3D printing or additive manufacturing as it is popularly known as, finds usage across many sectors like aerospace & defense, automotive, oil & gas, and medical & dental, among others. The market for 3D printing powder has seen an exponential rise over the past few years, thereby opening new opportunities across many industries.
Key Market Drivers
The growth in overall demand for 3D printing powder can be attributed to developments in technology, more focus and investments in research & development of powder-based technology, launching of new products, and expiry of primary patents for powder-based additive manufacturing. Aerospace & defense sector being one of the major applications of 3D printing powder, especially titanium, draws huge demand from aircraft manufacturing companies in order to build jet engines and other components of engines. Other than this, there is also a great demand of 3D printing powder from end-user industries like automotive and medical & dental, among others, owing to the reduction in costs of technology. Moreover, rise in the number of investments from companies and governments are also expected to drive the 3D printing powder market towards growth.
However, over the coming years, the growth of this market may be faced with some obstacles since the powders in 3D printing process require automization in order to be used in high-precision engineering applications. Therefore, supply of these atomized powders may be a hindrance in the growth of this market. Even though powder-based 3D printers may be available in the most remote places in the world, servicing of these printers still poses some challenges for the manufacturers of powder-based 3D printers.
The global 3D printing powder market is estimated to hit USD 636.9 Million by 2020, growing at a CAGR of 24.4% between 2015 and 2020. North America was the biggest market for 3D printing powder in 2015, followed by Asia-Pacific and RoW. The RoW market is anticipated to see a considerable growth by 2020. Europe, being one of the major hubs for the manufacturing of powder metallurgy are making large investments and looking for expansion to meet the requisites for 3D printing market in the coming years.
Based on its application, aerospace & defense industry took up the largest share in 2015, followed by automotive sector and then medical & dental sector. Among the types of powders, metal powder comprised the major share of the market in 2015, being the fastest-growing segment of 3D printing.
Sandvik AB (Sweden), GKN Plc (U.S.), Carpenter Technology Corporation (U.S.), LPW Technology Ltd. (U.K.), Arcam AB (Sweden), and Erasteel Kloster AB (Sweden) are a few major companies operating in the market for 3D printing powder.
The market for 3D printing powder has been analyzed by breaking down the market into following segments and sub-segments:
- Type: Metal, Plastic, Ceramic, Others
- Application: Aerospace & Defense, Automotive, Medical & Dental, Others
- Geography: North America, Europe, Asia-Pacific, RoW