June 16, 2024
Photopolymer Market

Photopolymer Market Gains Momemtum due to Advancements in 3D Printing Technologies

The photopolymer market has emerged as one of the fastest growing sectors propelled by the burgeoning adoption of 3D printing technologies worldwide. Photopolymers, also known as light-activated polymers, are widely used as resins in stereolithography, Digital Light Processing, inkjet-based 3D printing and PolyJet printing processes due to their ability to quickly harden and bind via photo-initiated polymerization when exposed to light of a specific wavelength. Photopolymers are available in liquid and powder forms for various 3D printing modalities and offer advantages such as high resolution printing, toxicity-free formulation and ease of post-processing.

The Global Photopolymer Market is estimated to be valued at US$ 6.39 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.

Photopolymers have enabled mass production of complex 3D printed parts across diverse industries like automotive, aerospace, healthcare, consumer goods and electronics. Advancements in photopolymer compositions to deliver properties like heat and chemical resistance have also fueled their adoption.

Key Takeaways

Key players operating in the Photopolymer Market are Henkel AG & Co. KGaA, Arkema, Stratasys, BASF SE, Keystone Industries, Formlabs, Carbon, Inc., Evonik Industries AG, Liqcreate, ANYCUBIC Technology Co., Ltd., RAHN AG, polySpectra, MacDermid Graphics Solutions, FIP FLEXO, VGD BLOCKS.

Growing demand from end-use industries like automotive, healthcare and consumer electronics owing to superior mechanical properties and biocompatibility of Photopolymer Market Demand has pushed market revenues. Manufacturers are also developing new resins tailored for applications in 3D bioprinting and electronic devices.

Major players have undertaken strategic initiatives like acquisitions and partnerships to strengthen their global footprint and service capabilities in key regions including North America, Europe, APAC and Latin America. Regional governments also offer subsidies and regulatory approvals to promote localized 3D printing with photopolymers.

Market Key Trends

Advancements in resin formulations capable of printing flexible as well as rigid parts with tunable properties has expanded application scope of photopolymers. Development of specialty resins for high-resolution multi-material printing, tooling applications and micro-optics is a key trend.

Composite resins reinforced by advanced fillers like graphene and carbon nanotubes exhibit superior mechanical and thermal properties, enabling high-performance applications. Biocompatible photopolymers optimized for tissue scaffolds and implants are enabling growth in medical 3D printing.

Adoption of digital light processing (DLP) in industrial-scale 3D printing due to faster build speed has augmented demand for photopolymers suitable for this technology. Additionally, resin developers are optimizing formulations to reduce print times, costs and environmental impact.

Porter’s Analysis

Threat of new entrants: Low investment required for 3D printing of photopolymer parts makes threat of new entrants medium. However established players dominate market share.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and differentiated products of various suppliers.

Bargaining power of suppliers: Suppliers of raw materials like acrylates, epoxies have less bargaining power due to presence of multiple substitutes.

Threat of new substitutes: New photopolymer materials with better properties pose threat of substitution. Companies focus on R&D to develop new materials.

Competitive rivalry: Intense competition exists among major companies to gain market share through product differentiation, innovation and customer support.

Geographical Regions

North America dominates the photopolymer market in terms of value owing to high demand from industries like 3D printing, graphic arts and product prototyping.

Asia Pacific exhibits fastest growth for photopolymer market driven by expanding electronics, automotive and construction industries in China, India and Southeast Asian countries adopting 3D printing and prototyping applications using photopolymer resins.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it