How is Growth of Automotive Industry Driving 3D Printing Materials Market?

The automotive industry is growing at a considerable pace, particularly in countries including Indonesia, China, Brazil, and India, because of the rising demand for vehicles. For example, in 2017, India and China became the world’s two largest automotive markets and reached 4.02 million units and 29.12 million units, respectively. Moreover, 3D printing is becoming the popular option in the automotive sector for designing parts which have complex geometries and are difficult to produce by utilizing conventional methods. 3D printed components are further light in weight and consume less energy during their production. This rising adoption of 3D printing in the automotive industry is resulting in the growing requirement for 3D printing materials.   

According to a P&S Intelligence report, the global 3D printing materials market attained a value of $558.4 million in 2017 and is expected to generate a revenue of $1,365.6 million in 2023, advancing at a 16.7% CAGR during the forecast period (2018–2023). Plastics, metals, and ceramics are majorly utilized 3D printing materials. Among these, the largest demand in 2017 was created for metal, which is further projected to register the fastest growth in demand during the forecast period. This is primarily because metallic 3D printing materials have a higher cost than ceramic and plastic 3D printing materials. 

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Several industries make use of 3D printing materials such as consumer goods, aerospace & defense, automotive, and medical & dental. Among all these, the aerospace & defense industry created the largest demand for 3D printing materials in the past and is further predicted to make the most use of these materials during the forecast period. The major reason for this is the utilization of titanium as a 3D printing material in the 3D printing of prototypes or parts. Titanium is important for aerospace & defense applications and is one of the most expensive materials utilized in such manufacturing processes. 

When geographical scenario is taken into consideration, North America made the most use of 3D printing materials during 2013–2017 and is projected to create the largest demand for these materials during the forecast period as well. This is ascribed to the presence of established players and increasing adoption of the 3D printing technology for product manufacturing and mass customization in the region. The fastest growth in demand for 3D printing materials is expected to be registered by the Asia-Pacific region in the coming years. This is due to the increasing research & development funding and supportive government policies. China is predicted to witness the highest growth in demand for these materials in the near future.   

A key trend being observed in the 3D printing materials market is the rising adoption of 3D printing technology in the education sector. The utilization of 3D printing in the education sector is aiding the students to think conceptually and turn their ideas in physical form for better understanding. The technology is enabling students to design basic 3D shapes on electronic devices such as tablets and explore new ideas. Apart from this, 3D printing is enhancing the quality of education in mathematics, engineering, science, and technology domains at the university level.