GCC and Levant 3D Printing Materials Market To Surpass US$ 0.7 Million By 2027 - Coherent Market Insights

3D printing materials are majorly produced from thermoplastics and is also comes in the form of metal filaments, granule, and resin. 3D printing is widely used across various end-use industries such as healthcare, automotive, and aerospace & defense. In the automotive industry, it is used in the wing mirror, mobile cases, and other automobile components. In the aerospace industry, it is used in the metal materials and in the medical industry it is used in the production of various medical &dental implants.

The GCC and Levant 3D printing materials market was estimated to be valued more than US$ 0.25 million in terms of revenue in 2019 and is predicted to grow at a CAGR of 17.5% during the forecast period (2020 to 2027).

Drivers

Increasing focus of various governments in GCC and Levant countries on increasing funding for development of the innovative product by using 3D printing technology in order to diversify their economy, excluding the oil & gas sector is predominantly fueling the market growth. Moreover, various universities in Israel, Qatar and the UAE are entering into a partnership with foreign universities to explore the potential application of 3D printing for various end-use applications is further expected to fuel the market growth.

Market Opportunities

The rising demand for 3D printing materials from electronic and consumer applications is estimated to have a positive impact on market growth. Other emerging applications are architecture, education, and construction industry. Therefore, expanding application of 3D printing materials is projected to accelerate market growth over the forecast period.

Market Restraints

The high cost of 3D printing materials is expected to hinder the market growth over the forecast period. According to the Coherent Market Insights analysis, 3D printing material accounts for over 50% of the overall production costs as these materials require additional preparation before the production process which increases the overall cost production. This is expected to hamper the market growth.

Key Takeaways

On the basis of diameter type, 1.75 mm dominated the GCC and Levant 3D printing materials market in 2019 with around 68% of market share in terms of revenue, followed by 3 mm and others, respectively.

Market Trends

The growing use of 3D printing materials across the automotive sector to produce lightweight and durable components of the automobile is projected to accelerate the market growth. Moreover, the automobile manufacturer is rapidly adopting high-performance thermoplastics such as nylon in the manufacturing lightweight automobile component to make vehicle fuel-efficient.

Rising use of laywood filament, which is composed of recycled wood and polymer binder as a 3D printing material in the establishment of large architectural models and sculptures is expected to be a major trend in the market. Moreover, 3D printing materials are used in producing simple structures such as armrests which are further expected to augment market growth.

Competitive Section

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

Stratasys Ltd.

• In October 2019, Stratasys has launched a new line of durable, temperature and chemical resistant thermoplastics designed for 3D printed tooling and “production-grade” parts. The new FDM materials include Antero 840CN03 for the Stratasys Fortus F900 3D printer, and Diran 410MF07 and ABS-ESD7 for the Stratasys F370 3D printer.

Market Taxonomy

By Filament Type

• ABS
• PLA
• HIPS & PVA
• Nylon
• Wood
• PET
• Metals
• Ceramics
• Others

By Application

• Electronics & Consumer Goods
• Automotive
• Medical
• Industrial
• Education
• Aerospace

By Diameter Type

• 1.75 mm
• 3 mm
• Others

By Country

• Qatar
• Saudi Arabia
• UAE
• Bahrain
• Kuwait
• Oman