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Government initiatives to support the adoption of 3D printing driving the 3D Printing Filament Market

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Government initiatives to support the adoption of 3D printing driving the 3D Printing Filament Market

August 30
10:40 2021
Government initiatives to support the adoption of 3D printing driving the 3D Printing Filament Market
Browse 419 market data Tables and 37 Figures spread through 312 Pages and in-depth TOC on”3D Printing Filament Market”
3D Printing Filament Market by Type (Plastics, Metals, Ceramics), End-Use Industry (Aerospace & Defense, Medical & Dental, Automotive, Electronics), Region (North America, Europe, Asia Pacific, MEA, South America)

3D printing is being used in various industries across the globe as it reduces operating time and manufacturing cost and enables the mass production of industrial goods. Governments of various countries across the globe are undertaking initiatives to support the adoption of the 3D printing process in various industries. Significant investment initiatives in the digital economy by European and Asian governments, with the expected improvements in 3D printing and scanning technologies, are expected to create high momentum in these regions in the near future. For instance, in 2018, the UK government announced investments of approximately USD 150 million for the Advanced Manufacturing Research Centre in Rotherham and Sheffield and the Nuclear Advanced Manufacturing Research Centre in Rotherham. In 2016, the South Korean government announced an investment to adopt 3D printing in various sectors.

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The Singapore Center of 3D Printing (SC3DP) received an investment of approximately USD 150.0 million during the past decade for research activities in the 3D printing technology. The Government of China also invested USD 80.0 million to establish a 3D printing innovation center in Chengdu in 2013. India is one of the fastest-growing markets for 3D printing and the country’s manufacturing sector is rapidly growing and expected to become the fifth largest in the world by 2021. Aided by the Indian government’s initiative of Make in India, the nation’s vision is to make the country a global manufacturing hub. Industries such as automotive, aerospace, and healthcare have been the key drivers for 3D printing in India due to the early adoption of the technique. The Make in India initiative has encouraged the adoption of the 3D printing application and design-driven approach by several manufacturers.

In 2016, the US Air Force granted Aerojet Rocketdyne (US), a rocket and missile propulsion manufacturer, USD 6.0 million for the development of standards for 3D printed rocket engines. This grant was expected to reduce US reliance on foreign-made launch vehicle components. Furthermore, the 2018 US military budget included a USD 13.2 billion support for technology innovation, including 3D printing. The 2019 military budget of the US has allocated resources for defense-related 3D printing research.

The 3D printing filament market is estimated at USD 739 million in 2020 and is projected to reach USD 2,552 million by 2025, at a CAGR of 28.1% from 2020 to 2025. The plastics segment is estimated to lead the 3D printing filament market in 2020, owing to increasing demand  ABS and PLA materials to print objects across the end-use industries. In addition,high demand for plastics in the production of medical components and devices due to outbreak of COVID-19 is anticipated to fuel the growth of 3D printing filament in the plastics segment. 3D printing filament has played an important role in the production of medical components such as swabs, face masks, and ventilator splitters.

Aerospace & defense segment accounts for the largest share of the 3D printing filament market

The aerospace & defense segment is estimated to lead the 3D printing filament market in 2020 in terms of value, due to the rising demand for lightweight and high strength printing material for mass customization of aerospace components and parts. Aerospace industry was the early adopter of 3D printing technologies for prototyping and commercial production of components and parts made from plastics and metals. Moreover, despite lockdown in several countries and restriction on travel and trasporation, manufacturer of aerospace parts and aircrafts gradually continue to operate their businesses. Although defense industry is a small consumer of 3D printing filaments, however, the industry has an undisrupted supply of filaments for use in prototyping spacecraft components despite the impact of COVID-19 outbreak.

Asia Pacific is expected to witness the fastest growth in the 3D printing filament market during the forecast period

The 3D printing filament market in the Asia Pacific region is projected to grow at the highest CAGR between 2020 and 2025. China, Japan, India, and South Korea are estimated to be the fastest growing markets in the region for 3D printing filament during the forecast period. China and Japan were the largest consumers of 3D printing filaments in the Asia Pacific region in 2019. Outbreak of COVID-19 from China and the impact of coronavirus in Japan, South Korea, Autralia, and India has caused a trivial decrease in the consumption of 3D printing filaments. However, 3D printing filaments are widely being used in medical industry to meet the urgent demand from hospitals and other healthcare centers.

Key market players covered in this report includes Stratasys Ltd. (US), 3D Systems Corporation (US), Koninklijke DSM N.V. (Netherlands), Materialise NV (Belgium), Evonik Industries AG (Germany), Arkema SA (France), Saudi Basic Industries Corporation (SABIC) (Saudi Arabia), DuPont de Nemours, Inc. (US), BASF 3D Printing Solutions GmbH (Germany), HP Inc. (US), EOS GmbH – Electro Optical Systems (Germany), Shenzhen Esun Industrial Co., Ltd. (China), CRP Technology S.r.l. (Italy), EnvisionTEC GmbH (Germany), Oxford Performance Materials, Inc. (US), and MG Chemicals (Canada), among others.

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