How is 3D Printing Powder Market Shaping the Future of End-User Industries?
Thanks to 3D printing, the terms innovation and strategy have got a new dimension all together. Also known as additive manufacturing, the technique of 3D printing is mainly employed 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 medical industry, as it can be used in various types of implants and other surgical operations. Moreover, powder-based printers are being used widely nowadays, mainly due to their characteristics like durability and high compressibility, thereby triggering the market growth for 3D printing powders.
Key Drivers and Opportunities
Advancements in technology, increased 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 aircrafts for making jet engines and other engine components. Apart from this, titanium is also being used to perform medical surgeries that may not be possible using traditional methods and equipment. The market in Asia-Pacific sees a great potential due to the growing manufacturing sector, and is also likely to drive the demand for 3D printing technology in the near future. Overall, the market for 3D printing powder is expected to foresee a steady growth in the coming 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. Currently, North America is the largest market for 3D printing powder, followed by Asia-Pacific and Europe. With Europe being one of the major centers for the manufacturing of powder metallurgy, the companies here are investing more and looking for expansions for the future advancements in this market. The market in Asia-Pacific is expected to advance at a higher CAGR over the forecast period, in comparison to other regions.
Among applications, aerospace & defense held the highest market share in 2015, followed by automotive and medical & dental sectors. Moreover, among the type of powder, metal powder took up the largest share and will also be the fastest-growing type in this segment.
The major giants operating in the global 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 Powder, Others
• Geography: North America, Europe, Asia-Pacific, RoW.