In 2017, the 3D printing materials market generated $558.4 million and is expected to attain $1,365.6 million by 2023, advancing at a 16.7% CAGR during 2018–2023. The market is growing due to the enabling of mass customization due to 3D printing, growing demand for automobiles in emerging nations, and rising use of 3D printing in the manufacturing sector. The materials that are used in the 3D printing process, which involves the of printing 3D objects with help of sequential layers of materials, such as ceramics, plastics, and metals, are called 3D printing materials.
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On the basis of form, the 3D printing materials market is divided into filament, liquid, and powder. Among these, filaments dominated the market during the historical period (2013–2017), accounting for a share of over 50.0% in 2017, in terms of volume. Due to their superior properties, including high density, excellent layer adhesion, wrap resistance, and reduced shrinkage, polylactic acid and acrylonitrile butadiene styrene are the most extensively utilized filaments in 3D printing. The division is further projected to contribute the largest share to the market during the forecast period.
A key factor driving the growth of the 3D printing materials market is the growing use of 3D printing in the manufacturing sector. Various manufacturing companies are focusing on integrating additive manufacturing into their processes for better and fast results. Till now, a large number of companies were using 3D printing more for prototyping, which is considered the most popular application of 3D printing. However, medical & dental and aerospace & defense have started employing the technology for full-scale production processes, rather than just prototyping, as well.
When application is taken into consideration, the 3D printing materials market is categorized into consumer goods, medical & dental, automotive, aerospace & defense, and others (which include electronics, jewelry, architecture, fashion, art & sculpture, and food). Out of these, the aerospace & defense application accounted for over 35.0% share of the market in 2017, in terms of value. The most expensive material utilized in 3D printing, titanium is primarily used in the aerospace & defense application, which results in highest revenue contribution to the market.
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The enabling of mass customization due to 3D printing is another factor which is resulting in the growth of the 3D printing materials market. The production of customized goods in order to meet the demand of customers is called mass customization. The several advantages of mass customization include added value to goods, unique user experience, and collection of clients’ data. The use of 3D printing for mass customization removes any additional cost, as the process does not involve specific tooling and initial cost of mold, which are required for traditional manufacturing techniques.
The adoption of 3D printing in the education sector is a major trend in the 3D printing materials market. The concept of 3D printing is being increasingly adopted in the education sector as it allows students to explore new ideas and design basic 3D shaped on tablets. Different schools have started integrating 3D printing technologies in their curriculum, as it will help enhance the creativity of students and allow them to test ideas in real space. This is further predicted to enhance the quality of education provided in different educational institutions.
Hence, the market is growing considerably due to the enabling of mass customization because of 3D printing and the increasing usage of 3D printing in the manufacturing sector.
