3D Printer Filaments Market to Reflect Tremendous Growth Potential with A CAGR of 26.8% BY 2028
The 3D Printer Filaments Market is expected to reach USD USD 14.49 Billion by 2028, according to a new report by Reports and Data. One of the main element for the thermoplastic feedstock for fused deposition modeling 3D printers is the 3D printing filament. It encourages manufacturers to develop multi-property materials for 3D printing filament by extruding, heating, and cooling materials such as metals, plastics, or ceramics to convert nurdles into the finished product. The increasing adoption of 3D printing technology has facilitated the use of advanced filament material for printing. For example, Stratasys, Ltd. launched Antero 800NA in 2018, a PEKK-based material used in the FDM process. This product focuses mainly on the aerospace parts and high-performance vehicle enterprises. This product improves the 3D materials product portfolio of Stratasys in commercial purposes.
Accelerated prototyping is being broadly accepted as a technology for product design, prototyping, product sampling, and concept modeling to the final steps of manufacturing, thereby increasing the growth of the 3D Printing Filament market. 3D printing is considered as one of the most significant disruptive technologies of this century, shifting from prototyping to a potential production process across several industries. 3D printing is anticipated to have a positive influence on several end-use industries, such as automotive, healthcare, and aerospace & defense, and consumer goods.
The market in the North America region accounts for the largest share of 31.3% of the market in 2018. The presence of large organized players in this region contributes to the large share. These organizations are stimulating their attempts to be in line with market trends. Metal powder producers and suppliers are spending in capacity developments to match the growing demand from their end-users.
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3D Printing Filament Market: Drive factors
As of my last update in September 2021, the 3D Printer Filaments Market was driven by several factors. Please note that the market may have evolved since then, and I recommend checking more recent sources for the latest information. However, some of the key driving factors for the 3D printing filament market at that time were:
- Growing adoption of 3D printing technology: The overall 3D printing industry was experiencing significant growth due to advancements in technology, increased accessibility, and a broader range of applications. As more industries and individuals adopted 3D printing technology, the demand for compatible 3D printing filaments increased.
- Expanding applications across industries: 3D printing was finding applications in various sectors, including aerospace, automotive, healthcare, consumer goods, and architecture, among others. Each industry had specific requirements for filaments, driving the demand for specialized filaments tailored to meet these needs.
- Material innovation: Manufacturers were constantly developing new 3D printing filament materials with enhanced properties, such as strength, flexibility, heat resistance, and electrical conductivity. This innovation expanded the possibilities of 3D printing and attracted more users to the technology.
- Cost-effectiveness and efficiency: 3D printing filaments offered cost-effective and efficient production compared to traditional manufacturing methods for certain applications. Companies sought to reduce manufacturing costs and turnaround times, leading to an increased preference for 3D printing.
- Customization and personalization: 3D printing allowed for greater customization and personalization of products, driving demand from industries where individualized designs were crucial, such as healthcare and consumer goods.
- Environmental benefits: Some 3D printing filaments were made from sustainable and eco-friendly materials, appealing to environmentally conscious consumers and businesses looking to reduce their carbon footprint.
- Government initiatives and investments: In some regions, governments provided incentives, grants, and research funding to support the growth of the 3D printing industry, which contributed to the expansion of the filament market.
- Online marketplaces and distribution channels: The growth of online marketplaces and e-commerce platforms made it easier for consumers and businesses to access a wide range of 3D printing filaments, fostering market growth.
These factors collectively contributed to the rapid growth of the 3D printing filament market in the years leading up to September 2021. However, for the most current information on the state of the market and its driving factors, I recommend consulting up-to-date sources and industry reports.
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