Increasing Application of 3D Printing Material in Healthcare Will Drive Growth: Fact.MR
According to the study, 3D printing materials is gaining traction in healthcare owing to its utility in creating artificial organs and cells.
- Surge in demand for medical components during COVID-19 pandemic drives the 3D printing material market growth.
NEW YORK, May 11, 2021 /PRNewswire/ -- As per the study by Fact MR, the global 3D printing material market is forecast to expand at 26% CAGR over the duration of 2021 to 2031. According to the study, 3D printing materials is gaining traction in healthcare owing to its utility in creating artificial organs and cells. 3D printing materials are ideal for manufacturing customized components with high accuracy and finish. Surging demand for custom parts and medical components drives the market growth.
According to a study released by Fact MR, constant innovation and research in 3D printing materials along with supporting government policies will boost the market growth. Use of cost of 3D printing in prosthetic making will provide lucrative opportunities for market growth.
"Manufacturers are switching towards 3D printing material for its superior strength, robust nature, and high temperature resistance. Growing demand from aviation, automotive and defense industry for strong, accurate and light products is driving the 3D printing material market," said a lead analyst at Fact.MR.
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Key Takeaways
- The global 3D printing material market is forecast to exceed the valuation of US$ 1309 Mn by the end of 2021.
- North America region spearheads the 3D printing material market, accounting for 23% of global sales valuation.
- Europe follows North America in terms of growth and market share on the backs of introduction of 3D printing material in healthcare sector for producing medical components.
- South Asia and East Asia is providing lucrative opportunities for market growth on the backs of cheap labor and low production cost.
- Automotive sector has the highest market share among the 3D printing material verticals with 31% of global market share.
Prominent Drivers
- Adoption of 3D printing techniques for manufacturing complicated components accelerates the 3D printing material market demand.
- High cost effectiveness and production flexibility offered by 3D printing material for manufacturing complex designs heightens the market growth.
- Incorporation of 3D printing in manufacturing of light weight and high accuracy structures in aerospace and defense industries will positively affect the 3D printing material market growth.
Key Restraints
- High cost of 3D printing material is a primary barrier hampering the market growth.
- High lead time and slow manufacturing of 3D printing material is also restricting the market growth.
- Poor durability of 3D printing material products in comparison with casted and molded products slows the market demand.
Discover more about the printing materials market with 185 figures and 92 data tables, along with the table of contents.
https://www.factmr.com/report/3d-printing-materials-market
Competitive Landscape
Leading players operating in 3D printing materials market profiled by Fact.MR include General Electric, Materialize NV, , Voxeljet AG, Markforged Inc., 3D Systems Corporation, Arkema S.A., Royal DSM N.V., The Exone Company, Stratasys Ltd., SLM Solutions Group AG, Impossible Objects, Inc., LPW Technology Ltd., Envisiontec, Inc., Sandvik AB, Hoganas AB, Evonik Industries AG, Carbon, BASF New Business GmbH, Eco Industrial Co. Ltd., Forefront Filament, Keene Village Plastics, Clariant, Airwolf 3D, and Lithoz GmbH.. The key market players are focusing on expanding their market in target consumer goods vertical by offering fused filament technology powered 3D printing materials. Healthcare industry has also increased demand for 3D printing material due to surging demand for medical components.
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For instance 3D Systems Corporation partnered with Sauber Motorsports AS in 2021, to assist wind tunnel operations of 3D System solutions and build a in-house high production plat to support the cause. 3D Systems Corporation provided 3D printing material for for aerodynamic model iterations of Sauber.
More Valuable Insights on 3D printing materials market
Fact.MR, in its new report, offers an unbiased analysis of the global in 3D printing materials market, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on in 3D printing materials market on the basis of Product type (Metal 3D printing materials, ceramic 3D printing materials, plastic 3D printing materials), form (3D printing powder, 3D printing filament, 3D printing liquid), Technology (Fused Filament Fabrication, Selective Laser Sintering, Stereolithographic, Direct Metal Laser Sintering, Others) across regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, MEA).
Key Questions Covered in the Report
- Which factor will be the most crucial for 3D printing materials market?
- What is likely to be the future outlook of 3D printing materials market?
- What are the key drivers and restraints for 3D printing materials market?
- Which region has the highest growth rate in 3D printing materials market?
- Which are the leading players operating in 3D printing materials market?
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