The growth of the 3D printing materials market is aided by the increasing adoption of the additive manufacturing technique. The process of joining or solidifying materials by computer control is known as 3D printing. Earlier only used for prototyping, 3D printing is being used for manufacturing. When this happens, the resulting process is called additive manufacturing. As per a P & S Intelligence study, the sales of 3D printing materials generated $ 558.4 million in 2017, which is expected to increase to $ 1,365.6 million by 2023 at CAGR of 16.7% during the 2018-2023 period.
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Traditionally, the raw material has been repeatedly reused. With additive manufacturing, which uses 3D printing, raw material wastage or eliminated in totality, thus saving money, and time. Aerospace and defense, medical and dental, and automotive are the sectors, where the use of additive manufacturing is growing. Therefore, the increasing adoption of the additive manufacturing technique is leading to a 3D printing market in the world.
In the aerospace and defense sector, which contributed 35.0% of the total revenue in 2017, 3D printing-aided additive manufacturing helps in designing and producing complex parts, where traditional manufacturing processes have proved inefficient. Further, additive manufacturing also helps in reducing the weight of the parts without compromising on their mechanical efficiency. Apart from these, wastage of expensive materials, such as titanium, is also decreased. So, the growth of the sector is expected to bode well for the 3D printing materials market.
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Similarly, the medical and dental industry utilizes 3D printing for customizing prosthetics, implants, medical models, and medical devices, including hearing aids. The technology makes it easy to design and produce bridges, teeth crowns, aligners, and surgical guides. Coming to the automotive industry, the process reduces the weight of vehicle components, helping make them cost-effective as well as fuel-efficient. Further, 3D printing helps create a moisture-resistant and watertight barrier, as well as materials that can withstand a temperature of over 105°C.
The expanding automobile industry, especially in emerging economies, is one of the driving factors of the 3D printing materials market growth. In countries, such as India, China, Brazil, and Indonesia, the purchasing power of people is increasing due to rising disposable income. People here are spending on automobiles, seeing which vehicle firms are rapidly expanding their manufacturing capacities. Therefore, a rise in automobile production is expected to boost the demand for 3D printing materials.
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Of all the 3D printing materials available, including plastics, metals, ceramics, and others, in the following year , and liquid, filament recorded the highest sales CAGR (over 50.0%) in the 3D printing materials market during the historical period. This is because of high resistance, high density, superior layer adhesion, and reduced shrinkage.
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