The high demand for 3D printing materials from the education sector is also one of the key drivers of the market.
ALBANY, NY, USA, September 16, 2020 /EINPresswire.com/ — In a recent study, Transparency Market Research (TMR) profiles and studies strategies adopted by the leading players in the global 3D printing materials market. The study includes profiles of some of the leading market participants such as Concept Laser GmbH, 3D Systems, Inc., Arcam AB, Solidscape Inc., Optomec, Stratasys Ltd., and others. In order to steal a march against competitors, most companies operating in the 3D printing materials market are investing in the expansion of their product portfolios. Through product innovation these companies aim at strengthening their share in the global 3D printing materials market. The report also analyzes the impact of various strategies adopted by the market players on the overall 3D printing materials market.
TMR forecasts the global 3D printing materials market to rise at a CAGR of 18% between 2014 and 2020. At this pace, the market will reach US$1.4 bn by the end of 2020 as against US$450 mn in 2013. Regionally, North America emerged dominant in 2013 backed by the increasing use of 3D printing tech. The report expects it to remain lead through the course of the forecast period. Application-wise, the consumer products segment held the dominant share of 23% in the global 3D printing materials market in 2013, trailed by the automotive industry.
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Rising Adoption across Diverse Industries to Boost Growth
Factors such as the rising adoption of the 3D printing technology across diverse industries will boost the global 3D printing materials market. In the coming years, the increasing demand from education and government sectors is expected to give impetus to the market. Furthermore, favorable regulations by governments across developed countries are supporting the expansion of the market worldwide.
In the coming years, the global 3D printing materials market is expected to witness rising demand from India, China, and ASEAN countries. The expansion of automotive, consumer products, healthcare, and other industries across the aforementioned countries will enable the market gain momentum in the coming years. The market, as per TMR, is expected to witness increasing demand for polymers on account of the rising uptake of desktop printers. Besides this, the rising demand for 3D printed metals in energy, education, research, defense and aerospace, industrial, and healthcare sectors will boost the market over the course of the forecast period.
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Limited Penetration in Undeveloped Nations May Create Hindrances to Growth
Despite North America’s dominance, TMR projects Asia Pacific to show the highest CAGR in the global 3D printing materials market. The rising demand from Japan and China will enable growth in the Asia Pacific 3D printing materials market in the coming years. In addition to this, the Europe market is slated to rise at an impressive pace. On the other hand, TMR projects sluggish growth for the market in Rest of the World. The limited penetration of 3D printing technologies in undeveloped countries is likely to restrict the market to an extent.
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Source: EIN Presswire