The growing demand from several end-use industries such as automotive, medical, aerospace & defense, electronics & electrical among others are prominently driving the market growth.
The Global 3D Printing Plastic Market was estimated at USD 810.0 million in the year 2020, and is expected to reach USD 3,780.8 million by 2027. The market is growing with a CAGR of 24.6%, during the forecast period (2017-2027).
The major factor driving the growth in 3D printing plastic market is the burgeoning application of 3D printing plastic components from the medical industry. 3D printing plastic is sterilizable, biocompatible and offers a variety of chemical, thermal and mechanical properties. These properties make it suitable to align perfectly with the needs of modern medicine. The use of 3D printing or additive manufacturing in medical industry has enabled the doctors in performing their jobs more effectively by offering custom tools and models. It has helped in providing patients with affordable implants, devices and prostheses suiting their needs. In addition, 3D printing has now made it possible to manufacture complex geometries with a high level of accuracy. It has also allowed medical professionals to quickly create detailed 3D models by making use of 3D scanning and x-rays and has eliminated the storage requirement of physical casts for ongoing patient care. Owing to these benefits, rising application of 3D printing in medical industry is thereby projected to bloom the global 3D printing plastic industry.
Apart from the medical industry, growing demand of 3D printing from automotive industry is also prominently driving the market growth. 3D printing technology has immensely helped the automotive manufacturers in reducing the weight of vehicles by providing lightweight vehicle components. The reduced weight of vehicles has enabled in increasing fuel economy and improving car performance. Additionally, 3D printing helps in limiting the production time, reducing the maintenance costs and improving the quality of tools by using internal cooling channels in the injection molding method. It also facilitates in providing different means to test and validate vehicle’s parts before they go into large scale manufacturing. Further, the use of 3D printing has enabled the automotive OEM to meet the surging demand of customized vehicles by offering a flexible and cost-effective way to manufacture customised parts. These advantages have resulted in increasing the adoption of 3D printers by key automotive manufactures across the globe. For instance, in 2020, Porsche introduced a new sports car seating using 3D printing and lattice design. These new seats incorporate polyurethane 3D-printed central seat and backrest cushion sections, that can be customised in three firmness levels: soft, medium and hard. Moreover, the company plans on producing 3D print 40 prototype seats for European race tracks and plans on expanding seat customisation beyond color and firmness and by personalising the seat suiting customer’s specific body contour. Such level of customization is only possible with the use of 3D printing technology. Therefore, increasing application of 3D printing combined with growing demand for customizations in automotive is positively impacting the growth of 3D printing industry.
Despite such strong growth factors, the rising environmental concerns regarding the disposal of plastic materials across the globe is expected to pose severe challenges in the growth of the 3D printing plastic market during the forecast period. However, increasing government investments in several nations for supporting the adoption of 3D printing high performance plastic technologies in different industries is expected to provide growth opportunities in the market. For instance, in August 2018, the U.K. government announced an investment of £780M that is focused on creating next-gen technologies and industries, including 3D printing and other advanced manufacturing technologies. Such favorable investment is expected to majorly drive the 3D printing plastic demand during the forecast period.
Global 3D Printing Plastic Market by Region Outlook (Revenue, USD Million, 2017-2027)
Based on region, Asia-Pacific is projected to attain the fastest growth in 3D printing plastic market during the forecast period. The industry growth in this region is mainly attributed to rapidly growing end-use industries such as automotive and electronics & electrical in the developing economies such as China, South Korea and India. Favourable government initiatives combined with increasing investments in these industries are driving the industry demand in this region. Initiatives like “Made in China 2025”, “Make in India” and the “Automobile Industry Mid and Long-Term Development Plan” are immensely supporting the growth of these industries. Additionally, blooming aerospace industry in China is also responsible for driving the 3D printing plastic demand in this region. According to Civil Aviation Administration of China (CAAC), the number of aviation companies in China rose to 523 together owned a fleet of total 2,892 aircraft during the 13th Five-Year Plan period (2016-20). Therefore, growth in these industries is expected to create a higher need for 3D printing plastic, thereby positively driving the demand in 3D printing market.
The Global 3D Printing Plastic Industry Segmentation:
Global 3D Printing Plastic Market Product Type Outlook (Revenue, USD Million, 2017-2027)
Global 3D Printing Plastic Market Form Outlook (Revenue, USD Million, 2017-2027)
Global 3D Printing Plastic Market End-Use Industry Outlook (Revenue, USD Million, 2017-2027)
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the 3D Printing Plastic Market are:
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