WELLESLEY, Mass., June 18, 2018 (GLOBE NEWSWIRE) -- The rise of mass customization and expanding demands from the aerospace, automotive and medical fields is helping to boost growth in the 3D printing materials market, according to a report by BCC Research.
The global market is expected to see a compound annual growth rate (CAGR) of 22.8% through 2023, when it could be valued at $2.4 billion, according to the report Advanced Materials for 3D Printing: Technologies and Global Markets.
Major players in the market include Arcam AB, BASF, CELLINK, DeltaMed, Emerging Objects, Formlabs, Grafoid, Keene Village Plastics, LPW Technology, MadeSolid, New Image Plastics, Optomec, Praxair Surface Technologies, Rainbow Biosciences, S3D and VDM Alloys.
Research Highlights
- The market will be in growth by metal materials, which anticipate a CAGR through 2023 of 34%, though by size the market will be dominated by photopolymers, which will be worth an estimated $974.6 million by 2023.
- Growth will be steady around the world though most robust in the Asia-Pacific region, which anticipates a CAGR through 2023 of 25.5%. By size the market will be led by North America, with an estimated 2023 value of $906 million.
- The fastest-growing end-use sector will be consumer products, which anticipates a CAGR through 2023 of 27%, though by size the industry will be led by the medical and dental sector, which anticipates a 2023 value of $704.3 million.
“3D printing has now reached an inflection point as lower costs and technological advances have put it within reach of more people,” the report notes. “The technology now enables a more agile design process and rapid product iterations. As a result, the main uses of 3D printing technology are to accelerate product development, to offer customized products and to increase production flexibility. Additionally, the technology is used to enable co-creation with customers, reduce tooling investment, optimize demonstration product expenses and improve spare parts management.”
Mass Customization Seen as a Factor Driving Future Growth
Worldwide, customization has become an important factor driving growth in numerous industries, and this is true also in the world of 3D printing. The market’s technology eliminates the initial costs of molds and specific tooling, the report adds, and new products can often be made simply by updating files. Customization in particular is popular in the dentistry, automotive and footwear fields.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.