With the increasing requirement for the mass customization of various products, the global 3D printing filaments market size 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.
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The increasing usage of mass customization drives the 3D printing filaments market, as the adoption of this technique in the process is rising. With 3D printing, products can be customized without additional costs, as the technique eliminates the requirement for separate tooling and molds. Only the 3D file of the product needs to be updated and the data fed to the 3D printer, to create a single or multiple part at the same cost.
The largest 3D printing filaments market is currently North America, as it was the first region to embrace this technology. Now, organizations offering automobile parts, aircraft components, and artificial human organs have started strengthening their traditional manufacturing process with 3D printing. Moreover, the presence of key 3D printing filament providers, such as Stratasys Ltd., DuPont de Nemours Inc., Huntsman Corporation, and 3D Systems Corporation, has also boosted the market in the region. In the years to come, Asia-Pacific (APAC) is projected to be the fastest-growing market for such filaments, owing to the increasing digital manufacturing of automobile parts, industrial tools, medical prototypes, and agricultural machinery.
Partnerships Being Initiated by Players for Greater Growth Potential
In order to make the most of the rapidly growing 3D printing filaments market, companies operating in the industry are entering into partnerships, with the idea of:
• Expanding their reach in Australia and New Zealand
• Offering thermoplastic 3D printing filaments to aircraft part manufacturers
• Securing suppliers for their high-performance polymers, for use in fused deposition modelling (FDM) 3D printing
• Securing customers in the automobile component producing sector
• Providing customers easy ordering and support for their 3D printing filaments
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