Meticulous Research, a leading global market research company, published a research report titled “3D printing PLA Market By Application (Consumer 0Products, Automotive Parts, Industrial Applications, Healthcare, Aerospace & Defense, Others) And Geography - Global Forecast To 2027”.
According to this latest publication from Meticulous Research, the 3D printing PLA market is projected to reach $818.0 million by 2027, growing at a CAGR of 19.8% during the forecast period. The rising demand for bioplastics, favorable government initiatives, and the performance benefits of PLA are the major factors driving the growth of this market. However, the high cost of PLA and the lack of awareness and technical knowledge regarding 3D printing are expected to restrict the growth of this market to some extent.
The 3D printing PLA market study presents historical market data in terms of value (2019), estimated current data (2020), and forecasts to 2027. The market is segmented based on application (consumer products, automotive parts, industrial applications, healthcare, aerospace & defense, and others). The study also evaluates industry competitors and analyses the market at the country-level.
Based on application, the 3D printing PLA market is segmented into consumer products (electronic components, jewelry, artistic items, and other products), automotive parts, industrial applications (equipment & machines and goods & materials), healthcare, aerospace & defense (prototype weapons and body & spare parts), and other applications. In 2020, the consumer product segment is projected to command the largest share of the overall 3D Printing PLA market. The large share of this segment is mainly attributed to the booming consumer electronics industry and advancements in technology resulting in the periodic release of consumer products, such as smartphones, wearables, and smart home systems.
However, the healthcare segment is expected to show the fastest growth primarily due to the rising adoption of 3D printing in medical and dental sub-industries, developing surgical cutting and drill guides & prosthetics, and the creation of patient-specific replicas of bones, organs, and blood vessels.
Based on the type of consumer products, the 3D printing PLA market is segmented into electronic components; and jewelry, artistic items, and other products. In 2020, the electronic components segment is expected to command the largest share of the market. The large share of this segment is majorly attributed to the rapidly growing adoption of PLA in the manufacturing of electronic components and the rising demand for sustainable and eco-friendly electronic components. Moreover, 3D printing is widely adopted in the consumer electronics industry to increase agility in the development & manufacture of consumer products, reduce the time to market, and boost manufacturing efficiency. This segment is also projected to grow at the fastest rate during the forecast period as it allows designers to create fully-functional electronic devices and prepare for full-scale manufacturing quickly.
Based on the type of industrial applications, the 3D printing PLA market is segmented into equipment & machines and goods & materials. In 2020, the equipment & machines segment is expected to command the largest share of the market. The large share of this segment is majorly attributed to the wide adoption of 3D printing PLA in the designing and prototyping of equipment and machines owing to its sustainable and eco-friendly nature, growing emphasis on enhancing the strength of the filament to allow for flexibility in production & prototyping of machines, and reduction in lead time allowing inexpensive production of a product in much smaller volumes or on a case-by-case basis.
This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S. and Canada), Europe (Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (Japan, China, South Korea, India, and RoAPAC), Latin America, and the Middle East & Africa. In 2020, North America is expected to account for the largest share of the 3D printing PLA market, followed by Asia-Pacific and Europe.
The largest share of North America in 2020 is majorly attributed to the early adoption of this technology, the presence of key players, well-established infrastructure, and increasing acceptance of 3D printing PLA across various industries. However, the Asia Pacific region is expected to grow at the fastest rate during the forecast period. The high growth of this region is mainly attributed to the robust industrial base, increased funding for research & development, and the introduction of many government-led strategies and policies, such as digitalization and Industry 4.0.
The key players operating in the 3D printing PLA market are Stratasys Ltd. (Israel), Colorfabb B.V. (Netherlands), Ultimaker B.V. (Netherlands), Polymaker (China), Torwell Technologies Co. Ltd. (China), Matterhacker Inc. (U.S.), Evonik Industries AG (Germany), BASF SE (Netherlands), Zortrax (Poland), Fillamentum (Czech Republic), Sculpteo (France), Formfutura (Netherlands), IC3D Inc. (U.S.), Protoplant Inc. (U.S.), and Amolen (China).
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