Global 3D Printing Filaments Market Overview, Leading Players and Future Scope
Automakers across the world are heavily investing in research and development (R&D) to increase strength, reduce weight, and amplify the aesthetic value of vehicles. To achieve these objectives, automobile manufacturers are increasingly using 3D printing filaments to produce components such as air ducts, interior accessories, functional mounting brackets, and full-scale panels. With the surging production and adoption of automobiles, the consumption of such filaments will accelerate in the coming years. As per the Organisation Internationale des Constructeurs d'Automobiles (OICA) around 78 million vehicles were purchased in 2020, globally.
Further, the rising adoption of 3D printing technology in the aerospace industry will also help the 3D printing filaments market advance at a CAGR of 26.8% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue will rise from $693.1 million in 2019 to $7,082.0 million by 2030. The aircraft and aviation sectors are extensively using 3D printing filaments to decrease the weight, enhance the strength, and achieve complex and customized designs in the manufactured products.
Geographically, North America utilized the highest volume of 3D printing filaments in the past and it is expected to continue its dominance in the forthcoming years as well. This is due to the early adoption of 3D technology and the presence of leading filament manufacturers, such as Stratasys Ltd., Huntsman Corporation, DuPont de Nemours Inc., and 3D Systems Corporation in the region. These companies have been actively developing novel methods and products to reduce the cost of 3D printing technology.
Thus, the mounting vehicle production and rising adoption of 3D printing technology in the aerospace and manufacturing sectors are expected to propel the usage of 3D printing filaments in the foreseeable future.
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