According to a new market intelligence report by BIS Research, titled ‘Global 3D Printing Plastics Market - Analysis and Forecast, 2018-2023’, the market was valued at $262.8 million in 2017 and is expected to reach $806.1 million by 2023, growing at a CAGR of 20.5% during the forecast period from 2018 to 2023, in terms of value. Based on volume, the market was estimated at 3640.0 metric tons in 2017 and are expected to reach 11951.2 metric tons by 2023, registering a CAGR of 21.9%, during the forecast period.
Browse an in-depth TOC on ‘Global 3D Printing Plastics Market’.
The Asia-Pacific region accounted for 20.5% of the 3D printing plastics market in 2017. During the forecast period, the 3D printing plastics market in Asia-Pacific is expected to grow at the rate of 21.9%, which is higher as compared to that of the other regions such as North America, Europe, Middle East and Africa, and South America.
This potential growth is supported by an extensive industrial base, encouraging government policies, and financial support in research and development offered in the countries in the regions.
Japan and China are notable in terms of government initiatives and rapid growth in the 3D printing plastics market.
Although North America and Europe hold the highest share in the global 3D printing plastics market, Asia-Pacific has the potential to adopt this new 3D printing technology. The Asia-Pacific region is primarily dominated by China, Japan, South Korea, and India.
Shenzhen eSUN industrial Co. Ltd, Ricoh Company Ltd., Tiertime, and Farsoon Hi-tech are some of the key industrial players among other frontrunners in the field of plastics-based 3D printing systems and materials market in APAC.
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According to Arpit Benjwal, Lead Analyst at BIS Research, “North America accounted for 41.4% of the total 3D printing plastics market in 2017. The highest revenue generating country in North America was the U.S., followed by Canada.”
Industrial advancements, extensive investments for dedicated R&D facilities, and development of 3D printing-based products are some of the major drivers that are propelling the growth of the market in the region. Furthermore, with the decreasing prices of printers as well as technological advancements pertaining to the printers, the market for the 3D printing plastics is expected to grow at an extremely high rate.
Major manufacturing companies, aerospace and defense industries, and few healthcare companies located in the U.S have already started using 3D printing in a wide range of applications using various types of plastic-based material.
According to Maitreyee Dey, Research Associate at BIS Research, “The market for Fused Deposition Modelling (FDM) is expected to grow at a CAGR of 20.4% from 2018 to 2023, in the global 3D printing plastics market.”
FDM is popular in a wide number of industries, for instance: automotive (BMW, Hyundai, and Lamborghini) and consumer goods manufacturing (Black and Decker, Dial, and Nestle). These companies use FDM throughout their product development, prototyping, and manufacturing processes.
The wide usage of this technology is attributed to the availability of less expensive filaments which are affordable and also to the low cost of FDM printers. Moreover, the wide range of possibilities of printing prototypes through FDM is also fueling the demand for these printers.
However, the already established market for FDM and its 3D constructs being not-so-precise and accurate are some of the factors behind its low growth potential.
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The key players operating in this market have increased their product launch activities over the recent years in order to generate public awareness about their existing and new products and technologies and to compete with the competitors’ product portfolio. This strategy has been a widely adopted strategy by the players in this market.
Out of the total developments, 34% of the developmental strategy has been product launches. Driven by the rapid evolution of the 3D printing technology, there has been swift growth in the research and development activities by many important players in this market, leading to an increase in the number of product launches during the last three years.
Companies such as 3D Systems have announced the launch and expansion of its 3D printer series in order to accelerate additive manufacturing in the growing investment casting, jewellery, and dental markets.
This report is a meticulous compilation of research on more than 100 players in the 3D printing plastics market and draws upon the insights from in-depth interviews with the key opinion leaders of more than 50 leading companies, market participants, and vendors. The report also profiles approximately 21 companies.
The companies profiled in the report are 3D Systems Corporation, Arkema, BASF SE, EOS GmbH, EnvisionTEC, Evonik Industries AG, FormLabs Inc., HP Inc., Prodways Technologies, Proto Labs, Inc., Ricoh Company Ltd., Royal DSM, Stratasys Ltd., Voxeljet AG, XYZ Printing, Inc., Asiga, Aviv3D, Carbon3D Inc., Hunan Farsoon High-Tech Co., Ltd., Mcor Technologies, and Ultimaker B.V.
Key questions answered in the report:
• What was the size in terms of value ($million) and volume (metric tons) of the 3D printing plastics market in 2017, and what will be the growth rate during the forecast period 2018-2023?
• What is the expected size of market for different types of plastics (by value and volume) and their growth rate during the forecast period 2018-2023?
• What is the expected size of market for different types of forms in the 3D printing plastics market (by value and volume) and their growth rate during the forecast period 2018-2023?
• What is the expected size of market for different technologies used in the 3D printing plastics market (by value and volume) and their growth rate during the forecast period 2018-2023?
• What is the expected size of market for different applications of 3D printing plastics (by value and volume) and their growth rate during the forecast period 2018-2023?
• What is the expected size of market for different regions and countries in terms of value and volume in the 3D printing plastics market and their growth rate in the forecast period 2018-2023?
• What are the major driving forces that tend to increase the demand for 3D printing plastics in various end user industries during the forecast period?
• What are the major challenges inhibiting the growth of the global 3D printing plastics market?
• What is the competitive strength of key players in the global 3D printing plastics by analyzing through market share analysis?
• Who are the key players (along with their detailed analysis and profiles including their financials, company snapshots, key products and services, and SWOT analysis) in the market?
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