Global Market Analysis Report of Chemicals and Materials Industry: 3D Printing Materials Market size

Wednesday 11 November 2020

Global 3D Printing Materials Market Growth 22:42

How Are 3D Printing Materials Bringing Down Manufacturing Costs?

From $9.346 trillion in 2009, global manufacturing, value-added rose sharply to $13.809 trillion in 2019, says the World Bank. This has been a result of the population boom, which has led to a massive increase in the demand for a variety of products, from processed food and personal care goods to automobiles and consumer electronics. With time, the manufacturing sector has undergone continuous evolution: first, there was mostly manual work. and then came machines, followed by assembly lines. Soon, much of the human work in many industries was replaced by robots.

One of the newest advancements in the manufacturing industry is 3D printing, in which a machine, known as 3D printer, builds a product, part or component layer by layer. Among the numerous of its advantages, it checks raw material wastage, which helps in a lot of cost savings for companies. P&S Intelligence says that due to the increasing popularity of this production method, the 3D printing materials market would grow from $558.4 million in 2017 at a healthy 16.7% CAGR during 2018–2023, to $1,365.6 million by 2023.

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Conventionally, all the parts have to be individually produced and then shipped hundreds of miles to the assembling facility. Using 3D printing, an entire component can be manufactured at once, thus improving the production efficiency and speed and reducing the manufacturing cost. For instance, in place of 855 individually manufactured parts, General Electric is using just 12 3D-printed parts for its latest turboprop aircraft engines. Further, in 2015, the Federal Aviation Authority (FAA) gave GE the greenlight to use 3D-printed parts in engines of commercial jetliners.

Due to such massive usage of the 3D printing technology in the U.S., North America has been the largest 3D printing materials market for quite some time now. Apart from GE, several other companies are mulling the usage of this technique for manufacturing. For instance, the Boeing Company hopes to bring down the production cost of the 787 Dreamliner by up to $3 million with 3D-printed parts. Moreover, the usage of this production method is also increasing in the regional healthcare sector, with 3D-printed implants having received the Food and Drug Administration (FDA) approval in 2010.

Therefore, as 3D printing penetrates into more industries and applications, the demand for the various materials used in the process is set to rise massively.

Manish Baghel 0

Tuesday 31 March 2020

3D Printing Materials Market size 06:36

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.

Manish Baghel 0