3D Printing Materials Market in Asia pacific will witness maximum gains over the forecast period. Particularly in China, Indonesia, India and Japan, technological advancements in automobile as well as medical & pharmaceutical industry shall propel the 3D printing materials market demand in the coming years.
Automobile manufacturing amounted to 9 million units in 2016 and by 2024, it may reach 125 million units. Moreover, the automobile sector is poised to achieve approximately 16% CAGR in the forecast duration, which is strong indicator for 3D printing materials market growth by 2024.
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Robust growth indicators in aerospace and defense industry across the globe will be the major growth driver for the 3D printing materials market over the forecast timespan. 3D printing materials & equipment are widely used in automobile, electronics, aerospace, defense and medical & pharmaceutical industry with advantages offered such as design freedom, high speed precision and smooth surface finish.
Medical & pharmaceutical industry has emerged as one of the major end-users of 3D printing materials & equipment over the past few years. The significant applications of the product in the industry is production of organs including heart & liver and human tissues fabrication. It is employed for manufacturing of dental crowns which is used in dental treatments. Increasing health awareness among consumers shall positively influence market growth in the near future.
Education sector is also an important share contributor for global 3D Printing Materials market. Increasing market of desktop and professional 3D printers in offices shall accelerate product demand in the coming years. However, high overall product cost may hinder the 3D printing materials & equipment market growth over the forecast period. Technological advancements and growing demand across different applications may open new growth avenues for the product market in near future.
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Electronics & consumer goods segment emerged to be largest end-users for the 3D printing materials market and held close to 20% of global product business. Increased consumer spending on consumer goods due to rising per capita income has positively influenced electronic gadgets and appliances demand throughout the globe. This increasing product demand from electronics industry shall fuel the market growth in the forecast timespan.
In 2016, 3D printing materials market was consolidated with key companies holding close to 50% share of the industry market. Major industry players are:
- Royal DSM
- Concept Laser
- EOS GmbH
- LPW Technology
North America was valued more than USD 200 million and accounted for approximately 35% of global market. The major growth driver for the regional market is the booming aerospace and defense industry, which is supported by governments through huge capital investment to strengthen the defense sector.
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