3D printing, also known as ‘additive manufacturing,’ is a process that is used to create a three-dimensional object. In this, the 3D object is created by placing down successive layers of printing materials until the complete object has been created. With the growing popularity of 3D printing, there has been a subsequent rise in the demand for different types of materials to facilitate the process. This has given the market for 3D printing materials a fillip. 3D printing materials are helping people worldwide convert digital files into physical objects.
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Growing Number of 3D Printing Manufacturing Units to Drive Middle East Market
In the last few years, the 3D printing materials market has gaining traction and is witnessing a rise in adoption among the consumers worldwide. The trend is also catching on in the Middle East. The market for 3D printing materials here is expected to witness substantial growth in the near future owing to the setting-up of several 3D printing manufacturing companies in this region. The development in this market is expected to continue over the next few years, thanks to the availability of low-cost raw materials and rising production output.
On the basis of revenue, the Middle East market for 3D printing materials is projected to register a progressive 16.70% CAGR between 2014 and 2025, whereas in terms of volume the market is anticipated to exhibit an 11.2% CAGR between 2014 and 2025.
Innovation in Printing Technology to Propel 3D Printing Materials Market in the Middle East
The major filaments that are being used in the 3D printing materials market are ABS, ceramics, Nylon, PLA, PET, HIPS & PVA, and others. The major players operating in the 3D printing materials market in the Middle East are vying for consistent advancements in 3D printing technology. As a result, several public and education sector entities are adopting this technology, which is anticipated to drive the 3D printing materials market in the Middle East region. In addition, the government is also supporting the adoption of 3D printing technology by relaxing some of the regulations to impel the growth of the market. Furthermore, the manufacturers are emphasizing on the development of new and innovative 3D printing materials to enhance the quality of the final product.
Owing to the advantages 3D printing offers, its application segments are expected to grow. Some of the major sectors in which 3D printing materials find applications are medical, automotive, industrial, electronics and consumer, aerospace, education, and others.
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Rising Number of Players to Intensify Competition in 3D Printing Materials Market in the Middle East
A vast number of players are currently operating in the 3D printing materials market in the Middle East. These players are emphasizing on entering into partnerships and collaborations with local retailers and distributors to enhance their position in the Middle East countries. Some of the leading players operating in the market are 3D Systems, ExOne Co., Coex LLC, 3D Filament Manufacturing, Beijing Tiertime Technology Co., Ltd., Stratasys Ltd., and MatterHackers Inc. These players are also focusing on sharpening their competitive capabilities to strengthen their presence in the Middle East market.