A BIS Research report forecasts the global 3D printing plastic and photopolymer material market is estimated to reach $1.86 billion (A$2.37 billion) by 2023 at a CAGR of 21.5 per cent from 2017 to 2023.
The report says that it is because of the reliable properties of plastic and photopolymer, their cost effectiveness as compared to metals and their widespread acceptance in major industry verticals like healthcare, consumer, automotive and aerospace and defence are some of the major reasons for the growth of these materials globally.
Geographically, North America dominated the global 3DP plastic and photopolymer material market in 2016 in terms of revenue and volume. However, Asia-Pacific is expected to grow at the highest rate in the coming years. This growth is mainly due to the increasing adoption of 3D printing in various countries of the Asia-Pacific region.
A key consideration for the growth would be the production of low cost and advanced 3D printing plastic and photopolymer materials. As the palette of 3D printing materials has grown for every process, the functionality choices have also extended considerably with options for materials that offer strength, durability, flame/heat resistant characteristics, UV resistance, flexibility, clarity, moisture resistance or chemical resistance and combinations thereof. Other factors include evolving start-ups and their partnerships with key players in the market, opportunities in the enterprise market and healthcare opportunities.
Monika Sahu, an analyst at BIS Research has said that “Photopolymers continue to dominate the 3D printing plastic and photopolymer material market (by revenue) occupying a market share of 65 per cent in 2016. Plastics dominate the global 3DP plastic and photopolymer market (in terms of volume), occupying a market share of 61.6 per cent in 2016 due to their low price and significant reliability.”