June 19, 2024

3D Printing Filament Market driven by Increased Adoption of 3D Printing Technology

3D printing extrusion materials are filaments made from various polymers and composites which are utilized in fused deposition modeling (FDM) 3D printing technology. FDM printers utilize these filaments to extrude molten plastic layers and build 3D printed parts in a layer-by-layer fashion. Commonly used 3D printing extrusion materials include acrylonitrile butadiene styrene (ABS), polylactic acid (PLA), polyamide (PA), and thermoplastic polyurethane (TPU). These materials are used to 3D print various prototypes, models, functional parts, and end-use products across diverse industries including automotive, aerospace & defense, healthcare & dental, and consumer goods. The growing adoption of 3D printing across industries for both prototyping and production purposes has been fueling the demand for 3D printing extrusion materials. The global 3D printing extrusion materials market is estimated to be valued at US$ 6.2 billion in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The growing adoption of 3D printing in various industries is driving the growth of the 3D printing extrusion materials market. 3D printing helps in cutting down product development and manufacturing costs, reducing time-to-market, and offering superior design flexibility. It enables on-demand manufacturing by reducing setup costs and inventory carrying costs. Owing to such advantages, the adoption of 3D printing is increasing rapidly across industries for both prototyping and production purposes. This growing adoption of 3D printing technology is fueling the demand for 3D printing extrusion materials which are used as feedstock in the 3D printing process.

In addition, the various material advancements in the 3D printing extrusion materials market are also propelling the market growth. Material manufacturers are developing high-performance materials with enhanced mechanical properties, chemical resistance, biocompatibility, and temperature tolerance to support complex 3D printing applications. They are offering a wider variety of materials, in different colors and sizes to match the evolving application requirements across different end-use industries. The development of new bio-based, recycled, and carbon-fiber infused 3D printing filaments is further expanding the material options, thereby increasing their adoption.

Segment Analysis

The global 3D Printing Extrusion Materials market is dominated by the plastic segment. Plastics account for more than 60% of the total extrusion materials market. Thermoplastics are widely used extrusion materials due to their ability to repeatedly soften and harden with heat and cooling. The high usage of plastics is attributed to their versatility and ability to be processed easily for 3D printing. Within plastics, polylactic acid (PLA) leads the market owing to its biodegradable properties and low cost as compared to other plastics. Metal is expected to witness rapid growth during the forecast period owing to the increasing application of 3D printed metal parts in industries such as automotive, aerospace and healthcare.

PEST Analysis

  • Political: Governments across regions are supporting 3D printing technology through funding initiatives. This is facilitating industry 4.0 revolution in manufacturing.
  • Economic: Rising industrial automation and development of smart manufacturing are driving demand for advanced 3D printing materials. However, high material costs pose a challenge.
  • Social: Growing consumer preference for personalized and customized products favors market growth. 3D printing enables on-demand production of customized parts.
  • Technological: Advancements in 3D printing technology such as multi-material printing and continuous fiber reinforcement printing are augmenting adoption of high-performance extrusion materials. Development of recycled materials also presents opportunities.

Key Takeaways

The global 3D Printing Extrusion Materials market is expected to witness high growth at a CAGR of 19% during the forecast period of 2023 to 2030.

Regional analysis indicates North America leads currently due to strong government support and presence of leading manufacturers. Europe and Asia Pacific are fastest growing regions with China emerging as a major market.

Key players operating in the 3D Printing Extrusion Materials market are Stratasys, 3D Systems, DSM, Arkema, BASF SE, Evonik Industries, SABIC, Clariant.

Stratasys and 3D Systems together account for over 50% share reflecting the consolidated nature of the market. The market is witnessing increasing collaborations between material makers and OEMs to develop new customized materials for specific 3D printing applications. The rising demand from industries like aerospace, healthcare and automotive along with surge in polymer and metal 3D printing adoption are paving way for new growth opportunities for market players.