3D Printing Materials Market to Reach US$ 2.3 Bn by 2023: Credence Research
According to a new market research report published by Credence Research “3D Printing Materials (Metals, Plastics, Ceramics, Others) Market – Growth, Share, Opportunities, Competitive Analysis and Forecast 2016 – 2023”, the global 3D printing market stood at US$ 630 Mn in 2015 and is estimated to expand with a CAGR of 18.2% from 2016 to 2023. The overall 3D printing materials volume stood over 2.6 kilotons in 2015.
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3D printing materials refer to the raw materials used for product development through 3D printing. The specialty of these materials is there better flexibility, durability and stability. 3D printing can be achieved using a vast array of materials which are available in different states (powder, resins, filament etc.). However, specific materials are being developed for use in dedicated end-use of 3D printing. Some of the most popular materials used in 3D printing include plastics, metals and ceramics among others. Particularly, materials such as polyamide, titanium, paintable resin, silver, gold, alumide, stainless steel and bronze are commonly used for 3D printing.
The 3D printing materials market goes hand-in-hand with the 3D printers’ adoption worldwide. Thus, with the rise in penetration of 3D printers globally, the demand for materials will rise substantially. With the rise in 3D printing based manufacturing, the demand for materials is estimated to witness high growth in the coming years. Till date, the 3D printing technology is used in various applications such as jewelry, consumer goods, industrial design, aerospace, construction, automotive, healthcare, geographic information systems and others. This creates large room for the 3D printing materials industry. In addition, the market growth is also driven by the ongoing advancements in the materials designed for 3D printing.
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Similar to the 3D printers market, the global 3D printing materials market is quite fragmented in nature with large number of players striving to establish their remarkable presence in the market. Typically, companies provide both 3D printers as well the required material to their customers, thus providing an entire product suite.
The market players emphasize on development of materials for specific applications in 3D printing. 3D printing technology companies are increasingly focusing on having their own materials division. Thus, there can also be observed a trend of investment and acquisitions for strengthening position in the materials sector.
3D printing for manufacturing end-use products rather than simply prototyping
Development of 3D printing materials for specific applications
Acquisition of other players for strengthening position
Focus on specific applications such as residential, automotive and healthcare
Emphasis on high performance metallic and plastic materials
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