Photopolymer Market is anticipated to Witness High Growth Owing to Increasing Application in 3D Printing
Photopolymers are materials that undergo polymerization and hardening when exposed to visible or ultraviolet light. They are used as the active substance in light-sensitive surfaces and as casting and molding compounds in 3D printing. The growing popularity of additive manufacturing has boosted demand for photopolymer resins which serve as the basic building blocks in 3D printing processes. Photopolymers offer advantages like high resolution and accuracy for complex 3D printed parts as well as low waste generation and material utilization. With industries increasingly adopting 3D printing for rapid prototyping and production, the demand for photopolymers is expected to surge in the coming years.
The Global Photopolymer Market is estimated to be valued at US$ 14.27 Bn in 2024 and is expected to exhibit a CAGR of 12.% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Photopolymer market are Air Enterprises, Asetek, Inc., Climaveneta, Coolcentric, Daikin Industries Ltd, Dell Technologies Inc., Fujitsu, Hitachi, Ltd., Johnson Controls, Liquid Cool Solutions Inc., Mitsubishi Electric Corp., Munters Group AB , Nortek Air Solutions, LLC, NTT Ltd., Rittal GmBH Co. KG, Schneider Electric SE, STULZ GMBH, Telx Inc., and Vertiv Co. Key players are focusing on developing new photopolymer resins with improved mechanical and thermal properties to widen their application scope.
The Photopolymer Market Trends adoption of 3D printing across industries is opening up new opportunities for photopolymer resin providers. Increased 3D printing of end-use parts in aerospace, automotive and healthcare sectors will boost photopolymer consumption.
Photopolymer manufacturers are expanding their global footprint by enhancing production capacities and distribution networks across Americas, Europe, Asia Pacific and Middle East & Africa. Collaborations with 3D printer OEMs are also helping photopolymer producers reach untapped regional markets.
Market Drivers:
Rising application of additive manufacturing: The increased use of 3D printing technology for rapid prototyping and manufacturing across automotive, healthcare and consumer goods industries is a key factor driving the demand for photopolymers. Photopolymers allow high resolution printing to create complex plastic components.
Need for lightweight and customized parts: With focus growing on light weighting, customization and personalized products, industries are leveraging 3D printed plastic parts made from photopolymers. This is propelling market growth.
Market Restraints:
High material cost: Photopolymer resins have higher material costs compared to other plastics like ABS and PLA limiting their widespread adoption. This acts as a major restraint for market growth.
Limited applications: While applications are increasing, photopolymers still have limited usage only in 3D printing as opposed to other plastics which have wider usage. This restraints market expansion.
Segment Analysis
The photopolymer market can be segmented based on end-use as Commercial, Industrial, and Residential. The commercial segment dominates the photopolymer market currently due to growing demand in industries such as printing, microfabrication, and medical. Photopolymers are widely used for additive manufacturing applications in these industries. The industrial segment is expected to grow at a significant rate during the forecast period due to increasing use of 3D printing technology for prototyping across automotive, aerospace & defense, and consumer goods industries.
Global Analysis
The Asia Pacific region dominated the global photopolymer market in 2021 and is projected to maintain its leading position during the forecast period. This is attributed to the presence of a large number of industries such as printing, medical devices, electronics, and aerospace in countries such as China, Japan, and India.
Growing investment by several key players to tap the opportunities offered by the APAC market will further drive the regional market. Europe is another major photopolymer market globally. Stringent manufacturing standards across industries and technological advancements are supporting the demand in the region. North America is also expected to offer lucrative opportunities for market players over the next few years owing to high R&D spending capabilities.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)