Polymer Market In Global 3D Printing To Grow To US$2,388.5 Mln By 2024 At A CAGR Of 26.4%

Polymer market in global 3D printing to grow to US$2,388.5 mln by 2024 at a CAGR of 26.4%

05-Aug-19

3D printing offers integration of metals and alloys with other raw materials as per the requirement of the end-user industry, to create specified 3-dimensional objects. During 2017, polymer held a prominent share of 33.5%, followed by plastic which held 30.6% during the same year. Polymer market in global 3D printing was valued at US$469 mln in 2017 and is projected to grow to US$2,388.5 mln in revenues by 2024 witnessing a CAGR of 26.4% during the forecasted period. Custom Design and Manufacturing held more than 50% share and garnered US$589.9 mln revenues during 2017, as per marketresearchnest.com.

Based on technology, the global 3D printing market is segmented into stereo lithography, selective laser sintering, electron beam melting, fused deposition modeling, laminated object manufacturing and others.
In 2017, Fused Deposition Modelling technology dominated the 3D Printing market at global scale. It is expected to maintain its dominance throughout the analyzed period. It is projected to reach US$8,132.1 mln by 2024 showcasing significant CAGR of 25% during the analyzed period. Furthermore, depending on application type, the market is further classified into Functional Parts, Fit and Assembly, Prototype Modelling, Education, Metal Casting, Metal Casting, Visual Aids and Presentation Modelling. During 2017, functional parts occupied the largest share of 33.8%, followed by Fit and assembly application type in the global 3D printing market.

Moreover, benefits of 3D printing can also be witnessed among various industry verticals such as Education, automotive, aerospace and defense, healthcare, consumer goods, manufacturing, construction and others where the additive manufacturing has turned out to be a game changer. Automakers and raw material suppliers for manufacturing sector have realized the benefits of 3D printing solutions, eventually increasing the demand for 3D printing solutions in these industries. In the automotive industry, the use of 3D printing technology has been successful in bring about new shapes to the industry, allowing the industry to produce lighter and more complex structures at affordable price ranges. Manufacturing sector was accounted as the fastest growing industry vertical in terms of its applications in 3D printing. Based on estimation, the respective segment is projected to generate revenue of US$4,957.1 mln in by 2024 displaying tremendous CAGR of 25% during the forecasted period in the 3D printing market at global scale.

Strong competitiveness, spur in product development, Research and Development activities and dramatic uptake of technological advancements, and investments by major peers have put the downward pressure on 3D printer prices coupled with numerous players foraying into 3D printing domain have resulted in tremendous growth of global 3D printing market. In addition, the growing prominence of 3D printing technique among various industry verticals such as healthcare, automotive, education, consumer goods paired with a supportive legal framework has further impelled the performance of 3D printing at global scale. 3D printing at a global scale is not only being dominated by plastic and polymers but metals have also become the viable options for 3D solution specifically among aerospace and OEM manufacturers. Additive manufacturing has also showcased the potential to deliver significant change in the healthcare landscape which has further enabled life sciences and health care professionals to utilize 3D printing technique.
Digital dentistry has also brought a drastic transformation in 3D printing space. Owing to this, the global 3D printing market was valued at US$5,492.8 Million during 2017 and is projected to reach US$25,420.8 Million by 2024 displaying exponential CAGR of 24.7% during the predicted period. Growth for 3D printing has remarkably been driven by demand for 3D-produced orthopaedic and cranial implants, and dental restoration. The emergence of an unprecedented number of small and medium-sized 3D-printing technology companies is creating an increasingly competitive business environment. However, high cost involved and limited resource pool faced by major players in terms of prohibiting the development of 3D printed armaments or destructive elements or equipment’s such as guns needs to be addressed globally.

Based on estimation, North America accounted for revenue share of 55% in 2017. Positive impact on businesses of manufactures and customized production with the innovative technology has bolstered the growth of global 3D printing market. While Europe and Asia Pacific followed the lead by occupying 20.6% share and 12.2% share during 2017.