It is the continuous evolution in the science of using one object or material to create another that has helped the human species survive for so long. In other words, a solid manufacturing base is the key to modern comforts and a strong economy. Thus, with human needs changing over time, the manufacturing technology is also evolving. The biggest current revolution in this space is 3D printing, wherein a printer, much like the ones seen integrated to a common computer, adds material, such as metals, plastics, and ceramics, layer by layer, to create the final product.
Since this process saves manufacturing time and wastage and offers a wider margin for customization, the 3D printing materials market, as studied by P&S Intelligence, will likely grow from $558.4 million in 2017 to $1,365.6 million by 2023, at a 16.7% CAGR between 2018 and 2023. The material is usually fed to the printer in the form of a powder, filament, or liquid, which the printer extrudes only in the desired amount. In conventional manufacturing, a sheet of metal is first cut, and then the scraps are gathered and remelted to form another sheet. Thus, 3D printing not only reduces waste, but also quickens up production.
Due to such innovations in the manufacturing sector, North America is the largest 3D printing materials market till now. The advanced industrial and technological infrastructure of the continent allows regional companies to use additive manufacturing on a large scale. Moreover, the U.S. is home to some of the biggest aerospace and defense companies in the world, including Boeing, Lockheed Martin, GE Aviation, Bell Textron, General Dynamics, NASA, and Northrop Grumman. Further, another key North American sector where additive manufacturing is becoming popular is medical devices and implants.
Moreover, in the coming years, the demand for 3D printing materials will grow the fastest in Asia-Pacific (APAC) as this technology penetrates deeper into the electrical and electronics and automotive industries, both of which APAC is known for. Further, with government programs such as Made in China 2025, Make in India, and Making Indonesia 4.0, the focus on advanced factory technologies is increasing, which is resulting in the surging usage of additive manufacturing.
Hence, as the adoption of 3D printing grows, so will that of the various materials used for the purpose.
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