What Makes 3D Printing Filaments Future of Aerospace and Medical Sectors?
The rising requirement for 3D printing filaments in the aerospace industry is a major factor responsible for their surging sales of these materials across the world. The 3D printing technology is being increasingly adopted in the aerospace industry for producing aircraft components. This is because this technology utilizes filaments for manufacturing aircraft parts and components, which significantly reduces the overall weight of the manufactured items. In addition to this, these filaments improve the strength of the components and allows the manufacturing of products having customized and complex designs.
As per many surveys, the usage of 3D printing filaments in the production of aircraft components has considerably reduced the amount of waste being generated in the process. Furthermore, the surge of the global aviation and aerospace industries is positively impacting the sales of 3D printing filaments all over the globe. According to the findings of the International Air Transport Association (IATA), “the total global revenue generated by commercial airlines reached $876.0 billion in 2019, compared to $845.0 billion in 2018”.
Apart from being extensively used in the aerospace industry, 3D printing filaments are also being rapidly adopted in various manufacturing operations, primarily for manufacturing products requiring intricate designing. While the subtractive manufacturing processes are fully capable of producing products having fewer complex designs, they are usually not very effective for manufacturing objects having highly intricate designs. Moreover, these processes pale in comparison to the 3D printing filaments-based methods when it comes to making aesthetically pleasing products. As a result, manufacturers are increasingly preferring these processes over the conventionally used production methods in many places around the world.
To receive free sample pages of this report@ https://www.psmarketresearch.com/market-analysis/3d-printing-filaments-market/report-sample
Because of the aforementioned reasons, the sales of 3D printing filaments are booming all over the world, owing to which, the revenue of the global 3D printing filament market is predicted to grow from $693.1 million to $7,082.0 million from 2019 to 2030. The market is also predicted to advance at a CAGR of 26.8% from 2020 to 2030. Metals, plastics, and ceramics are the most commonly used types of 3D printing filaments around the world.
Amongst the various filaments, the sales of the plastics variants are predicted to be the highest in the coming years. This is mainly ascribed to the lower prices of the plastics-based printing filaments than the other filaments. In terms of application, the 3D printing filament market is divided into consumer goods, healthcare, industrial, automotive, and aerospace & defense. Out of these, the aerospace & defense application category will register the highest growth in the market in the future years, primarily because of the swift advancement of the aviation sector throughout the world.
Globally, the 3D printing filament market will exhibit the fastest growth in the Asia-Pacific (APAC) region in the upcoming years, as per the estimates of P&S Intelligence, a market research firm based in India. This is attributed to the presence of a thriving manufacturing sector in the APAC countries such as China and the increasing implementation of favorable government policies for regarding the adoption of modern manufacturing technologies in the region. Additionally, the region is home to major automotive firms such as Hyundai Motor Company and Toyota Motor Corporation, which is further pushing up the requirement for 3D printing filaments.