The market for 3D printing filament is expected to grow at a CAGR of greater than 12% globally during the forecast period. Growing usage in manufacturing applications and mass customization associated with 3D printing are the major factors driving the market growth for 3D printing filament. However, high capital investment requirement and unfavorable conditions arising due to COVID-19 outbreak are some of the major restraints for the growth of the market.
– Adoption of 3D printing technology in home printing is expected to offer various lucrative opportunities for the growth of the market.
– By end-user industry, aerospace an defense industry is expected to grow at a significant rate during the forecast period owing to its increased usage in rapid prototyping and for the manufacturing of the scaled models.
– Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the consumption from countries such as China, India, and Japan.
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Increased Demand from the Aerospace & Defense Segment
– Based on end-user industry, the aerospace and defense industry is estimated to lead the market, on account of increasing application areas, growing investments, and technological advancements.
– The plastics segment is anticipated to lead the 3D printing filament market in the aerospace sector, owing to its superior properties such as lightweight nature. Amongst plastics, ABS and PLA types are the most consumed because of their availability and cost-effectiveness. Plastic filaments are widely used in high-precision manufacturing of trolleys, ducting, and fittings
– The growth in the commercial aerospace market is likely to lead to the development of aircraft production and maintenance programs in emerging countries.
– The demand for the commercial aircraft is expected to more than double over the next two decades. To meet this demand, the number of jet airplanes is likely to nearly double to 47,000 airplanes, at an average annual growth rate of 3.3%.
Asia-Pacific Region to Dominate the Market
– The demand for 3D printing material is witnessing significant traction, as a result of decreasing price and rapid acceptance of 3D printing technology from prototyping, product designing, and concept modelling to final product manufacturing.
– The growth is attributed to early adoption and development of advanced 3D printing industry complemented by the strong presence of manufacturers in the region.
– The aircraft parts and assembly manufacturing sector in the country is growing at a rapid pace, with the presence of over 200 small aircraft part manufacturers. Major manufacturers are concentrated in Nanchang, Shanghai, Chengdu, Xi’an, Harbin, Shijiazhuang, and Shenyang. The Chinese aerospace policy represents one of the most comprehensive attempts to enter the top levels of aerospace development and production. China is expected to be the world’s largest single‐country market for civil aircraft sales over the next 20 years.
Competitive Landscape
The global 3D printing filament market is partially consolidated in nature with a few major players dominating a significant portion of the market. Some of the major companies are Stratasys Ltd., 3D Systems, Inc., Arkema Group, SABIC, and Clariant among others.
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