Market Size of 3D Printing Materials and Services Industry
|2019 - 2029
|Base Year For Estimation
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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3D Printing Materials & Services Market Analysis
The 3D Printing Materials and Services Market is expected to grow at a CAGR of 23% over the forecast period 2021 - 2026. Additive manufacturing, also known as 3D printing, is an automated process used to create rapid prototypes and functional end-use parts that has witnessed increasing demand from healthcare, automotive, and other industries globally.
- One of the early adopters of 3D Printing Technology is the aircraft industry, where the technology is useful for producing complex parts by providing designers the advantage of creating the best parts with reduced cost and production feasibility. The industry mainly uses titanium metal and alloys as it offers good mechanical properties and high dimensional accuracy during production.
- The growing demand from the educational sector is also driving the growth of the market. With labs being set up at many educational institutions for 3D printing, such as for engineering students to enable them to print prototypes, for biology students to allow them to study cross-sections of organs, and graphic design students to work on 3D versions of their work.
- The push from the healthcare sector is also expected to impact the growth of the market positively. For instance, various medical products, such as surgical equipment, prosthetics & implants, and tissue engineering products, are manufactured through 3D printing technology and in other sector applications such as orthopedic, dental, and craniomaxillofacial, and more.
- The high material cost is the major restraint the market is facing due to high material costs owing to its higher standards of purity and composition required.
- The pandemic has negatively impacted the 3D Printing Materials market with the supply chain disruptions resulting in delays or non-delivery of raw materials, financial flows getting affected, and decrease of the workforce in the production line have resulted in industries such as aerospace & defense, automotive, construction, and others to operate at zero or partial capacities.