3D printing is a process of making three-dimensional objects with the help of the digital model of the objects. The process is also known as additive manufacturing. In this process, the object is created by making thinly sliced successive layers of material. 3D printing needs lesser amounts of materials to produce complex shapes than the traditional manufacturing method. 3D printing technology is gaining momentum due to its increasing use in various industry verticals including the aerospace & aviation industry. 3D printing materials, including metals, are used in manufacturing many aircraft parts such as wings, jigs, and engine parts.
The global 3D printing materials market was valued at US$ xx million in the year 2018 and is expected to reach US$ xx million by the year 2023, growing at a CAGR of approximately 21.3%. The increasing use of 3D printing technology in aerospace and defense, coupled with rising government investments in 3D printing technology, will propel the growth of the market. For instance, in August, 2018, the UK government announced an investment of 780 million euros for advanced manufacturing. This initiative will help the growth of additive manufacturing technologies.
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However, the high cost of materials is expected to curtail the growth of the market. The adoption of 3D printing technology in home printing is creating opportunities for the market.
On the basis of structural form, the global 3D printing materials is categorized as powdered form, filaments, a liquid form, and sheeted form. On the basis of the material type, the market is segmented into plastics, ceramics, metals, resins, and other materials. The plastic segment holds the highest share in the market, owing to the heavy use of plastics 3D printing materials in consumer products.
According to application, the market is categorized into automotive, consumer goods, aerospace & defense, healthcare, and other applications. The aerospace & defense segment is expected to hold the largest share in this segment due to the early adoption of 3D printing technology and the high cost of aircraft parts. The automotive sector is growing at the highest CAGR due to the increasing use of 3D technology for designing high-cost parts & components. Geographically, North America holds a major share due to the presence of the largest consumer base in this region.
The major players of the global 3D printing materials market are, Arcam AB (Sweden), Arkema S.A. (France), Stratasys Ltd. (USA), Royal DSM N.V. (Netherlands), 3D Systems Corporation (USA), Envisiontec Inc. (USA), ExOne GmbH (Germany), Royal DSM N.V. (Netherlands), LPW Technology Ltd (UK), and Sandvik AB (Sweden), amongst others.
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