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Emerging Demand From End Users is the Reason Behind 3d Printing Materials Market Revolution
The 3D printing technology involves the printing of a 3D object from a digital model by stacking thin materials. This is a sophisticated technology used for several applications and does not demand the use of large equipment setup. This technology can be used to print several objects within a short duration. The global 3D printing materials market is projected to grow from USD 530.1 Million in 2016 to USD 1,409.5 Million by 2021, at a CAGR of 21.60% between 2016 and 2021. The increasing demand for the 3D printing technology from end-use industries is driving the 3D printing materials market.
The key players in the 3D printing materials market are 3D Systems Corporation (U.S.), Arcam AB (Sweden), Arkema S.A. (France), Royal DSM N.V. (Netherlands), ExOne GmbH (Germany), Stratasys Ltd. (U.S.), CRP Group (Italy), and others. These players have adopted various strategies to expand their global presence and increase their market shares. New product launches, partnerships, agreements, collaborations, joint ventures, capacity expansions, and exhibitions are some of the major strategies adopted by market players to achieve growth in the 3D printing materials market.
In 2014, many new 3D printing materials were launched by key players to increase their product portfolio. Similarly, in 2013, there was substantial number of expansions among 3D printing materials manufacturers. New product launches and expansions were the key strategies adopted by manufacturers for increasing their share in the 3D printing materials market.
3D Systems Corp. introduced a new nylon material for its flagship CubePro 3D printers. This new product helped the company to expand its product portfolio in the 3D printing materials market. The company also introduced new infinity rinse-away support material for Cube and CubePro 3D printers. It helped the company in meeting the increasing need for printing complex design requirements for various end-use industries. As a part of its growth strategy, it is mainly focused on new product developments for meeting the requirements of end-use industries. The company is also focused in gaining the leading position in the global 3D printing materials market.
Arcam AB introduced a new 3D printing material Inconel 718, specifically developed for its industrial platforms. This new product can be used in the aerospace & defense end-use industry. This development will enhance the competitive edge of the company and improve the performance of 3D printing materials, supporting the growing demand of the technology. The company also expanded its production facility in Sweden to meet the growing demand of 3D printing technology. This expansion helped the company increase its market presence in Europe and meet the increasing demand for 3D printing materials.
3D printing materials manufacturers globally are continuously upgrading their products and services to provide high standard 3D printing materials. North America accounts for the largest share of the 3D printing materials market. The market is expected to witness significant growth in this region due to the increasing use of the 3D printing technology in various applications such as aerospace & defense, medical & dental, automotive, and consumer goods.
3D Printing Materials Market by Type (Plastics, Metals, Ceramics, and Others), Form (Filament, Powder and Liquid), Application, and by Region - Global Forecasts to 2021
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