3D Printing Materials Market 2021- Share, Growth, Key Manufacturers, Regions and Forecast By 2024

3D Printing Materials Market 2021- Share, Growth, Key Manufacturers, Regions and Forecast By 2024

3D printing materials market have been enabling decentralizing of manufacturing by making parts close to consumption. With 3D printing as a major enabler, mass customization has become a reality. It is worth noting that 3D printing is geared to disrupt markets, including construction, automotive, healthcare, fashion and food. Global Market Insights Inc., has projected 3D printing materials market size to surpass $14 bn by 2024.

With 4th industrial revolution transforming stages of the orthodox product manufacturing lifecycle, including production, design, prototyping, distribution, and end of life, the demand for 3D printing is also seeing a breakthrough. The 3D printing industry is at an economic and technological inflection point which is opening the door to a digital reinvention.

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Trends shaping the industry growth

While product novelties and efficiency are picking pace in recent years, prototyping and tooling are shaping the trend in the industry. Architects and designers tend to prototype their creations and refine them via quick iteration prior to moving beyond prototyping. There has also been growing trend of making spare parts on demand.

Propelled by artificial intelligence and the internet of things (IoT), 3D printing is likely to boost digital manufacturing. The pace of adoption of 3DP is expected to rise in automotive, aerospace, electronics and medical. For instance, Dubai has taken a step further to announce that 25% of the city-state’s new buildings will be made by using 3D printers by 2025.

Other scenarios could be in food, fashion, nutrition, footwear, and toys. Further, bioprinting is likely to take the place of organ donation and become the main source of artificial limbs.

Growth drivers

With 3D printing becoming a major revenue pocket, investment is expected to rise in the ensuing period. Increased adoption of 3D printing materials market in automotive sector is likely to be witnessed in the ensuing period, mainly attributed to lighter, safer and stronger products, robust designs, reduced costs and reduced lead times.

Prototyping has been catalyst in the use of 3DP materials in the automotive industry, for full size wing mirror printed quickly and full color dashboard, among others. Notably, weight reduction of components has boded well for the growth of 3D printing materials market.

Opportunities abound

Given that 3D printing materials addresses low cost of labor and the product is much quicker and easier vis-à-vis conventional methods, there are opportunities galore for stakeholders. Moreover, 3D printing is also helping reduce risk through proper design verification and helps in checking a design by printing a production-ready prototype prior to injecting funds in expensive manufacturing equipment.

The advent of ceramic materials in various industries is touted to bring longer-term benefits to the market as several companies have started using ceramics. The major driving force behind the increasing popularity of ceramics is the demand for toughness of parts, greater temperature resistance and strength. It is likely that manufacturers, service providers and end-users will exhibit increased traction towards ceramic 3D printing technologies.

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Potential restraints

While there is no denying that 3D printing materials market will surge steadily, there are some of the likely obstacles which may derail the industry growth. Some of the factors such as lack of availability of raw materials may mar the growth expansion.

3D printing materials are being recognized as a part of the modern industry that can open a new economic opportunity, provide customers new manufacturing possibilities, and foray into a niche market with a slew of possibilities.

About Global Market Insights:

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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