New York City, NY -- (SBWIRE) -- 08/20/2020 -- 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.
Due to the ill-effects of the coronavirus pandemic on the global economy, the 3D printing filaments market is witnessing negative growth. This is because of the shutdown of manufacturing plants, which has reduced the demand for 3D printer feedstock. Since this technology is more cost-intensive than conventional manufacturing processes, companies are currently not investing in it, in a bid to mitigate their financial loss. But, as 3D printing helps users reduce their dependence on equipment and raw material suppliers in the long run, the negative growth of the industry is likely to be temporary.
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3D Printing Filaments Market Segmentation Analysis
The plastics category, on the basis of type, generated the highest revenue for the 3D printing filaments market in the past, with the situation predicted to be the same in the coming years. Plastic filaments are used to produce a range of objects, from table-top game parts to prosthetics. For instance, polylactic acid (PLA) is used for producing surgically implanted pins, screws, mesh, and rods. Similarly, automotive parts, pipes, electronics, toys, music instruments, protective headgear, and kitchen appliances are made from acrylonitrile butadiene styrene (ABS).
In the coming years, the highest CAGR in the 3D printing filaments market would be experienced by the consumer goods category, based on application. To get a competitive edge over their competitors, consumer goods manufacturers need to bring new products to the market quite fast. This is why the usage of the 3D printing technology, in order to enhance the functionality and aesthetics of these products, is increasing. Moreover, as this technology allows for quicker research and development (R&D) and leads to less time-to-market, it is increasingly finding its way in the consumer goods industry, thereby driving the demand for the feedstock.
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Asia-Pacific (APAC) To Demonstrate Fastest-Growing Demand
The APAC region held the second-largest share in the 3D printing filament market in 2019, after North America. The demand in the APAC region is expected to increase in the near future, owing to the rapid advancement in 3D printing technologies, as well as a rise in the digital manufacturing of industrial tools, automobile parts, agriculture machinery, and medical prototypes. China, in particular, is growing at a high pace in the 3D printing market, and subsequently, the 3D printing filament market, owing to the strong government support to promote the industry.
The 3D printing filament market is highly consolidated in nature, with the presence of several large-scale players, such as DuPont de Nemours Inc., Koninklijke DSM N.V., Evonik Industries, SABIC, Huntsman Corporation, Stratasys Ltd., and 3D Systems Corporation.
Based on Type
Polylactic acid (PLA)
Acrylonitrile butadiene styrene (ABS)
Polyethylene terephthalate glycol (PETG)
Acrylonitrile styrene acrylate (ASA)
Based on Application
Aerospace and Defense
Rest of World (ROW)