The global 3D printing filament market is estimated to garner a hefty amount of revenue and grow at a CAGR of ~18% over the forecast period, i.e., 2022 – 2030. The growth of the market can be primarily attributed to the increasing demand for mass customization of objects with complex structures from end use industries. Along with this, filaments produced from plastics are extensively being used in FDM/FFF technology, as a result of their lower price as compared to other forms of 3D printing materials. This in turn is predicted to drive market growth in the forthcoming years. Furthermore, growing research and development activities in 3D printing technologies such as manufacturing of biodegradable filaments and multi-property materials are expected to offer abundant growth opportunities to the market in the near future. In addition, rising demand for 3D printing plastics to produce medical equipment during the coronavirus pandemic, is also projected to drive market growth in the imminent time. In 2019, more than 15 percent of the total medical, dental or prosthesis equipment in the world were produced using 3D printing techniques, which grew up to about 18 percent in the year 2020.
The market is segmented by end use into aerospace & defense, medical, automotive, electronics and others, out of which, the aerospace & defense segment is anticipated to hold the largest share in the global 3D printing filament market. This can be accounted to the rise in the usage of additive manufacturing in aerospace components, and high use of printing filament for producing design stereotypes. Apart from these, the medical segment is assessed to observe the highest growth rate over the forecast period owing to the growing utilization of plastic filaments in applications namely prosthetics, implants and other components. Additionally, on the basis of type, the plastics segment is evaluated to acquire the largest share during the forecast period, which can be credited to the increasing usage of high-performance plastics for the production of 3D printing objects, and superior compatibility of the material with FDM printers. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global 3D printing filament market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the rising expenditure in the manufacturing sector to produce electronics, fixtures and toys. In addition, reduction in the 3D printing raw material cost is also expected to drive the region’s market growth in the coming years. Moreover, the market in the North America is projected to occupy the largest share during the forecast period ascribing to the rapid growth of the United States 3D printing market, and expanding consumer base of aerospace & defense industry in the region. The rise in medical expenditure is also predicted to boost the region’s market growth in the future. According to the U.S. Centers for Medicare & Medicaid Services, the country’s health care spending grew 4.6 percent in 2019, reaching $3.8 trillion or $11,582 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 17.7 percent.
The global 3D printing filament market is further classified on the basis of region as follows:
Our in-depth analysis of the global 3D printing filament market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing demand for mass customization from end use industries and growing research and development activities in 3D printing technologies.
The market is anticipated to attain a CAGR of ~18% over the forecast period, i.e., 2022 – 2030.
Health hazards for workers producing 3D printing filament is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities to the market owing to the rising expenditure in the manufacturing sector to produce electronics, fixtures and toys in the region.
The major players in the market are BASF 3D Printing Solutions GmbH, Saudi Basic Industries Corporation, Arkema SA, DuPont de Nemours, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, plastic type, end user, and by region.
The plastics segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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