The Middle East 3D printing materials market is projected to register a CAGR of 16.7 per cent in terms of value during 2015-2025, driven by applications in automotive and aerospace industry, a report said.
Volume-wise, the market is expected to increase at CAGR of 11.2 per cent, said the report from Future Market Insights, an award winning market research and consulting firm.
The Middle East 3D printing materials market revenue will reach $551.3 million by 2025, the report said.
Setting up of various 3D printing manufacturing units, along with emergence of many 3D printing technology-based start-ups in the region, is expected to bolster overall growth of the industrial manufacturing sector in the Middle East, it said.
Middle East 3D printing materials market is segmented on the basis of filament, application, diameter type, and region.
On the basis of filament type, the market has been segmented into ABS, PLA, HIPS and PVA, nylon, PET, ceramics and others.
In terms of value, PLA filament segment was estimated to account for 22.3 per cent share of the 3D printing materials market in 2015. This segment is projected to register a healthy CAGR of 16.7 per cent during the forecast period. Metal filament segment is witnessing significant growth and is expected to record sustainable growth in the near future.
On the basis of application, the market has been segmented into electronics and consumer, automotive, medical, industrial, education, aerospace and others. Electronics and consumer application segment is expected to register impressive CAGR of 12.6 per cent in terms of value.
Adoption rate of 3D printing technology in the manufacturing sector in GCC is around 11 per cent, which is above average when compared to global adoption rate. Government initiatives to set up 3D manufacturing labs across various sectors, along with increasing awareness among manufacturers regarding operational cost profit, have led to the emergence of many new 3D printing start-ups in the region. Also, increasing demand for cost-effective replacement organs in the healthcare sector has led to increasing adoption of 3D printing technology in healthcare applications.
In terms of value, the healthcare industry in GCC is expected to expand at a CAGR of 13.4 per cent during the forecast period. This is expected to create significant demand for 3D printing technology in the region. Though Middle East 3D printing materials market is expected to witness impressive growth in the region, high cost of 3D printing materials along with no uniform design or manufacturing capabilities is a major cause for concern for increase in overall demand for 3D printing materials, the report said.
Market in Levant countries are expected to remain dominant throughout the forecast period. This is primarily due to presence of some of the international players in the region along with well-established manufacturing sectors in the region. Levant is mainly driven by Israel and Turkey.
Key players in the Middle East 3D printing materials market include 3D Systems, Stratasys, Beijing Tiertime Technology, ExOne Co., 3D Filament Manufacturing, Coex and MatterHackers. A large number of players operating in the 3D printing materials market are focused on entering into collaborations and partnerships with local distributors and retailers in order to enhance their market presence in Middle East countries. Moreover, it also enables companies to increase product visibility across the region, the report said. - TradeArabia News Service
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