Will North America continues to lead the 3D Printing Materials market share during 2018-2023?
- Vasu T
- Oct 5, 2018
- 3 min read
According to the new market research report by IndustryARC titled “3D Printing Materials Market: By Type (Plastics [PLA, ABS, PVA], Metals [Titanium, Steel, Silver], Ceramics [Glass, Silica, Porcelain], Others); By Form (Filament, Powder, Liquid); By Application (Aerospace, Automotive, Industrial, Healthcare); By Geography - (2018-2023)”, the market is driven by the growing demand for 3D printing materials from the healthcare industry.
North America holds the major market share of 3D Printing Materials, followed by Europe and Asia-Pacific. North America is the leading producer of 3DP materials globally, occupying almost 60% of the global market share. U.S. holds the majority of the market share followed by Canada in North America. 3D printing for consumer and personal purposes experienced a massive boom in North America, resulting in large consumption of consumer 3D printer materials, mostly plastics. Aerospace and defense industry has also seen an increase in 3D printing activity to print customized parts as compared to the last decade. North America registered the largest share of $461.5 million in 2017. Also, it is estimated to reach $2.09 billion at 29.2% CAGR by 2023.
In terms of growth rate, Asia-Pacific is projected to register highest growth rate of 30.8% CAGR throughout the forecast period, followed by Europe and North America. Europe is projected to register the second largest market share during the forecast period and expected to reach $1.28 billion by 2023 at 30.4 % CAGR.
Selected / Sample Analysis done in the full Report:
Manufacturing involves the transition of crude raw materials received in various forms such as filaments, powders, liquids and others, which are compatible with 3D printers. Plastics, which are usually cheap and can be procured in bulk, require a great deal of processing to make 3D printing compatible. They have to be made into filaments of either 1.75mm or 3mm where the tolerance level is really low. This adds to the cost of manufacturing. Titanium, which generally cost about $50 per kilo in normal cases, has to go through a smelting process before it can be used for additive manufacturing. The final product costs about $200-$300 per kilo. Therefore, the value of the product increases tenfold. All 3D printers have specific requirements for the type, strength, and dimensions of their compatible materials, the manufacturing of which is a very important value-adding process in the value chain.
The major manufacturers include Stratasys Ltd., 3D Systems, Arcam and so on. The materials are then either directly shipped to the customers or is sold to service providers like i.materialise and Shapeways. 3D printing technology is new and its benefits are unheard of by all. Therefore, the marketing of these products also adds value to the product.
Excerpts on Market Growth Factors Mentioned in the Full Report:
1. Increasing use of 3D printers and its materials in household applications is projected to escalate the market growth during the forecast period.
2. The rising demand for 3D printing materials like various types of biomaterials in the medical industry is expected to drive the demand and growth for 3D printing materials market in the future.
3. Increasing investments in research and development of the 3D printing industry are also expected to drive the growth for the 3D printing materials market in the coming years.
To access the full report browse the link below
Key Players of the 3D Printing Materials Market:
Stratasys Ltd. and 3D Systems are the two key market players in the 3DP materials industry. Stratasys deals extensively in thermoplastic and photopolymer materials including ABS and PLA among others. It supplies a wide range of very high quality materials and hence, is usually priced more than the average market price. The 3D systems Corp products are specifically suited to each of the three categories of printers it produces- personal, professional and production.
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