With the increasing requirement for the mass customization of various products, the global 3D printing filaments market is expected to witness a monumental 26.8% rise in its revenue during 2020 and 2030. At this CAGR, the market will grow from $693.1 million in 2019 to $7,082.0 million by 2030. As mass customization adds value to the goods produced and makes the consumers’ experience better, the adoption of this concept is increasing.
The filament is one of the types in which the feedstock for 3D printers is available. Among metallic, ceramic, plastic, and other types of filaments, plastic materials find the widest application across industries. Due to the wide application of various kinds of plastics, including acrylonitrile butadiene styrene (ABS), polylactic acid (PLA), thermoplastic polyurethane (TPU), polyethylene terephthalate glycol (PETG), thermoplastic elastomers, acrylonitrile styrene acrylate (ASA) and nylon, filaments made from them are widely used in 3D printing.
Aerospace & defense, industrial, automotive, healthcare, consumer goods, and others are the categories under the application segment. Among these, the aerospace & defense category dominated the 3D printing filament market during the historical period (2014–2019) because such companies are using this manufacturing technique to save on operational costs.
Till 2019, North America dominated the 3D printing filament market because of its advanced manufacturing industry and increasing investments in the additive manufacturing technology. The region is home to numerous aerospace & defense companies, which are using the technology for prototyping and mass production. Similarly, healthcare firms are creating 3D-printed human organs for cutting down the waiting period for transplantation. Additionally, the high disposable income of people here allows them to purchase customized products, which are usually more expensive than mass-produced ones.
In the coming years, the demand for 3D printing filaments will shoot up in Asia-Pacific (APAC). The manufacturing industry of APAC, though the largest in the world, still lags behind in the adoption of the latest technologies. However, with government initiatives to augment the manufacturing output, such as the Made in China 2025, Making Indonesia 4.0., and Make in India initiatives, industrialists are receiving heavy funding, which is allowing them to innovate their processes and procure expensive machines, such as 3D printers.
Hence, with advancements in the manufacturing technology, the demand for 3D printing filaments will keep increasing.
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