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.
