In 2019, the global 3D printing filaments market attained a value of $693.1 million. As per the estimates of P&S Intelligence, a market research firm based in India, the market would progress at a CAGR of 26.8% from 2020 to 2030 and generate a revenue of $7,082.0 million in 2030. This sharp surge in the valuation of the market is credited to the growing adoption of 3D printing technology in the aerospace industry, which is itself exhibiting rapid expansion.
According to the International Air Transport Association (IATA), commercial airlines generated a total revenue of $876.0 billion in 2019, as compared to the $845.0 billion revenue witnessed in 2018. The rapid advancement of the aviation and aerospace industries is pushing up the requirement for new aircrafts. This is, in turn, fueling the manufacturing of aircrafts and aircraft components across the globe. The 3D printing technology is very effective for manufacturing these components.
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This market research report provides a comprehensive overview of the 3D Printing Filaments Market
Historical and the present size of the 3D Printing Filaments Market
The future potential of the market through its forecast for the period 2020-2030
Major factors driving the market and their impact during the short, medium, and long terms
Market restraints and their impact during the short, medium, and long terms
Recent trends and evolving opportunities for the market participants
Historical and the present size of the market segments and understand their comparative future potential
This is because this technology utilizes filaments for producing aircraft components, which causes a huge reduction in the weights of these products. Moreover, these filaments improve the strength of aircraft components, make the manufacturing of customized designs and complex parts possible, and produce minimal wastage. Because of these factors, 3D printing filaments are increasingly being adopted in the aerospace industry. Besides this, the growing usage of these filaments in the automotive industry is also driving the progress of the market.
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Because of the above-mentioned factor, the growth of the aviation sector is positively impacting the global demand for 3D printing filaments. Across the globe, the 3D printing filaments market is predicted to demonstrate the fastest growth in the Asia-Pacific (APAC) region in the upcoming years. This would be because of the surging manufacturing activities, especially in China, and the increasing government support regarding the usage of 3D printing technology in the region.
Hence, it can be said with full conviction that the market would exhibit huge expansion throughout the world in the forthcoming years, primarily because of the rising usage of 3D printing filaments in the aviation, aerospace, and automotive industries around the world.The research includes detailed analysis of;
Based on Type
Based on Application
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.