Due to 3D printing, the terms innovation and strategy’ve got a new dimension all together. Also known as additive production, the technique of 3D printing is mainly utilized in end-user industries such as, aerospace & defense, medical, and automotive, among others, with aerospace & defense being the largest user of 3D printing, followed by automotive. It is also proving to be an asset for the health care sector, as it may be used in various types of implants and other surgical operations. Moreover, powder-based printers are being used nowadays today, mainly because of their features like durability and high compressibility, thereby triggering the industry growth for 3D printing powders.
Key Drivers and Opportunities
Advancements in technology, greater focus new product launches and on investments in R&D of powder-based printing, easy availability of metal and non-metal powders, and expiry of patents are expected to escalate the market growth even further. Aerospace & defense being the prominent end-user of 3D printing powder, mainly titanium, calls for a great demand from major companies that manufacture aircraft for making jet engines and other engine parts. Apart from this, titanium is also used to do medical surgeries that might not be possible using traditional techniques and equipment. The market in Asia-Pacific sees a great potential due to the growing manufacturing industry, and is also possible to drive the requirement for 3D printing technology in the near future. In general, the market for 3D printing powder is expected to foresee a steady growth in the next few years.
Market at a Glance
Growing at a CAGR of 24.4% during the projected period, the value of the global 3D printing powder market is projected to reach around $5.0 Million from $213.3 Million by the end of 2020. At present, North America is the largest market for 3D printing powder, followed by Asia-Pacific and Europe. With Europe being one of the important centers for the production of powder metallurgy, the firms here are investing more and searching for expansions for the future improvements in this marketplace. The marketplace in Asia-Pacific is expected to progress at a higher CAGR over the forecast period, compared to other regions.
Among applications, aerospace & defense held the maximum market share in 2015, followed by automotive and medical & dental sectors. Moreover, among the type of wax, metal powder took up the biggest share and will also function as fastest-growing type within this segment.
The significant giants operating in the worldwide market for 3D printing powder are Sandvik Materials Technology (Sweden), GKN Hoeganaes (U.S.), Carpenter Technology Corporation (U.S.), LPW Technology Ltd. (U.K.), Arcam AB (Sweden), and Erasteel Kloster AB (Sweden), among others.
The global 3D printing powder market has been analyzed and forecasted by breaking it down into following segments:
• End-User: Aerospace & Defense, Automotive, Medical & Dental, Others
• Type: Metal Powder, Ceramic Powder, Plastic PowderOthers
• Geography: North America, Europe, Asia-Pacific, RoW.