GCC and Levant 3D Printing Materials Market to Grow at a CAGR of 17.5% During 2020–2027

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3D printing materials are derived from thermoplastic materials and are used to manufacture various plastic and metal materials. 3D printing materials are used to produce lightweight components of automobiles such as mobile cases, wing mirrors, and other automobile components. It is also used in the healthcare industry where it is used in combination with biocompatible metal such as titanium and cobalt to manufacture medical implants. 3D printings materials are available in the form of a granule, metal filaments, and resin.

The GCC and Levant 3D printing materials market is projected to reach around US$ 0.7 million by the end of 2027, in terms of revenue, growing at CAGR of 17.5% during the forecast period (2020-2027).

Drivers:

Growth in the aerospace sector in the GCC and Levant regions is primarily fueling the market growth of the 3D printing materials. This is attributed to the growth in the investment by regional bodies coupled with the overall development of the economy. Moreover, growing bulk production of 3D printing materials due to rising demand from the end-user industry as it reduces the overall manufacturing cost is further expected to accelerate the market growth of the GCC and Levant 3D printing materials.

High demand for filament form of 3D printing materials due to the growing demand for plastic since plastic is usually used in the filament form is expected to augment the market growth. Growth in the automotive industry where 3D printing materials are used to produce lightweight components such as wing mirror and mobile cases is again anticipated to bolster the market growth of the GCC and Levant 3D printing materials.

Market Opportunities:

Growing demand for 3D printing materials from the electronic industry due to its advantages such as it ease the production of complex structure is providing potential growth opportunities to the market. The growing use of 3D printing materials from the healthcare industry is also expected to propel the market growth in the foreseeable time period. Healthcare utilizes this material in the designing of models of human parts for diagnosis, human tissues, and orthopedic & dental implants.

Rising application of the 3D printing materials in the production of complex geometry and the customized industry-specific product is expected to offer immense growth opportunities to the market of GCC and Levant 3D printing materials.

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Key Takeaways:

On the basis of diameter type, 1.75 mm dominated the GCC and Levant 3D printing materials market in 2019 with around 68% of market share in terms of revenue, followed by 3 mm and others, respectively.

On the basis of application, electronics & consumer dominated the GCC and Levant 3D printing materials market in 2019 with around 21% of market share in terms of revenue, followed by industrial and medical, respectively.

Market Trends:

The growing popularity of home décor and art and sculpture coupled with the increasing consumer spending on the home interior products is expected to accelerate the market growth over the forecast period. The growing adoption of 3D printing in the architecture application along with the increasing exploration activities is projected to augment the market growth of the GCC and Levant 3D printing materials.

The growing trend of using 3D printing materials in the educational sectors is expected to bolster the market growth of GCC and Levant 3D printing materials. 3D printing materials enable students to design basic 3D shapes and explore new ideas. This enhances the quality of education especially in science &technology and engineering & mathematics. Thus, the growing use of 3D printing materials in the educational sector is expected to foster market growth.

Competitive Landscape:

1. 3D Systems

2. Stratasys Ltd.

3. Beijing Tiertime Technology Co. Ltd.

4. ExOne Co.

5. 3D Filament Manufacturing

6. Coex LLC

7. MatterHackers Inc.

Few recent developments:

ExOne Co. —

In February 2020, the ExOne Company industrial sand and metal 3D printers using binder jetting technology announced that 15 new metal, ceramic and composite materials have been qualified by ExOne and its customers for 3D printing on the company’s family of metal 3D printers.

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Market Segmentation:

By Filament