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(Chicago.CityRegions.Com, December 16, 2021 ) 3D printing is being used in various industries across the globe as it reduces the operating time and cost and enables mass production of goods. Governments of different countries around the world are taking initiatives to support the adoption of 3D printing high performance plastic in various industries. For instance, in 2018, the UK government announced an investment of approximately USD 150 million to the Advanced Manufacturing Research Centre in Rotherham and Sheffield and the Nuclear Advanced Manufacturing Research Centre in Rotherham. Furthermore, in 2016, the South Korean government announced a further investment in 3D printing to adopt it in various sectors. The UK government issued a funding call for about USD 5.5 million for 3D printing in 2016. In December 2020, the Government of India’s Ministry of Electronics and Information formulated a 3D printing policy to develop a conducive ecosystem for local firms.
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Government initiatives such as reimbursement policies and funding, coupled with various mergers and acquisitions among small and big firms for technological advancement, are boosting the growth of the 3D printing high performance plastic market. Initiatives by governments of different countries of Europe and Asia Pacific regions to carry out improvements in 3D printing technologies have led to the increased demand for these materials in various industries. 3D printing high performance plastic.
The global 3D printing high performance plastic market is expected to grow from USD 72 million in 2020 to USD 202 million by 2025, at a CAGR of 22.9% during the forecast period. Increasing demand from high end-use industries, growing novel application in tooling and proptotying, and government supportive activities to promote the usage of 3D printing materials is driving the growth of the market.
Medical & healthcare industry dominates the market
The medical & healthcare industry led the 3D printing high performance plastic market. The industry is continuously looking to adopt breakthrough technologies and materials to cater to the medical requirements of humans. High compatibility of 3D printing high performance plastic such as polyamide has increased its application in making of medical devices, surgical equipment, prosthetics & implants, and tissue engineering products supporting the growth of the market.
North America to continue the similar growing trend in the 3D printing high performance plastic market
North America held the largest share in 3D printing high performance plastic market and is projected to continue the similar trend over the projected period. Manufacturers of 3D printing materials in North America are putting efforts by undertaking new product launch, collaboration, and other strategies. For instance, in September 2018, Stratasys Ltd. signed a multi-year technical partnership with Team Penske (US). Team Penske will be using advanced materials, such as Carbon Fiber-filled Nylon 12, in additive manufacturing for advanced car testing, production parts, and prototypes. The partnership is aimed at innovating new materials in 3D printing to increase output and improve vehicle performance.
Arkema S.A. (France), Royal DSM N.V. (the Netherlands), Stratasys, Ltd. (US), Evonik Industries AG (Germany), 3D Systems Corporation (US), EOS GmbH Electro Optical Systems (Germany), Victrex plc. (UK), Solvay (Belgium), Oxford Performance Materials (US) , and SABIC (Saudi Arabia) are some of the key players in the 3D printing high performance plastic market.. These players have taken different organic and inorganic developmental strategies over the past five years.
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Mr. Aashish Mehra