Additive Manufacturing Market Prototyping: Largest application of 3D printing materials
According to a new market research report the 3D Printing Materials Market will be worth 4.5 billion dollars by 2025 and will grow at a CAGR of 23.5 percent between 2020 and 2025.
The Covid-19 pandemic has negatively affected the 3D printing materials demand across various end-use industries such as aerospace & defense, automotive, construction, and other industries. These industries are severely affected by Covid-19. The disruption in the supply chain has resulted in delays or non-arrival of raw materials, disrupted financial flows, and growing absenteeism among production line workers have compelled aircraft and automobile manufacturers to operate at zero or partial capacities, resulting in reduced 3D printing materials demand.
Stratasys has a prominent presence in the 3D printing materials market. The company has a strong brand image, and it caters to the growing demand for 3D printing materials in major applications. It opted inorganic and organic growth strategies through launching new PEKK-based high-performance thermoplastic material, namely, Antero 800NA and through collaboration with Team Penske. The company mainly focuses on R&D activities to maintain its comprehensive portfolio of 3D printing products that have significant growth potential.
3D Systems Corporation has secured a strong position in the North American market. It is also establishing its presence in Latin America and MEA and is now focusing on APAC. The company is a strong market player in the functional materials & solutions business segment. It has a strong focus on R&D and has acquired Vertex Global Holding, which provides dental material through its Vertex and Nextdent brand. Additionally, 3D Systems Corporation is highly engaged in adopting organic growth strategies to remain competitive in the 3D printing materials market. For instance, the company launched 30 new materials that are useful in automotive, durable goods and jewelry applications.
Aerospace & defense is the major end-use industry in the 3D printing materials market. North America and Europe are the key markets due to the presence of the aerospace & defense industry and high demand for metal 3D printed metal materials. However, the demand for 3D printing materials is expected to witness sluggish growth in 2020 due to Covid-19 that has enforced lockdown across national and international borders. This has resulted in reduced wind capacity installations and the temporary suspension of operations in the automotive, aerospace, and construction industries.
Prototyping is the key application in the 3D printing materials market. The 3D printing materials market in the manufacturing application is projected to register the highest growth rate during the forecast period. This high growth of manufacturing application is attributed to the growing adoption of 3D printing in the aerospace & defense, automotive, and healthcare industries.
North America is expected to dominate the 3D printing materials market during the forecast period due to the substantial adoption and manufacturing of products based on 3D printing technology. The increasing demand from the aerospace & defense, medical & dental, and automotive end-use industries in North America are also driving the market in the region. In addition, strong support from the governments for 3D printed goods over conventional goods and the presence of key manufacturers in the region are expected to drive the market further. But, because of the lockdown situation occurred due to Covid-19, many floor workers are unable to work in manufacturing facilities, which has resulted in the reduction in output across the aircraft and car manufacturing facilities. Thus, the market for 3D printing materials will grow at a slower rate in 2020 in comparison to the previous year.