Filaments made from ceramics, metals, or plastics are widely used in the 3D printing technology, principally due to their flexibility during the final shaping and lower costs than other materials. In addition, the filament is a thermoplastic that does not shrink or warp, which makes its application extensive & well-suitable for 3D printing. The following are the different types of 3D Printing Filaments:
The Global 3D Printing Filament Market is projected to grow at a CAGR of around 25% during the forecast period, i.e., 2021-26. The growing demand for plastic filaments to manufacture medical components and increasing applications of 3D printing in the aerospace & defense sector for rapid prototyping & design communication drive the market.
Moreover, the mounting trend of mass communication using 3D printing is also driving the global market. The growing demand for products with complex structures like medical implants, swabs, vehicle prototyping, aircraft components, and machining tools, among others, is also expected to boost the market in the coming years.
In addition, the technology has also led to the intervention of modern techniques to mold materials like plastics, polymers, wood, metals, etc., and has expanded its application across numerous verticals. Besides, the growing adoption of additive manufacturing, especially across the healthcare sector for prosthesis & dental implants, is also fueling the demand for 3D printing technology and directly impacting the production & sales of filaments.
Moreover, 3D printing technology is gaining significant traction across the educational sector to bridge the gap between the physical & digital worlds to help students closely understand complex structures, thereby driving the market.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy|
|Asia-Pacific: China, India, Japan, South Korea|
|South America: Brazil, and Argentina|
|Middle East & Africa: Saudi Arabia, South Africa|
|Key Companies Profiled||Stratasys Ltd., 3D Systems Corporation, SABIC, Clariant, Evonik Industries AG, DuPont de Nemours Inc, Huntsman Corporation, Shenzhen Esun Industrial Co., Ltd.|
|Unit Denominations||USD Million/Billion|
Impact of Covid-19 on the Global 3D Printing Filament Market
In 2020, the Covid-19 pandemic severely impacted most industries worldwide. Yet, the Global 3D Printing Filament Market observed a slightly negative growth, mainly due to the presence of major production plants in those countries where the Covid-19 impact was incredibly high. The government of most countries imposed stringent movement restrictions & lockdowns to curb the virus spread.
As a result, the market witnessed challenges like reduced demand for 3D printing filaments, cut-short production, supply chain disruptions, and shut down of manufacturing units, among others. The temporary supply shortage was observed mainly from China, Southeast Asia, Germany, the UK, etc.
However, the market observed a hike from the healthcare sector for applications like printing medical objects, components, and devices like face masks, swabs, & ventilator splitters, among others, which, in turn, helped the leading players to sustain in the market amidst the crisis.
Nonetheless, as the pandemic situation improved in the later months of 2020, the market witnessed a gradual revival. The governments uplifted restrictions and allowed the recommencement of business operations at manufacturing units. Hence, it is anticipated that the leading players in the industry would invest substantially to bring technological advancements and uplift the overall market growth in the years to come.