CHICAGO, July 14, 2020
CHICAGO, July 14, 2020 /PRNewswire/ -- According to the new market research report "3D Printing Materials Market by Type (Plastic, Metal, Ceramic), Form (Powder, Liquid, Filament), Technology, Application, End-Use Industry (Automotive, Aerospace & Defence, Healthcare, Consumer Goods, Construction), And Region – Global Forecast To 2025", published by MarketsandMarkets™, the 3D Printing Materials Market size is estimated to grow from USD 1.6 billion in 2020 to USD 4.5 billion by 2025, at a CAGR of 23.5% during the forecast period.
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The 3D printing materials market is witnessing significant growth because of the growing demand from industries such as healthcare, automotive, and aerospace & defense.
The aerospace & defense end-use industry is estimated to account for the largest share of the 3D printing materials market in 2020
Aerospace & defense is the major end-use industry in the 3D printing materials market. North America and Europe are the key markets due to the presence of the aerospace & defense industry and high demand for metal 3D printed metal materials. However, the demand for 3D printing materials is expected to witness sluggish growth in 2020 due to COVID-19 that has enforced lockdown across national and international borders. This has resulted in reduced wind capacity installations and the temporary suspension of operations in the automotive, aerospace, and construction industries.
Prototyping is the largest application of 3D printing materials.
Prototyping is the key application in the 3D printing materials market. The 3D printing materials market in the manufacturing application is projected to register the highest growth rate during the forecast period. This high growth of manufacturing application is attributed to the growing adoption of 3D printing in the aerospace & defense, automotive, and healthcare industries.
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North America is expected to be the largest market for 3D printing materials during the forecast period.
North America is expected to dominate the 3D printing materials market during the forecast period due to the substantial adoption and manufacturing of products based on 3D printing technology. The increasing demand from the aerospace & defense, medical & dental, and automotive end-use industries in North America are also driving the market in the region. In addition, strong support from the governments for 3D printed goods over conventional goods and the presence of key manufacturers in the region are expected to drive the market further. But, because of the lockdown situation occurred due to COVID-19, many floor workers are unable to work in manufacturing facilities, which has resulted in the reduction in output across the aircraft and car manufacturing facilities. Thus, the market for 3D printing materials will grow at a slower rate in 2020 in comparison to the previous year.
Major 3D printing material manufacturers are 3D Systems Corporation (US), Stratasys (US), Arkema SA (France), Materialise NV (Belgium), Evonik Industries AG(Germany), and General Electric (US).
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