3D printing materials market will reach $3.18 billion by 2027, report says
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The market will be driven by a rising demand for customization, the new study from Frost & Sullivan says.
The global 3D printing materials market is projected to reach US$3.18 billion by 2027 from US$1.33 billion in 2020 at a compound annual growth rate of 13.3 per cent, a new report from Frost & Sullivan says.
The report, entitled Global 3D Printing Materials Growth Opportunities, finds that in North America and Latin America, the market will remain high during the forecast period, driven primarily by the automotive and aerospace segments. Europe will be the second-largest contributor to the market with the increasing adoption of 3D printing in the automotive and healthcare segments. The demand for functional and design prototyping in the automotive, healthcare, consumer goods, and industrial sectors will expedite market growth in the Asia-Pacific (APAC) region, whereas hobbyists and universities will drive demand in the Middle East, Africa and South Asia (MEASA) region.
“The market is shifting from mass production to mass customization as the demand for uniqueness, growth of eCommerce, and brilliant customer engagement strategies significantly accelerate the demand for customized products,” said Aditya Krishnan, chemicals, materials and nutrition research analyst at Frost & Sullivan. “This trend is expected to create growth in end-use sectors such as automotive, healthcare, and consumer goods because they have immense potential to customize products. The market for automotive 3D printing is expected to be driven by a mix of prototyping and small-scale manufacturing. Similarly, the healthcare industry is the ‘most customizable’ sector as its needs vary from patient to patient. In contrast, the aerospace industry is an early adopter of 3D printing and has used the technology in producing structural and functional parts.”
The increasing use of printing materials due to their declining price presents lucrative growth prospects for market participants, including:
- Forming strategic alliances with 3D printing technology providers: Material manufacturers must diversify product offerings to provide solutions for different applications.
- Leveraging capital investment versus production capability tradeoff to enhance market penetration: Materials and technology manufacturers must invest in service bureaus to maximize the potential of 3D printing.
- Shifting focus toward industrial production from prototyping: Companies should develop products printed at higher resolutions while decreasing printing time.
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