February 22, 2024

3D Printing Filament Market driven by Increased Adoption of 3D Printing Technology

3D printing filament are high performance plastic filaments used as the basic building material in 3D printers. The main materials used for 3D printing filaments include polyethylene terephthalate, acrylonitrile butadiene styrene, polycarbonate, nylon and others. These filaments are supplied as coils or spools and are fed into the 3D printer extruder, which heats and extrudes a continuous flow of molten plastic through a nozzle to create three-dimensional solid objects layer by layer. 3D printing filaments find wide application in areas such as manufacturing, architecture, healthcare, consumer products and engineering. The medical sector in particular is increasingly adopting 3D printing technology to produce personalized prosthetics and implants, surgical instruments, drug testing and development. 3D printing has also enabled mass customization in sectors like consumer products, fashion and footwear by allowing products to be tailored as per individual requirements and sizes.

The global 3D Printing Filament Market is estimated to be valued at US$ 2 Billion in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The rising popularity of 3D printing across industries is driving tremendous innovation in filament materials. Leading manufacturers are focusing on developing novel multi-material filaments that can be processed at high speeds. For instance, new dissolvable filaments allowobjects to be 3D printed and then dissolve safely without residues. Flexible filaments such as TPE are gaining popularity for applications requiring elasticity or resistance to impact. Biodegradable filaments made from corn starch, wood pulp or PLA allow 3D printed objects to fully degrade without harming the environment. Continuous advancements in materials will expand the capabilities of 3D printing and drive increased adoption across more industries.

Porter’s Analysis

  • Threat of new entrants: High capital requirements for R&D and manufacturing limit the threat of new entrants.
  • Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes.
  • Bargaining power of suppliers: Suppliers have moderate bargaining power as there are multiple raw material suppliers.
  • Threat of new substitutes: Threat of substitution is moderate as new technologies can disrupt the market.
  • Competitive rivalry: Intense competition exists between key players to gain market share.

Key Takeaways

The global 3D Printing Extrusion Materials Market is expected to witness high growth.

Regional analysis: North America dominates the market currently due to the presence of major players and growing adoption of 3D printing technology. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to increasing investments in 3D printing R&D by governments and private players.

Key players operating in the 3D Printing Extrusion Materials market are Stratasys, 3D Systems, DSM, BASF, Arkema, Evonik Industries, SABIC, DowDupont, Victrex, Clariant, Natureworks and others.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it