Top 17 3D Printing Materials Companies, Worldwide 2023: MarketsandMarkets 360 Quadrant Revealed
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
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.
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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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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