Global 3D Printing Plastics Market Size More Than Doubles to Surpass Value of USD 11.5 Billion by 2030
Published | 02 April 2024
Global 3D Printing Plastics Market is flourishing due to the growing additive manufacturing, rising demand from end use industries, and increasing adoption of technological advancements.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global 3D Printing Plastics Market size by value at USD 4.98 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global 3D Printing Plastics Market size to expand at a CAGR of 6.77% reaching a value of USD 11.54 billion by 2030. The Global 3D Printing Plastics Market is propelled by the increasing government investments and a surge in demand from key end use sectors, such as automotive, medical, aerospace, and defense.
By volume, BlueWeave estimated the Global 3D Printing Plastics Market size at 18,478 thousand tons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global 3D Printing Plastics Market size by volume is projected to grow at a CAGR of 6.04% reaching the volume of 20,029 thousand tons by 2030. The recent advancements in additive manufacturing have opened up substantial opportunities for the automotive industry. These developments have enabled the creation of innovative, durable, lightweight, and cost-effective components and parts, all while reducing lead times. Initially employed primarily for rapid prototyping, 3D printing has now become integral to the production process for Original Equipment Manufacturers (OEMs). Consequently, the escalating demand for products within the automotive sector is expected to be a major driver of market growth over the forecast period.
Opportunity – Heightened focus on sustainability
Sustainability concerns in the Global 3D Printing Plastics Market are being addressed through the utilization of natural materials, such as castor seeds, palm oil, and starches. Evonik AG's initiative to introduce a bio-based grade of PA12 derived from palm oil reflects this trend. The shift towards bio-based polymers not only reduces dependence on petroleum-based plastics but also aligns with environmental objectives. Governments in agricultural-dependent nations are promoting the manufacturing of bio-based polymers, anticipating broader adoption in 3D printing applications. This strategic move not only enhances sustainability efforts but also provides a competitive advantage to manufacturers operating in such countries.
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Impact of Escalating Geopolitical Tensions on Global 3D Printing Plastics Market
Geopolitical tensions can have a multifaceted impact on the Global 3D Printing Plastics Market. It includes potential disruptions to supply chains, trade routes, and international cooperation, which could result in heightened production costs, limited access to raw materials, and constrained market entry. The imposition of increased tariffs, export restrictions, and political instability may also hinder investment and innovation, slowing market growth. Additionally, conflicts on the geopolitical stage may disrupt logistics and distribution channels, leading to price fluctuations and delays. In navigating such challenges, businesses must prioritize adaptability and diversification strategies to maintain market resilience.
Global 3D Printing Plastics Market
Segmental Information
Global 3D Printing Plastics Market – By End Use Industry
By end use industry, the Global 3D Printing Plastics Market is divided into Aerospace & Defense, Automotive, Healthcare, Consumer Goods, and Other (including electronics and architecture) segments. The automotive segment holds the highest share in the Global 3D Printing Plastics Market by end use industry. The automotive industry extensively utilizes 3D printing plastics for various purposes such as rapid prototyping, tooling, and manufacturing lightweight components. This technology enables customized part production, enhances design iterations, and decreases production lead times, thereby fostering innovation and efficiency in the automotive manufacturing process. Components ranging from interior parts to engine components and entire vehicle prototypes are now being produced using 3D printing plastics, reflecting the industry's significant adoption of this technology.
Global 3D Printing Plastics Market – By Region
The in-depth research report on the Global 3D Printing Plastics Market covers the market in a number of major countries across five regions: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America holds the highest share in the Global 3D Printing Plastics Market and is expected to maintain its dominance during the forecast period. Renowned for its mature markets and advanced 3D printing industry, the region plays a pivotal role in shaping the global landscape of 3D printing plastics. A notable segment expected for growth within Global 3D Printing Plastics Market is Polylactic acid (PLA) in North America. Filament derived from PLA enjoys widespread usage across diverse applications due to its availability in various colors and blends. Additionally, PLA filament is lauded for its ease of use and ability to impart a premium finish to the final printed product, further solidifying its appeal in the North America market.
Competitive Landscape
The Global 3D Printing Plastics Market is fragmented, with numerous players serving the market. The key players dominating the Global 3D Printing Plastics Market include Arkema, BASF SE, Zortrax, Solvay, Henkel AG & Co. KGaA, Stratasys Ltd., Formlabs, Evonik Industries AG, 3D Systems Corporation, SABIC, EOS, Shenzhen eSUN Industrial Co. Ltd, Huntsman International LLC, CRP TECHNOLOGY Srl, and Ensinger. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the Global 3D Printing Plastics Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global 3D Printing Plastics Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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