April 22, 2024

Polymers for Additive Manufacturing Market is Estimated to Witness High Growth Owing to Advancements in 3D Printing Technologies

These polymers are processed through extrusion-based, powder bed fusion, vat photopolymerization, binder jetting, sheet lamination, and material jetting technologies during 3D printing. Polymers find wide application in the production of prototypes, tools and molds, and end-use parts for industries such as automotive, aerospace, healthcare, and consumer goods. The ability of polymers to be deposited in layers onto build platforms allows fabrication of highly customized and complex geometries, which are difficult to achieve through conventional subtractive methods. Key advantages include reduced material wastage, fast production, and lowered total costs. With the manufacturing industry increasingly adopting 3D printing technology to optimize production processes and customize product offerings, demand for polymers for additive manufacturing is rising significantly.

The Global Polymers for Additive Manufacturing Market is estimated to be valued at US$ 389.2 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Polymers for Additive Manufacturing market include Daihen Corporation, Yaskawa Motoman Robotics, Denso Corporation, Universal Robots, Epson America, Inc., Panasonic Corporation, Epson America, Inc., Nachi Robotic Systems, Inc., FANUC Ltd., Mitsubishi Electric Corporation, Kawasaki Heavy Industries Ltd., and KUKA Robotics Corporation. Key players are focused on developing new polymer formulations tailored for 3D printing and expanding their product portfolios.

The market witnesses high opportunities in the healthcare sector with polymers finding applications in patient-specific implants, prosthetics, and surgical tools. Polymers allow fabricating customizable medical devices with intricate internal structures which are non-invasive for the patient. Additive manufacturing also helps reduce production costs of personalized healthcare products.

Technological advancements in polymer 3D printing include continuous printing, multimaterial printing, and nanoscale printing. Continuous printing allows for high production volumes. Multimaterial printing enables fabricating complex parts with varied material properties. Nanoscale printing aids production of scaffolds, filters and membranes with micron-scale features offering new functionalities.

Market drivers: Growing demand from industries such as aerospace, defense and automotive for serial production of functional parts through 3D printing is a key driver. Polymers are preferred in these industries due to their ability to withstand high mechanical stresses, heat and impact loading. The demand from medical industry for customized implants and prosthetics is also boosting the market.

Challenges in the Additive Manufacturing Polymers Market

The additive manufacturing Polymers For Additive Manufacturing Market Size faces several challenges. Adoption of additive manufacturing technologies is low among traditional manufacturing companies due to uncertainty regarding long term reliability and performance of parts produced. High initial investment required for 3D printing equipment and software also limits the adoption of additive manufacturing technologies among small scale industries. Lack of skilled labor familiar with additive manufacturing processes poses a challenge. Standards need to be established for various polymers used in additive manufacturing to ensure consistency and quality of parts.

SWOT Analysis
Strength: Polymers used for additive manufacturing offer design flexibility and ability to produce complex geometries that are difficult to manufacture through conventional methods.

Weakness: Mechanical properties of additively manufactured polymer parts are often lower than injection molded or machinined parts. Post processing is required to enhance mechanical strength.

Opportunity: Additive manufacturing enables on demand production and reduces warehousing costs. It allows mass customization for varied customer requirements.

Threats: Substitutes such as injection molding provide mass production capabilities at lower costs. Stringent regulatory approvals delay commercialization of new polymers for additive manufacturing.

Geographical Regions
North America accounts for the largest share of the global additive manufacturing polymers market, both in terms of value and volume. Major automotive, aerospace and medical device companies based in the U.S. and Canada are pioneers in adoption of additive manufacturing technologies.

The Asia Pacific region is expected to be the fastest growing market for additive manufacturing polymers during the forecast period. Significant investments by governments of China and India to promote additive manufacturing as a strategic manufacturing technology will drive market growth. Local presence of automotive, electronics and consumer goods giants is also augmenting additive manufacturing activities in Asia Pacific.

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