CHICAGO, Sept. 4, 2023 /PRNewswire/ -- MarketsandMarkets has released 360 Quadrant for Top 17 3D Printing Materials Companies, Worldwide 2023 to help businesses make quicker and more informed decisions. Companies' market presence and product footprint are used to build quadrants, which will be revised annually.
The technology of printing a three-dimensional (3D) object from a digital file using materials such as plastic, metal, and ceramic is called 3D printing, and the materials used are called 3D printing materials. Plastics, metals (including powders), resins, and ceramics are among the materials used in 3D printing. 3D printing materials are available in a variety of shapes and sizes. Designers and engineers prefer to create functional prototypes using 3D printing materials that have the same or similar material properties as those of the final product. Plastics are the most commonly used 3D printed materials, and they are available in filament, resin, granule, and powder forms.
The global 3D printing materials market is projected to grow from USD 2.5 billion in 2022 to USD 7.9 billion by 2027 at a CAGR of 25.6% during the forecasted period. The market growth can be attributed to factors such as ease in the development of customized products and reduction in manufacturing costs and process downtime. However, the high cost of materials and lack of standard process control are some of the challenges that restrict the market's growth.
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Unveiling the Market Leaders: Honoring Excellence in 3D Printing Materials Markets
- Stratasys was identified as the market leader in the 360 Quadrant, owing to its wide product portfolio and robust business strategies to hold on to its market share. The company accounted for the largest share of the market in 2022. Stratasys is one of the global leaders in developing innovative 3D printing solutions for industries such as aerospace, automotive, consumer products, and healthcare. Some of the materials offered by the company for advanced manufacturing and 3D printing include photopolymers, thermoplastics, metals, and urethanes. The company is focused on developing complete solutions for specific use cases to grow 3D printing's footprint further into manufacturing.
- General Electric (GE) through the GE Additive business division is recognized as another prominent entity in the 3D Printing materials market that has established a robust presence and earned a reputation for excellence over the years. GE Additive is one of the leaders in providing machines, software, consultancy, and advanced AP&C powders, and spherical metal powders designed for additive manufacturing. The company focused on strengthening its market position by expanding its geographic reach and innovating its product portfolio.
- Carpenter Technology through its Carpenter Additive business unit registered a strong position in the global 3D Printing materials market, boasting a strong brand name in the 3D printing materials market. The company offers Carpenter Additive's suite of PowderRange metal powders to various sectors including aerospace, medical, transportation, energy, and industrial sectors. The company is focused on developing high-quality metal powder products and services.
- 3D Systems is a comprehensive player in the 3D printing materials market. The company offers a comprehensive range of products and services in the 3D printing materials market. Some of the 3D printing materials offered by the company include plastic, elastomer, metal, wax, and composite materials among others. The company is focused on growing through the expansion of its core business and new adjacent categories in the market. It also plans to focus on its metal systems.
Categorization Of 3D Printing Materials Companies On 360 Quadrants
3D Printing Materials companies' evaluation was conducted over 200 companies, of which the top 17 were categorized and placed in a quadrant under Market Leaders, Contenders, Innovators, and Emerging Companies.
All the companies in the market leader segment demonstrated strong offerings and the ability to influence the market's direction with their deep expertise. These companies include Stratasys, GE, Carpenter Technology, and 3D Systems. These companies dominate the market, together accounting for nearly one-third of the entire 3D Printing Materials market.
Arkema, Höganäs, Sandvik, and GKN Powder Metallurgy have been recognized as contenders in the 3D Printing Materials quadrant. The contenders are companies with a strong market presence, excelling in specific niches. While not offering the full range of market leaders, they wield significant influence and impact. These companies focus on specific technologies and aim to establish leadership within their chosen segment.
In the quadrant, innovators are highly innovative companies with a strong product portfolio, but a smaller market presence compared to leaders. They push industry boundaries with forward-thinking approaches and have the potential to become major players despite lower corporate growth strategies. Markforged, Materialise, Formlabs, and Proto Labs have been identified as the innovators in the quadrant.
The 360 Quadrants effectively evaluates emerging companies in the 3D Printing Materials industry. They focus on specific areas and offer specialized knowledge, targeted support, flexible terms, and competitive prices. While they may have limited capabilities, they are preferred for specific use cases. These companies employ strategies to expand sales and reach a broader client base. This segment of the quadrant has identified Evonik, Solvay, Henkel, BASF, and Huntsman as emerging companies.
Evaluation Criteria
The vendor evaluation was conducted on over 200 companies of which the top 17 were categorized and recognized as the quadrant leaders. Factors such as revenue, geographic presence, growth strategies, investments, and sales strategies for the market presence of the 3D Printing Materials quadrant. While the top criteria for product footprint evaluation included Material Form (Powder, Liquid, Filament), Material Type (Plastic, Metal, Ceramic), Technology Served, Application, and End-Use Industry (Automotive, Aerospace & Defense, Healthcare, and Consumer Goods, Construction).
360 Quadrants Scoring Methodology
360 Quadrants employs a comprehensive and transparent scoring methodology to evaluate companies. It identifies relevant evaluation criteria, collects and validates data from multiple sources, and employs an algorithm that considers parameter weights to generate scores. Normalization ensures fair comparisons and the aggregated scores categorize solutions into quadrants such as Market Leaders, Contenders, Innovators, and Emerging Companies. This unbiased approach equips users with accurate information, empowering them to make well-informed decisions and select solutions that best suit their needs and objectives.
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See Also:
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- Top 21 Flexible Packaging Companies, Worldwide 2023
- Top 20 Personal Care Ingredients Companies 2023
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- Top 20 Composites Companies, Worldwide 2023
- Top 20 Hydrogen Generation Companies 2023
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360 Quadrants will also be launching 100 quadrants in Chemicals and Materials, Packaging, Energy & Power, and Healthcare.
Visit https://www.360quadrants.com to access our interactive quadrants.
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