials market will exhibit the fastest growth during the forecast period, due to the hefty investments in research and development (R&D) and supportive government policies regarding 3D printing technology. 

Thus, the growth in the automotive, manufacturing, aerospace and defense, and education sectors will amplify the usage of 3D printing materials in the near future.

Read More: https://www.psmarketresearch.com/market-analysis/3d-printing-materials-market

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