3D printing materials market is witnessing increasing adoption among consumers across the globe. As the trend is shifting largely towards developing regions, 3D printing materials is witnessing impressive growth in Middle East regions. During the last few years, the Middle East regions have witnessed setting-up of various 3D printing manufacturing companies. The trend is likely to continue over the next 10 years owing to availability of low cost raw materials along with increasing manufacturing output in these regions.
Market Value and Volume Forecast
In terms of value, the Middle East 3D printing materials market is anticipated to expand at a CAGR of 16.7% during the forecast period. In addition, the Middle East 3D printing materials market volume is expected to register a CAGR of 11.2% during the forecast period.
Growth of the Middle East 3D printing materials market is mainly driven by low cost production output along with emergence of new supply chain and retail opportunities in the region. For instance, many e-Retailers are selling 3D printed products online owing to increased demand. These e-Retailers have minimized supply chain gap between 3D printed product manufacturers and end-users, which is expected to boost overall sales of 3D printing materials. Moreover, 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 regions. Transition from conventional printing techniques to 3D printing can help manufacturers cut down overall operational costs by almost 50%.
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% 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 is a major cause for concern for overall growth in demand for the 3D printing materials in the region.
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Segmentation by Filament
The Middle East 3D printing materials market is segmented on the basis of filament type ABS, PLA, HIPS & PVA, Nylon, PET, ceramics and others. In terms of value, PLA filament segment has been estimated to account for 22.3% share of the Middle East 3D printing materials market value by 2015 end, and is projected to register healthy CAGR of 16.7% over the forecast period. PLA filament is widely used in medical applications as it possesses the ability to degrade into inoffensive lactic acid in the body.
The Middle East 3D printing materials market has been segmented into Middle East regions. GCC region comprises Kingdom of Saudi Arabia (KSA), United Arab Emirates (UAE), Oman, Qatar, Kuwait and Bahrain. Levant region comprises Cyprus, Egypt, Turkey, Israel, Jordan and Rest of Levant countries, which comprises Syria, Palestine and Iraq.
In terms of market value, of all the countries, UAE is expected to remain dominant in the GCC 3D printing materials market throughout the forecast period. Among the Levant countries, Israel is expected to witness highest CAGR of 20.4% in terms of value during the forecast period.
Key players in the Middle East 3D printing materials market include 3D Systems, Stratasys Ltd., Beijing Tiertime Technology Co., Ltd., ExOne Co., 3D Filament Manufacturing, Coex LLC and MatterHackers Inc. 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. Companies are focusing on instilling competitive capabilities to strengthen their market presence in the region.