3D Printing Materials Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The 3D printing materials market is projected to register a CAGR of over 20% during the forecast period (2021-2026).
With the outbreak of the COVID-19 pandemic, the 3D printing materials market has suffered due to the disruption in the supply chain, resulting in delays of several projects. Moreover, disrupted financial flows and strict lockdowns in various countries, resulting in growing absenteeism among production line workers, have also affected the market adversely. Automotive designers fabricate a physical part or assembly prototype using 3D printing, which can range from a simple interior element to a dashboard or even a scale model of an entire car. In 2020, the COVID-19 pandemic severely impacted the automobile sector, with lockdowns implemented across all countries and automotive production halted in several countries. According to OICA, global production of vehicles in the third quarter of 2020 was around 50 million, a significant decrease compared to the production in the third quarter of 2019, which was around 65 million. In April, automotive production came to a grinding halt in the United Kingdom, with only 197 cars made in the whole month (a staggering drop of 99%). This pattern of production halt was also observed in many major countries like Italy, Spain, India, etc., which severely affected the growth of the market. However, the market is anticipated to recover as there is an increased demand for electric vehicles, driven mainly by government incentives and increasing environmental consciousness among consumers. This is expected to drive the 3D printing materials market in the near future.
Key HighlightsThe 3D printing materials market is consolidated, with few players holding the major share in the market. Key players in the 3D printing materials market include Ultimaker BV, Arkema, 3D Systems Inc., Höganäs AB, and Covestro AG, among others.
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