How Are 3D Printing Materials Bringing Down Manufacturing Costs?

Posted by Manish Kumar on November 12th, 2020

From .346 trillion in 2009, global manufacturing, value-added rose sharply to .809 trillion in 2019, says the World Bank. This has been a result of the population boom, which has led to a massive increase in the demand for a variety of products, from processed food and personal care goods to automobiles and consumer electronics. With time, the manufacturing sector has undergone continuous evolution: first, there was mostly manual work. and then came machines, followed by assembly lines. Soon, much of the human work in many industries was replaced by robots.

One of the newest advancements in the manufacturing industry is 3D printing, in which a machine, known as 3D printer, builds a product, part or component layer by layer. Among the numerous of its advantages, it checks raw material wastage, which helps in a lot of cost savings for companies. P&S Intelligence says that due to the increasing popularity of this production method, the 3D printing materials market would grow from $ 558.4 million in 2017 at a healthy 16.7% CAGR during 2018–2023, to $ 1,365.6 million by 2023.

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Conventionally, all the parts have to be individually produced and then shipped hundreds of miles to the assembling facility. Using 3D printing, an entire component can be manufactured at once, thus improving the production efficiency and speed and reducing the manufacturing cost. For instance, in place of 855 individually manufactured parts, General Electric is using just 12 3D-printed parts for its latest turboprop aircraft engines. Further, in 2015, the Federal Aviation Authority (FAA) gave GE the greenlight to use 3D-printed parts in engines of commercial jetliners.

Due to such massive usage of the 3D printing technology in the U.S., North America has been the largest 3D printing materials market for quite some time now. Apart from GE, several other companies are mulling the usage of this technique for manufacturing. For instance, the Boeing Company hopes to bring down the production cost of the 787 Dreamliner by up to million with 3D-printed parts. Moreover, the usage of this production method is also increasing in the regional healthcare sector, with 3D-printed implants having received the Food and Drug Administration (FDA) approval in 2010.

Therefore, as 3D printing penetrates into more industries and applications, the demand for the various materials used in the process is set to rise massively.