3D Printing Materials Market to rise at a CAGR of 18% between 2014 and 2020
The 3D Printing Materials Market is estimated to grow significantly in the years to come on account of the growing demand for 3D printing technology across industries such as medical, consumer electronics, automotive, consumer products, and aerospace. The emergence of new printing materials such as metals will further boost the growth of this market. The support received by various regulatory bodies and governmental bodies for the use of 3D printing technology across industries shall also drive the growth prospects of this market. The high demand for 3D printing materials from the education sector is also one of the key drivers of the market.
By product, the plastics segment led in the market and accounted for 48% of the market in 2013. Some of the types of polymers used for 3D printing are PLA, ABS, polycarbonate, PMMA, and PVC. The demand for plastics is high in the 3D printing materials market owing to their flexibility and enhanced durability. Moreover, plastics are available in a wide range of colors, and thus is an attractive option for printing materials.
Of the various applications of 3D printing materials such as education, medical, aeronautics, electronics and consumer products, industrial, and automotive, the segment that led in the past was electronics and consumer products, trailed by automotive segment. In fact, the electronics and consumer products segment will continue to lead throughout the forecast period and emerge as the segment witnessing rapid growth, witnessing a CAGR of 17% between 2014 and 2020. The growing use of electronics and consumer products for personal use is driving the growth of this segment.
The information Presented in this Review is Based on Press-Release by TMR
On the basis of geography, the market is anticipated to witness fastest growth in the Asia Pacific region. Previously, North America held the leading position and accounted for 37% of the market in 2013. The growing adoption of 3D printing technology in China and Japan is expected to fuel the growth prospects of the Asia Pacific 3D printing materials market. Europe is also slated to witness a remarkable growth during the forecast period, apart from North America. On the other hand, the Rest of the World is likely to experience sluggish growth in the 3D printing materials market in the years to come. The limited scope for 3D printing technology in the region is one of the key restraints hampering the growth of the market in this part of the world.