Market Dynamics:
The Growing Application Expanse of 3D Printing Coupled With Large Market Enthusiasm Is Generating a Large Demand
The year 2017 witnessed the sale of the millionth desktop 3D printer led by application of 3D printers, amongst designers, manufacturers, artists, and scientists. Amazon launched its 3D printing store, for selling 3D printed items in 2014 generating considerable market enthusiasm. The falling cost of 3D printing at competitive prices, coupled with the growing capability of producing complex products cheaply and at a faster than traditional machining technologies is another driver of the market.
The Tremendous Potential of 3D Printing Provides A Massive Market Opportunity
The tremendous benefits of 3 D printing such as artificial organ printing, cancer research, defense, and metal technology offer a significant market opportunity. 3D printing utilizes the low volume of materials and affords excellent performance. In 2015, Airbus announced that its new Airbus A350 XWB used components manufactured by 3D printing. In 2015, a Eurofighter Typhoon fighter jet was produced by printed parts. The economic potential of 3D printing is tremendous which is being tapped as technology improves.
Ethical, Environmental and Legal Issues Coupled With Technological Challenges May Hamper the Market
3D printing is a nascent technology and is not supported by substantial scientific studies mapping its entire potential and effects. The use of Nanomaterials is another cause of concerns due to its unique behavior. The lack of lifecycle studies has created concerns over the environmental impact of these materials. 3D printing has issues regarding intellectual property drawing many legal regimes, including patents, industrial design rights, copyright, and trademark. However, there is significant uncertainty about the applications of laws to 3D materials.
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Market Synopsis:
3D printing materials are used in the construction of a three-dimensional object, which involves consecutive layers of a specific material are joined under computer control. The global 3D printing materials market is anticipated to grow at a CAGR of 19 % by the end of the forecasted period 2022.
Regional Analysis:
The developed regions of North America and Europe corner a disproportionate market share owing to first comer advantages, faster uptake of new technology, the presence of significant players and unique research ecology. North America led by the U.S. is the largest market followed by Europe. Europe is expected to be the second fastest growing market driven by Germany, France, and the U.K.
However, the market is expected to shift in favor of the Asia Pacific led by Japan, South Korea, China, and India. The Middle East and Africa region are supposed to be dominated by Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar.
Major Players
The dominant players operating in the global 3 D printing material market share report include Sandvik AB, Höganäs AB, Solvay S.A., EOS GmbH, Arcam AB Inc., 3D Systems Corporation, Royal DSM N.V., Arkema S.A. Inc., ExOne GmbH Inc., and Stratasys Ltd. Inc. and others.
Segmentation:
The need to generate an accurate understanding of the nascent stage of the global 3D printing material market creates a need to segment the market reflecting its potential accurately. Based on the in-depth knowledge of such dynamics, the global 3D printing material market is segmented based on material, applications, and region.
Based on materials, the market is segmented into metals, plastics, ceramics, and others.
Based on application, the market is segmented into automotive, healthcare, aerospace & defense, consumer goods, and others
Based on regions, the market is segregated into North America, Europe, Asia Pacific, Middle East and Africa.
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