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"Global 3D Printing Metals Market was Valued at US$ 449.7 Mn in 2019 and it is Expected to Reach More than US$ 4835.3 Mn by 2028, Likely to Grow with the CAGR of 30.2% During the Forecast Period."
3D Printing Metals is also known as metal additive manufacturing. It is used in additives manufacturing technology in which the materials are fused together to form a three-dimensional structure of layers on the substrate. This manufacturing process is a type of additive manufacturing technology and it is a small part of the metal industry. The potential to make materials with complex geometries and a unique set of physical and chemical characteristics is propelling their popularity.
Increasing Applications of 3D Metal Printing Into Aerospace & Defense and Medical Sector Anticipated to Drive the 3D Printing Metals Market
3D Printing Metals has wide applications in the aerospace, automotive, construction, defense, and medical industries it's growing applications in lightweight engineering products is anticipated to grow in all the industrial and manufacturing sectors. The 3D metal printing is prominently used in the aerospace & defense industry owing to rapid prototyping and manufacturing speed offered by 3D printing. Furthermore, the rising number of applications for additive manufacturing in medical & dental, oil & gas, and educational fields among others present lucrative opportunities for product penetration.
The high investments in research and development activities and recent technological trends that denote the development of advanced and better-quality products such as Inconel powder are contributing to the growth of the market.
Technological limitations of 3D Printing Metals for large-scale production of heavy parts and the high cost of printers and raw materials such as metal powders are the primary factors restraining market growth. However, rising investments in R&D activities by academicians and companies are expected to facilitate cost reduction as well as increased utilization of the product.
The Powder Segment is Anticipated to be the Largest Segment in the 3D Printing Metals Market During the Forecast Period
Powder form segment held the largest share in 2019. It is accounted for nearly 95% of the overall revenue. The powder form of the metal has the ability to form high-density products with complex geometries, which are used to manufacture engine parts and components. An increase in the demand for these products has increased the demand for metals in the powder form. Furthermore, the rising utilization of powders in pure metal equipment manufacturing is likely to encourage market players to invest in this segment. The availability of powders in pure metal form has backed the demand from aerospace, automotive, and medical industries. The spherical shape of metal particles is considered of high quality as it ensures the free flow of particles, thus easing the printing process.
While the filament segment is projected to register a CAGR of xx % in terms of revenue during the same period. Cost advantages offered by filament as compared to the metal powders are the primary factor driving the segment.
Aerospace & Defense in End-Use Industry Segment is Expected to Witness Highest Growth in the 3D Printing Metals Market Across the Globe
The aerospace & defense industry is projected to be the fastest-growing end-use industry segment of the 3D printing metals market. It is expected to grow at CAGR of 33.4% during the forecast period owing to the aerospace & defense (A&D) industry was an early adopter of 3D printing metals. 3D printing metals find wide applications in the aerospace, it is used to print fuel nozzles and other critical engine components with high precision and accuracy which helps to reduce fuel consumption by reducing the overall weight of an aircraft. 3D printing metals are also used to manufacture specific brackets for satellites with reflectors and feeders mounted on each other. 3D printed brackets allow satellite manufacturers to fit small parts and components without any requirement of altering the mold designs and manufacturing process. The increasing demand for critical engineering and fabrication applications in the aerospace & defense industry is driving the segment.
While the medical & dental application segment is anticipated to expand at a significant growth rate by revenue over the forecast period. Increasing applications of 3D printing in the healthcare industry coupled with shorter supply chain advantages for products associated with critical operations are likely to contribute to the growth of the segment.
North America Expected to Dominate the 3D Printing Metals Market During the Forecast Period
North America held approximately 34.0% of the total market volume in 2019 in the global 3D printing metals market and is expected to drive the demand for 3D printing metals over the forecast period. The Presence of numerous aerospace companies and high defense expenditure across the region is expected to fuel the growth of the regional market.
The U.S. has been a leading producer and consumer of 3D printing metals on a global scale. The presence of key industry players such as ExOne GmbH, Carpenter Technology, and 3D Systems Corporation is expected to drive the market on account of innovative product launches and expansion initiatives in the country. Moreover, increasing the integration of advanced technologies such as 3D printing with several manufacturing processes has been escalating the growth of the market in the country.
Europe is projected to be the highest revenue contributor Followed by North America in the market by 2028. Flourishing aviation industry owing to low fuel cost is stimulating the demand for new aircraft, which, in turn, can provide a fillip to the regional market.
While Asia Pacific is likely to progress at the fastest CAGR of 33.1% in terms of value during the forecast period owing to rapid industrialization in emerging economies across the region. The promotion of private investments by various governments is boosting the manufacturing sector along with the rising investments from governments and private institutions in 3D printing metals are playing a pivotal role in the development of the regional market.
The 3D Printing Metals market is competitive in nature as an increasing number of players are entering into the market. Some of the key players in the global 3D Printing Metals Market are Voxeljet AG, Sandvik AB, EOS GmbH Electro Optical Systems, 3D Systems Corporation, Stratasys Ltd., Renishaw plc, General Electric Company, Carpenter Technology Corporation, Materialise NV, Proto Labs, Inc., and The ExOne Company
3D Printing Metals Market Key Segments:
3D Printing Metals Market, By Form
3D Printing Metals Market, By Metal Type
- Stainless Steel
- Others (Cobalt-chrome, Copper, Silver, Gold, and Bronze)
3D Printing Metals Market,By End-Use Industry
- Aerospace & Defense
- Medical & Dental
- Others (Marine, Art & Sculpture, Jewelry, and Architecture)
3D Printing Metals Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America