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3D Printing Materials Market to See CAGR of 21.60%
April 29, 2016 | PRNewswireEstimated reading time: 1 minute
The report "3D Printing Materials Market by Type (Plastics, Metals, Ceramics, and Others), by Form (Filament, Powder and Liquid), by Application, and by Region - Global Forecasts to 2021", published by MarketsandMarkets, The market is projected to grow from USD 530.1 Million in 2016 to USD 1,409.5 Million by 2021, at a CAGR of 21.60% during the same period.
3D printing technology has been adopted by major end-use industries because of its design flexibility, less wastage, and environmentally friendly properties among others. The increase in the demand for 3D printing technology in aerospace & defense, medical & dental, automotive, and consumer goods is driving the 3D printing materials market, globally.
Medical & dental is one of the key segments in the 3D printing materials market
Medical & dental is one of the major applications that use 3D printing technology. Several medical products such as surgical equipment, prosthetics & implants, and tissue engineering products are manufactured through 3D printing technology. Apart from this, 3D printing is also used for technologies in the field of medicine such as orthopaedic, dental, and cranio-maxillofacial. With recent advancements in bio-printing applications of the 3D printing technology, human organs can also be printed.
Metal materials are expected to dominate the 3D printing materials market
Metals have a higher market share in comparison to plastics and ceramics owning to its high strength. Therefore, they have a wide range applications in the aerospace & defense, medical & dental, and automotive industries that require strong materials for the making of end-use parts by using 3D printing technology. Metals are generally available in powder form with different grades of colors. Titanium is a special material with high strength used in 3D printing spare parts, medical, jewelry, home decor, tools, and army related products.
North America is the largest 3D printing materials market
The U.S. accounts for a major share of the 3D Printing Materials Market in North America, whereas Germany accounts for the major market of the European region. High growth in the U.S. is attributed to the growing demand for 3D printing technology, especially from the aerospace & defense industry. The Asia-Pacific region is also experiencing high growth in the 3D printing materials market. This increase in growth is due to the adoption of 3D printing technology in countries such as China, Japan, and South Korea.
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