3D Printing materials market to grow at a CAGR of 21.60% from 2016-2021

25-May-16

The 3D printing materials market is projected to grow from US$530.1 mln in 2016 to US$1409.5 mln by 2021, at a CAGR of 21.60% during the same period, as per Markets and Markets. 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 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 orthopedic, dental, and cranio-maxillofacial. With recent advancements in bio-printing applications of the 3D printing technology, human organs can also be printed. 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. 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. Major players in the 3D printing materials market are 3D Systems Corporation (U.S.), Arcam AB (Sweden), Arkema S.A. (France), Royal DSM N.V. (Netherlands), ExOne GmbH (Germany), Stratasys Ltd. (U.S.)