(MENAFN - iCrowdNewsWire) iCrowd Newswire - Jun 20, 2019
According to the new market research report " 3D Printing Materials Marketby Type (Plastic, Metal, Ceramic), End-Use Industry (Automotive, Aerospace & Defence, Healthcare, Consumer Goods, Construction), Form (Powder, Liquid, Filament), Technology, Application, and Region - Global Forecast to 2027″, is expected to reach USD 8.7 billion by 2027, at a CAGR of 25% between 2019 and 2027.
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The 3D printing materials market size is estimated to grow from USD 1.5 billion in 2019 to USD 8.7 billion by 2027, at a CAGR of 25% during the forecast period. The 3D printing materials market is witnessing significant growth because of the growing demand from industries such as healthcare, automotive, and aerospace & defense.
The aerospace & defense end-use industry is estimated to account for the largest share of the 3D printing materials market in 2019
Aerospace & defense is the major end-use industry in the 3D printing materials market. North America and Europe are the key markets due to the presence of the aerospace & defense industry. The automotive industry is expected to grow at the fastest rate due to the increasing adoption of 3D printing in the manufacturing of automotive components.
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Prototyping is the largest application of 3D printing materials.
Prototyping is the key application in the 3D printing materials market. The 3D printing materials market in the manufacturing application is projected to register the highest growth rate during the forecast period. This high growth of manufacturing application is attributed to the growing adoption of 3D printing in the aerospace & defense, automotive, and healthcare industries.
North America is expected to be the largest market for 3D printing materials during the forecast period.
North America is expected to dominate the 3D printing materials market during the forecast period due to the substantial adoption and manufacturing of products based on 3D printing technology. Growing emphasis on the development of new 3D printing materials, such as composites is increasing the application range of the 3D printing materials, and driving the demand in automotive, healthcare, and aerospace & defense industries . In addition, strong support from the governments for 3D printed goods over conventional goods and the presence of key manufacturers in the region are expected to drive the market further.
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Key market players:
Major 3D printing material manufacturers are 3D Systems Corporation (US), Stratasys (US), Arkema SA (France), Materialise NV (Belgium), Evonik Industries AG(Germany), and General Electric (US).
3D Systems Corporation has secured a strong position in the North American market. It is also establishing its presence in Latin America and MEA and is now focusing on APAC. The company is a strong market player in the functional materials & solutions business segment. It has a strong focus on R & D and has acquired Vertex Global Holding B.V. which provides dental material through its Vertex and NextDent brand. Additionally, 3D Systems Corporation is highly engaged in adopting organic growth strategies to remain competitive in the 3D printing materials market. For instance, the company launched 30 new materials that are useful in automotive, durable goods, and jewelry applications.
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USA : 1-888-600-6441