The Global 3D Printing Filament Market is projected to grow at a CAGR of 25% in the forecast period of 2021-26, reveals MarkNtel Advisors in their recent research report. The market is driven primarily by the increasing demand for 3D printing filaments from industries like aerospace & defense, healthcare, and automotive, among others, to produce components with complex structures.
For instance, the automotive industry is significantly contributing to the growing demand for 3D Printing filaments used for prototyping. Besides, advantages like durability, quick production, robustness, and high-performance properties of 3D printing using filaments like plastics, metals, wood, etc., are expanding their applications further across different verticals.
Since the 3D printing technology is highly efficient for prototyping and enables end-users to attain more precision, it is gaining immense popularity and directly impacting the demand for filaments. Moreover, manufacturers are swiftly shifting toward Advanced Manufacturing (AM) processes, including 3D printing, to manufacture products required in limited quantities.
Key questions answered in the study
Plastic Filaments to Dominate the Market during 2021-26
The booming demand for plastic filaments is primarily due to their flexibility to fuse at any surface & their easy manufacturing. In addition, the versatility of plastics widens their applications extensively across different sectors like aerospace & defense, automotive, healthcare, etc., to manufacture elements like space aircraft, educational models, vehicles, and machining equipment, thereby promoting the overall market growth.
On the other hand, the demand for Metal filaments used in 3D printing is anticipated to display the fastest growth in the coming years owing to the properties of metals to provide an aesthetically appealing look without the need for a high-temperature extruder. Besides, metal filaments are heavier & remain on the surface for a longer period, which is another crucial aspect leading to their fastest-growing demand in the coming years.
India, China, & Japan to Contribute Significantly to the Asia-Pacific 3D Filament Market Growth through 2026, Europe to Attain Considerable Market Share
The rising demand for 3D printing filaments from countries like India, China, Japan, and South Korea owing to the rapidly expanding healthcare & consumer goods industries in these countries and the swiftly mounting integration of 3D printing technology for applications across sectors like automotive, defense, & aerospace, and academics are the prime aspects driving the Asia-Pacific 3D Filament Market.
On the other hand, Europe is anticipated to hold a considerable market share in the coming years due to the mounting investments by leading players in numerous R&Ds toward bringing innovations like multi-property materials, biodegradable filaments, etc., in the 3D printing technology, reveals MarkNtel Advisors in their research report, "Global 3D Printing Filament Market Analysis, 2021."
Leading Companies in the Market
According to MarkNtel Advisors, the leading players in the Global 3D Printing Filament Market are Stratasys Ltd., 3D Systems Corporation, SABIC, Clariant, Evonik Industries AG, DuPont de Nemours Inc, Huntsman Corporation, Shenzhen Esun Industrial Co., Ltd.