Published on : May 18, 2021
Albany, New York, May 18, 2021: Growing demand for 3D printing material along with rise in demand for high performance materials across several industries including automotive and aerospace and defense is anticipated to boost the market growth in coming years.
The makret is primarily driven due to cost-effectiveness, rapid production process, and superiors quality products. Further, 3D printing also mitigates the risk of errors and thus, it is highly preferable for mass production. This, in turn, is projected to fuel the global 3D printing materials market during the forecast period (2020-2024).
Further, widening application array of 3D printing technology on back of rapid technological developments in the U.S. is anticipated to accelerate the market growth over forecast period. Favorable government policies and growing demand for customized products are resulting in high investment by various stakeholders of the 3D printing materials market in the country.
The newly added report “Global 3D Printing Materials Market 2020-2024, Trends and Forecast Report” in RMoz repository provides insights about various factors contributing to growth of the market. It also presents information about several challenges and restraining factors that may limit the growth of the global 3D printing materials during the forecast period.
The report consists of several chapters, each chapter depicting different aspects of the market growth. In addition, the analysts have used graphs and statistics to present the information in pictorial form.
The market analysts have done in-depth research to provide details of the drivers and trends shaping the market. They have also visited several enterprises, stakeholders, and other key operators of the global 3D printing materials makret to get an idea of possible growth rate in coming years.
Among all, cost-effective printing of equipment and component in less time is anticipated to be the key driving factor for the global 3D printing material market. Further, growing awareness regarding low cost and weight saving among various manufacturing companies are likely to boost the demand for 3D printing materials in forthcoming years. Moreover, 3D printers tend to produce low waste materials when compared to conventional machines. This, in turn, is anticipated to accelerate the 3D printing material market during the forecast period.
High Production Cost Hampers Adoption of 3D Printing Materials
On the other hand, manufacturing of 3D printing materials require wide range of manufacturing products such as polymers and metals among others. These material are expensive when compared to material required to manufacture conventional printing materials. This, in turn, raise the overall production cost of 3D printing materials. Hence, high production cost of 3D printing materials is anticipated to restrict growth of the global 3D printing materials market in the forecast period.
Nevertheless, various manufacturers are implementing 3D printing technology in order to reduce the overall production time and labour cost, along with enhanced product properties. Further, the ease of producing complex geometries, which are difficult to draw using a traditional manufacturing process in anticipated to boost the market growth in the duration of forecast period.
In recent years, rise in adoption of the 3D printing technology by the manufacturers is projected to accelerate the demand for material such as metals, thermoplastics, and photopolymers among others.
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Further, prominent companies operating in the global 3D printing material market are excessively investing in research and development activities, in order to develop customized solutions and strengthen their foothold in the global market.
Some of the key companies operating in the global 3D printing material market are Materialise NV, Höganäs AB, EOS GmbH, 3D Systems Corporation, Envisiontec Inc., Arkema S.A., CRP Technology S.r.l., General Electric, Arcam AB, Evonik Industries AG., Royal DSM N.V., Stratasys Ltd., ExOne, and Sandvik AB.