SELBYVILLE, Del., Feb. 24, 2020 /PRNewswire/ -- Based on a research report by Global Market Insights, Inc. the global 3D printing materials market size was estimated at $590 million in 2015 and is expected to surpass $14 billion by 2024, registering a CAGR of 20% from 2016 to 2024. The report offers an in-depth analysis of market size and estimations, top winning strategies, opportunities and drivers, key investment pockets, fluctuations in market trends and competitive outlook.
The rapid expansion of North America and Europe's medical industry, owing to burgeoning investments in R&D in the regions, are likely to accelerate the 3D printing materials market share over the forecast spell. The flourishing automotive industry is also expected to drive industry expansion, as a result of the robust customer base for modified and designer vehicles, which require efficient 3D printing material and equipment to sustain in the evolving market.
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The 3D printing materials market demonstrates significant potential across myriad applications in the healthcare industry to manufacture various medical devices. The product has the capability to not only produce multiple identical copies of the same device but is also utilized for the manufacturing of 3D objects used for patient care and sophisticated experimental activities with biocompatible complex structures.
Key reasons for 3D printing materials' market growth:
- Proliferating demand for the product across myriad end-use industries including electronics & consumer products, medical, automotive and aerospace, among others.
- Persistent R&D efforts in Europe and North America and the subsequent growth of the medical industry in the regions.
- Cost-effectiveness and widespread usage of the product across medical, aerospace and automotive industries.
2024 forecasts show the "plastics" segment retaining its dominance:
Based on product, the plastics segment held the largest share in the overall 3D printing materials industry and is projected to retain this position over 2024. This growth is attributable to the advanced characteristics of plastic materials, which make them highly suitable for 3D printing processes.
On the other hand, the metal segment is set to witness significant growth over the years, has recorded revenue of over $135 million in 2015. This is ascribed mainly to the broad scope for 3D metal printing across the industrial and automotive landscape.
APAC to emerge as a considerable revenue pocket:
On the regional front, North America held a dominant position in the global 3D printing materials market in 2015. This popularity was attributable to the strong presence of the consumer electronics, medical and automotive industries in the region. However, the APAC region is set to grow at the fastest pace in recent years, due to the burgeoning automotive sector, escalating government investments in healthcare, as well as proliferating consumer electronics demand in the region.
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Leading market players:
The 3D printing materials market includes a strong presence of prominent players such as 3D Systems Inc., Voxeljet, ExOne and Stratasys Ltd., which accounted for over 70% of the industry share in 2015. These entities are focused on consistent R&D investments to enhance product efficiency as well as innovate new products. For instance, 3D Systems Inc., in 2019 produced the first entirely scalable platform in the industry, allowing enterprises to cut costs, improve efficiency and gain a competitive edge in the market.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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3D Printing Materials Market to Reach $14 Billion by 2024
The global 3D printing materials market is mainly driven by the rising product demand in the electronics and automobile sectors.
SOURCE Global Market Insights, Inc.