What are Key Factors Driving Growth of 3D Printing Materials Market?

As a result of the increasing use of 3D printing in the manufacturing sector, rising demand for automobiles, and the presence of a prosperous aerospace industry, the global 3D printing materials market is expected to reach $1,365.6 million by 2023, from its recorded value of $558.4 million in 2017, registering a CAGR of 16.7% during the forecast period (2018–2023). This high demand for 3D printing materials is primarily due to the rising adoption of additive manufacturing as well as the increasing need for mass customization.



The key factors that are driving the advance of the 3D printing materials market are the increasing popularity of the concept in additive manufacturing and rapidly expanding automobile sector, especially in emerging economies, such as India and China. Additive manufacturing refers to a manufacturing process which uses computer-aided designing (CAD) software to add material, layer by layer, in precise shapes, to create an object. 3D printing, owing to its property of generating almost negligible leftover material, has revolutionized additive manufacturing.


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The recent years have witnessed a large-scale integration of additive manufacturing by various companies, in order to yield better results. Currently, the majority of companies are using 3D printing for prototyping. However, in industries such as aerospace and defense and medical and dental, it is being widely used in the complete production process, thereby helping the market prosper. According to a report by Harvard Business Review, the U.S. hearing aid industry has completely incorporated additive manufacturing into its manufacturing process, in 500 days.



On the basis of type, the 3D printing materials market has been divided into ceramics, metals, plastics, and others, wherein the others category includes sand, waxes, marble, wood and stone, and edible materials. Out of these, the plastics category had the largest sales volume share, of over 40.0%, in 2017. The major factor that contributed toward its huge market share was the wide preference for plastics in the process, due to their lower cost and easier melting process, which make forming the final product quick.



Depending on form, the 3D printing materials market is categorized into filament, powder, and liquid. Amongst these, the filament category had the largest market share in 2017, of over 50.0%, in terms of sales volume. Due to their superior characteristics, such as decreased shrinkage, improved layer adhesion, high density, and warp resistance, polylactic acid (PLA) and acrylonitrile butadiene styrene (ABS) are the most commonly used plastic filaments in 3D printing.



The biggest trend in the 3D printing materials market is the incorporation of this production technique in the education sector. In recent times, various schools have adopted 3D printing technologies in their curriculum, in a bid to increase students’ creativity. The technology is also playing a huge role in improving the quality of higher education, especially in science, technology, engineering, and mathematics (STEM), by helping students understand complex mathematical models better.



Thus, due to the increasing use of 3D printing in the manufacturing sector and rising incorporation of the technology in additive manufacturing, the market is set to witness considerable growth in the coming years.

Expanding Semiconductors & Electronics Industry Driving Electroceramics Market

In 2017, the global electroceramics market generated a revenue of $8,590.9 million and is expected to attain a value of $12,084.4 million in 2023, advancing at a 5.9% CAGR during the forecast period (2018–2023). Factors positively affecting the growth of the market are the expansion of the semiconductors and electronics industry, growth of the medical industry and requirement for electroceramics in sensors and implants, and expanding automotive industry and demand for electroceramics in automotive devices and components. Type of ceramic materials which exhibit electrical properties are referred to as electroceramics.

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In terms of type, the electroceramics market is divided into magnetic ceramics, dielectric ceramics, piezoelectric ceramics, conductive ceramics, and others (which include ferroelectric and fast ion ceramics). Among these, the dielectric ceramics dominated the market during the historical period (2013–2023), contributing a volume share of over 35.0% in 2017. The reason for this is the rising requirement for these ceramics in capacitors and insulators, which are major components in industrial and consumer electronic devices. The fastest growth is predicted to be registered by conductive ceramics during the forecast period.

When application is taken into consideration, the electroceramics market is categorized into power distribution devices, capacitors, actuators & sensors, data storage devices, optoelectronic devices, and others (resonators and radio frequency devices). Out of these, the capacitors category accounted for the major share of the market during the historical period, in terms of volume, and is further expected to dominate the market during the forecast period, owing to the high requirement for these products for usage in different devices. The optoelectronic devices category is projected to advance at the fastest pace during the forecast period.

A key driving factor of the electroceramics market is the expansion of the semiconductor and electronics industry. As per the Consumer Electronics Association, consumer electronics retail revenue was $351.0 billion in 2018, witnessing a 3.9% rise in its revenue in 2017. The industry is primarily growing due to the macroeconomic growth in developing countries. Electroceramics are increasingly being utilized for different applications in the industry because of their properties, such as high damage tolerance, temperature resistance, toughness, and corrosion resistance. Furthermore, the use of these ceramics significantly reduces the overall weight of electronics.

Another major factor contributing to the growth of the electroceramics market is the expansion of the medical industry and rising demand for electroceramics in implants and sensors. The growth of the healthcare industry is attributed to the increasing demand for healthcare services and rising capital allocation by public and private partnerships in the healthcare sector. In recent years, the adoption of electroceramics in the medical industry has increased because they are harder and more heat and corrosion resistant than other materials.

The advancements in the fabrication technology and widespread adoption of internet of things (IoT) is providing wide opportunities to the players operating in the electroceramics market. The requirement for higher volumetric efficiency multilayer capacitors has impacted the technologies concerned with the preparation of powders having closely defined physical and chemical characteristics and on their processing into components. The emergence of technologies such as IoT are further predicted to drive the requirement for these products in capacitors, sensors, and automotive and aerospace components.

Hence, the market is being driven the growth of the semiconductors & electronics industry and medical industry and increasing demand for electroceramics in implants and sensors.

Increasing Use of Hydrogen Storage Tanks in Transportation Sector Driving Hydrogen Storage Market

The hydrogen storage market is predicted to register substantial growth in the coming years, which is attributed to the increasing usage of hydrogen storage tanks in the transportation sector, rising requirement for low emission fuels, and growing consumption of ammonia and methanol across the world. As per the U.S. Department of Energy, hydrogen storage is considered as a major enabling technology for the advancements of hydrogen and fuel cell technologies in different applications, such as portable power, stationary power, and transportation. Based on form of storage, the market is divided into material-based and physical.


When storage is taken into consideration, the hydrogen storage market is categorized into on-site, cylinder, on-board, and merchant/bulk. Out of these, the cylinder category dominated the market in the past and is further expected to account for the major share of the market in the near future. The reason for this the rising demand from electronics, food, and metal working industries. The fastest growth in demand is projected to be witnessed by the on-board category during the forecast period due to increasing development of hydrogen-powered vehicles in South Korea and Japan.


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Geographically, Asia-Pacific (APAC) held the largest share of the hydrogen storage market in the past and is predicted to dominate the market in the coming years as well. North America is expected to witness the fastest growth in the near future, along with APAC. This is due to the rising requirement for hydrogen-powered cars, which is driven by the availability of proper hydrogen filling infrastructure and strict government regulations in the U.S. The hydrogen storage market in the U.S. is expected to dominate the market in the coming years.


The rising consumption of ammonia and methanol around the world is a major driving factor of the hydrogen storage market in theU.S. and across the world. Power optimizers and micro-inverters, collectively known as module-level power electronics (MLPE), are gaining popularity. MLPE technology provides optimal performance and more power output than the traditional photovoltaic (PV) systems when installed in unevenly shaded regions. Attributed to this, different countries are increasingly making use of micro inverters, which is further expected to drive the demand for hydrogen storage in the coming years.


Another primary factor driving the growth of the hydrogen storage market is the increasing usage of hydrogen storage tanks in the transportation sector. As hydrogen storage systems are economically viable and have high storage performance as compared to other sources, they are increasingly being preferred for transportation fuels in order to power fuel cell vehicles and electric vehicles. As per the World Nuclear Association the requirement for hydrogen for the production of transport fuels from crude oil is projected to rise at a considerable pace in the coming years.


A key trend in the hydrogen storage market is the rising focus on research & development (R&D) for advancements in hydrogen storage technology. In recent years, India, the U.S., and the U.K. have been increasingly focusing on R&D activities in order to ensure the development of adequate hydrogen storage for onboard light-duty vehicles, portable power applications, and material-handling equipment. In addition to this, the National Renewable Energy Laboratory, in collaboration with the U.S. Department of Energy, is increasingly focusing on the development of high performance and cost-effective fuel cell and hydrogen technologies.


Hence, the market is being driven by the growing use of hydrogen storage tanks in the transportation sector and increasing consumption of methanol and ammonia across the globe.