3D Printing Materials Market to Grow at 23.9% CAGR Through 2025: GVR

The global 3D printing materials market size was estimated at $845.7 million in 2018, growing at a CAGR of 23.9% over the forecast period (2019-2025).

Rising demand for 3D printing coupled with increasing demand for high-performance materials across various industries including aerospace and defense and automotive is projected to propel the market growth.

The benefits such as faster production process, superior quality products, cost-effectiveness, and growing demand for high-performance materials are anticipated to propel the industry growth over the forecast period. Also, 3D printing reduces the risk of errors and is highly preferable for mass production, which is likely to result in market growth.

Increasing the application scope of 3D printing technology on account of rapid technological developments in the U.S. is projected to drive market growth over the forecast period. Rising demand for personalized products in the country coupled with favorable government policies have led to high investment by numerous manufacturers in the country.

The ability to print low-cost components and equipment in less time is expected to be the major driving factor for the market. Rising awareness pertaining to significant cost and weight saving by various manufacturers is expected to propel the industry demand.

Also, 3D printers produce less wastage of materials than traditional machines, thus, propelling the 3D printing materials market growth.

The materials used by 3D printers to manufacture a range of end-use products include metal and polymer powder which is comparatively of high cost as compared to materials that are utilized in traditional production methods. An increase in the cost of the 3D printing materials is projected to limit the expansion of the market.

However, the manufacturers across the globe are increasingly adopting 3D printing technology to reduce the production time, enhance the product properties, and reduce the labor cost. In addition, the flexibility to produce complex geometries, which are difficult to be built using a traditional manufacturing process, is likely to further promote market growth.

Materials such as photopolymers, thermoplastics, metals, and others are majorly used in 3D printing. Other material type segment includes ceramics, laywood filaments, and wax. The material selection is based on mechanical properties, manufacturing characteristics, appearance, and cost. The durability and flexibility of the materials are projected to boost its demand across the application industries.

The demand for photopolymers is anticipated to grow over the forecast period and is expected to reach $1.7 billion in 2025. Ease of producing models and complicated designs using photopolymers is expected to boost demand for the material. In addition, the growing use of 3D printing technology in the manufacturing of complex equipment is projected to boost industry growth.

The low cost of thermoplastic material is anticipated to be the major factor resulting in high demand for the material. Also, increasing demand for lightweight and durable materials in application industries such as aerospace and defense, automotive, and medical, is likely to propel the demand for thermoplastics over the forecast period.

Metal is among the preferred raw material in the dental industry, wherein implants are manufactured using metals such as titanium, aluminum, chromium, and cobalt. In addition, growing demand from the aerospace sector is also expected to substantially drive the use of metal for 3D printing, thereby propelling market growth.

Laywood filament, which consists of recycled wood and polymer binder is also used as a 3D printing material. Large architectural models, bowls, and sculptures are majorly produced using laywood filament. The segment is anticipated to witness growth with increase in the adoption of the technology across various application industries.

The aerospace and defense application segment is projected to witness the highest growth over the forecast period. The segment is anticipated to reach $1.1 billion in 2025. Rising use of 3D printing materials for the production of simple objects such as armrests to complex parts such as engine components is projected to promote the demand for 3D printing materials.

The growing use of 3D printing materials for medical purposes such as implants for knee and hip replacement, surgical tools, and prosthetics is projected to augment market growth. Also, the growing use of 3D printed models by doctors and surgeons to perform complex surgical operations is anticipated to further propel the industry growth.

The consumer products and industrial application segment are expected to grow over the forecast period owing to the increasing manufacturing sector in China, Japan, and other economies. Also, the utilization of ceramics in home décor and art and sculpture is anticipated to promote market growth over the forecast period.

Other application segment includes architecture, education, commercial products, and construction, which contributes towards a significant share in the global 3D printing materials market. Increasing adoption of 3D printing in the architecture segment with rising exploration activities and fabrication methods is expected to promote market growth.

The market in North America amounted to USD 328.5 million in 2018 and is projected to grow over the forecast period owing to the rising investments from the producers. Also, the presence of key players in the region coupled with a strong focus on technological advancements is likely to fuel market growth.

Increasing demand for 3D printing products from Japan, China, and South Korea owing to the favorable government policies, widespread manufacturing base, and high investment in research and development is anticipated to promote the industry growth. Rising disposable income and improved standard of living are projected to result in high product demand.

Rising product demand from end-use industries such as automotive, defense, aerospace, and consumers is expected to have a positive impact on the market over the forecast period. In addition, the utilization of materials including metals, ceramics, and photopolymers for product designing and parts manufacturing is projected to further boost the industry growth.

Rapid industrialization coupled with infrastructure development in the Asia Pacific region is expected to have a positive impact on market growth. Also, increasing R&D investments by countries such as China, India, Japan, and Indonesia in upgrading aerospace and defense equipment and parts is expected to drive the market.