The 3D printing filament market is expected to reach USD 634.73 million by the end of this year and is expected to register a CAGR of over 19% during the forecast period. The COVID-19 outbreak caused nationwide lockdowns around the world, disruptions in manufacturing activities and supply chains, and halts in production, all of which negatively impacted the market in 2020.
New York, Oct. 04, 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces the Release of 3D Printing Filament Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027) Report – https://www.reportlinker.com/p06325609/?utm_source=GNW
However, conditions started to improve in 2021-2022, which is expected to spur market growth over the forecast period.
Key Highlights
In the short-term, the increasing use of 3D printing filaments in manufacturing applications drives the market demand over the forecast period.
On the other hand, high capital investment requirements in the 3D printing process are restraining the growth of the market.
Innovations in medical 3D printing and advances in 3D printing materials could likely serve as growth opportunities for the 3D printing filament market in the future.
Europe is expected to dominate the market and also potentially register the highest CAGR during the forecast period.
Key Market Trends
Increased demand from the medical and dental segment
The medical and dental industry is the leading industry using 3D printing filaments. Industry contributes around 33% of the total applications of 3D printing filaments.
Different filament 3D printing technology enabled the production of tissues and organoids, surgical tools, patient-specific surgical models, and custom-made prostheses for applications in the medical and dental industries. These 3D printed objects contribute greatly to the advancement and development of the industry.
Medical devices made by 3D printing include orthopedic and cranial implants, surgical instruments, dental restorations such as crowns and external prosthetics.
In August 2022, Nexa3D, an industrial 3D printing solutions company, announced its work to further develop its digital dentistry portfolio with new extensions and installations for 3D printing processes for applications in the dental industry.
In August 2022, Lithoz, a ceramic 3D printer, reported the first half as the best half-year in its history due to increased orders for its products. The company offers a wide range of ceramic 3D printers used for various applications including medical, dental and industrial.
Due to all the above 3D printing filament factors, the market is expected to grow rapidly during the forecast period.
Europe region to dominate the market
The European region is expected to dominate the market. In terms of GDP, Germany is the largest economy in the region. Germany, Great Britain and France are among the fastest growing economies in the world.
In June 2021, per capita spending on medical technology in Europe amounted to EUR 265. Additionally, in June 2021 in Europe, on average ~11% of gross domestic product (GDP) will be spent on healthcare.
According to MedTech Europe, over 33,000 medical technology companies are present in Europe. Most of them are in Germany, followed by Italy, Great Britain, France and Switzerland. Small and medium-sized enterprises (SMEs) make up around 95% of the medical technology industry.
The German aerospace industry comprises more than 2,300 companies based nationwide, with northern Germany having the highest concentration of companies. The state hosts many production sites for aircraft interior components and materials, mainly in Bavaria, Bremen, Baden-Württemberg and Mecklenburg-West Pomerania.
According to the Department for International Trade, the electronics sector in the UK contributes £16 billion to the local economy every year.? The country currently holds 40% of the available electronics design industry in Europe. Current know-how within the industry focuses on integrated circuits (ICs), RFIDs, optoelectronics and electronic components.
France has recently seen a surge in aircraft manufacturing and assembly as it is a key manufacturing base for manufacturers such as Airbus, Safran, Embraer and Dazu-Socata.
France is continuing with its plan to increase its defense budget by €1.7 billion between 2019 and 2025.
All of the above factors are likely to boost demand for 3D printing filaments in the region.
competitive landscape
The global 3D printing filament market is inherently highly fragmented, with a few major players dominating a significant portion of the market. Some of the key companies include Stratasys Ltd, SABIC, BASF SE, Evonik Industries AG and Mitsubishi Chemical Corporation (in no particular order).
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