Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
3D printing materials are used in the manufacturing of various plastic and metal materials. 3D printing materials are widely used in the lightweight component of automobiles and aerospace. In the medical industry, it is used along with the biocompatible metal such as titanium and cobalt to produce medical implants. Moreover, 3D printing materials are also used in manufacturing of flexible geometries across various industries.
The GCC and Levant 3D printing materials market is projected to surpass US$ 0.7 million by the end of 2027, in terms of revenue, growing at CAGR of 17.5% during the forecast period (2020 to 2027).
Growth in the organ transplant surgeries in the GCC region has augmented the demand for 3D printing materials, thus fueling the market growth. According to the American Academy of Cosmetic Surgery Hospital, there has been a tremendous rise in cosmetic surgery procedures across the GCC and Levant countries. Thus, growth in surgeries is expected to accelerate the market growth of 3D printing materials.
The growing use of 3D printing materials in the manufacturing of complex structures for the aerospace industry is expected to augment the market growth of the 3D printing materials. Moreover, 3D also enables a high degree of customization for various aerospace components and also reduce the overhead costs for short-run components.
The health risk associated with the exposure to toxic products used in the printing is expected to restrict the adoption of the 3D printing materials. This is projected to negatively impact market growth over the forecast period.
Lack of strict and uniform guidelines for the manufacturing of the 3D printing materials in the GCC region is expected to hamper the market growth. Due to this, only a few companies opt for 3D printing materials for producing finished products. According to the Coherent Market Insights analysis, in GCC, only 0.01% of the overall manufacturing industry leverages 3D printing technology to produce finished goods
Increasing initiatives by the government to set up 3D manufacturing labs across various sectors in the GCC region is projected to provide immense growth opportunity to the market. Moreover, rising awareness regarding operational cost-profit among manufacturers has led to the emergence of new 3D printing start-ups in the region. All these factors are expected to augment the market growth of the GCC and Levant 3D printing materials.
Growth in the e-retailers in the GCC region that are selling 3D printing is expected to augment the market growth over the forecast period. E-retailers helps in reducing the supply chain gap between manufacturers and end-user and enable easy purchasing of the products. Thus, growth in the e-retail industry will favor market growth over the forecast period.
Figure 1. GCC and Levant 3D Printing Materials Market – Opportunity Analysis
Increasing adoption of multi-material filament among manufacturers in the Levant in the production of complex structures is expected to stimulate market growth. For example in Israel, nylon and metals are used in combination to manufacture spare parts for aerospace and automobiles.
Increasing adoption of Nylon and Metallic Filaments across the industrial sector in GCC and Levant is expected to foster market growth. Moreover, rising consumption of 3D Printing Technology in the energy sector is further anticipated to accelerate the market growth over the forecast period.
Figure 2. GCC and Levant 3D Printing Materials Market, Revenue Share (%), By Application, 2019
On the basis of application, electronics & consumer dominated the GCC and Levant 3D printing materials market in 2019 with around 21% of market share in terms of revenue, followed by industrial and medical, respectively.
Key players are operating in the GCC and Levant 3D printing materials market are 3D Systems, Stratasys Ltd., Beijing Tiertime Technology Co. Ltd., ExOne Co., 3D Filament Manufacturing, Coex LLC, and MatterHackers Inc.
Few Recent Developments
- In March 2020, 3D Systems has announced the availability of comprehensive test data for a number of its 3D printing materials. This is expected to increase transparency around material performance to allow engineers and manufacturers to make informed decisions about which materials are best suited to their application needs.