The manufacturing is increasing shifting towards additive manufacturing from subtractive manufacturing. Before, most of the processes in the manufacturing industry were carried out using subtracting manufacturing, where a number of processes are involved including cutting, molding, extruding, forging, and casting. While this method is suitable for producing objects that have fairly simple design, when it comes to intricate designing, subtractive manufacturing is not the really the ideal way to go. 

 

Because of this, the adoption of additive manufacturing or 3D printing has risen substantially in industries, as it allows product development with enhanced aesthetics. This, in turn, is resulting in the growth of the global 3D printing filaments market. Filaments are important products that enable the carrying out of 3D printing. The results of 3D printing depend largely on the quality and consistency of these filaments, owing to which, their demand is rising rapidly across the globe. 

 

The aerospace industry especially is creating high demand for 3D printing filaments. The industry is registering significant growth and the commercial airlines reached a value of $879.0 billion in 2019, increasing from $845.0 billion in 2018. Since the industry is expanding, the need for new aircraft is likely to increase in the years to come. This will result in the rising requirement for aircraft component, and 3D printing technology is being used widely for the production of these components. The use of 3D printing filaments decrease the weight of the manufactured products significantly. 

 

Owing to these factors, the 3D printing filaments market is projected to attain a value of $7,082.0 million by 2030, increasing from $693.1 million in 2019, exhibiting a 26.8% CAGR during the forecast period (2020–2030). On the basis of type, the market is categorized into ceramics, acrylonitrile styrene acrylate, metals, polyethylene terephthalate glycol, acrylonitrile butadiene styrene, plastics, and polylactic acid. Out of these, the plastics category held the major share of the market in 2019. 

 

These materials are easily available, have low cost, and require less intricacy, which is why they are the preferred choice among consumers. Based on application, the market is divided into healthcare, industrial, automotive, aerospace & defense, and consumer goods, among which, the consumer goods application is projected to witness the highest CAGR during the forecast period. Since this industry is highly competitive, it needs to produce new products in a short amount of time. Due to this companies are using 3D printing technology for enhancing the functional appeal.

 

Geographically, the 3D printing filaments market was dominated by North America, and the region is further predicted to account for the largest share of the market during the forecast period. The technology was adopted in the region quite early and now investments are being made for integrating it with conventional manufacturing machines. The Asia-Pacific region is expected to register the fastest growth during the forecast period due to the swift advancements in the 3D printing technology. 

 

Hence, the market is being driven by the increasing demand for 3D printing in the aerospace industry and shift from subtractive manufacturing.