3D Printing Materials Market: Overview
- The global 3D printing materials market is estimated to grow significantly in the years to come on account of the growing demand for 3D printing technology across industries such as medical, consumer electronics, automotive, consumer products, and aerospace.
- The emergence of new printing materials such as metals will further boost the growth of this market.
- The support received by various regulatory bodies and governmental bodies for the use of 3D printing technology across industries shall also drive the growth prospects of this market.
- The high demand for 3D printing materials from the education sector is also one of the key drivers of the market.
What are Key Growth Drivers of Global 3D Printing Materials Market?
- The manufacturing of organs such as liver and heart and the fabrication of human tissues require 3D printing. 3D printing is also being used in medicines. They are used for making dental crowns and for root canal treatments, thus driving the demand for 3D printing materials.
- The rising use of 3D printing equipment and thus, 3D printing materials in the education sector will propel the growth of this market. High use of desktop and even professional 3D printers will subsequently create a demand for 3D printing materials.
- The global 3D printing market has been accumulating lucrative opportunities owing to the rising use of technology. The growing awareness about the uses and the benefits of the 3D printing in place of indigenous manufacturing methods will further add to the growth of the market.
- In addition, continuous innovation in technology and services and devices based on it are also forcing in adopting the changing technologies.
- The demand for plastics is high in the 3D printing materials market owing to their flexibility and enhanced durability. Moreover, plastics are available in a wide range of colors, and thus is an attractive option for printing materials.
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What are Key Challenges for Global 3D Printing Materials Market?
- 3D printing has simplified ways of working in the manufacturing sector, customization of products, styling, and designing all have grown adequately.
- High material cost and lack availability of standardized process may slow down the growth of 3D printing market.
- However, by imparting more knowledge about the 3D printing technique, growing uses in jewelry making, designing printed electronics and in various other areas the market will flourish in forthcoming years.
Lucrative Opportunities for Players in Global 3D Printing Materials Market
- 3D printing offers an immense number of benefits such as sturdiness, attractive designs, enhanced quality of products, and more. Due to these benefits, the demand for the products is quite high, thereby stoking growth in the global 3D printing materials market. Moreover, several favorable initiatives from governments and other manufacturing organization to increase awareness about the availability of 3D printed products too is fueling expansion in the market.
- A major reason for driving growth in the global 3D printing materials market involves a rampant increase in its applications in various fields. Ranging from automobiles and healthcare to consumer commodities and aerospace, the requirement for quality components can easily be met through the use of 3D printing materials. Many companies are focusing on using new materials as well as investing in developing better technologies, thus making the global 3D printing materials market spurt growth at a splendid pace. As players focus on regulating product prices and improving their sales techniques, the 3D printing materials industry is prophesized to see a great future.
North America to Dominate Global 3D Printing Materials Market
- On the basis of geography, the market is anticipated to witness fastest growth in the Asia Pacific region. Previously, North America held the leading position and accounted for more than 27% of the market in 2018.
- The growing adoption of 3D printing technology in China and Japan is expected to fuel the growth prospects of the Asia Pacific 3D printing materials market. Europe is also slated to witness a remarkable growth during the forecast period, apart from North America.
- On the other hand, the Rest of the World is likely to experience sluggish growth in the 3D printing materials market in the years to come. The limited scope for 3D printing technology in the region is one of the key restraints hampering the growth of the market in this part of the world.