3d Printing Metal Market Size, Share & Trends Analysis Report 2021-2028
3D Printing Metal Industry Overview
The global 3D printing metal market size is expected to reach USD 2.36 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 25.7% over the forecast period. The market growth is attributable to the cost-effectiveness of 3D printed parts, reduced lead times, and the development of complex parts during production.
The potential cost savings is the significant factor stimulating the growth of the market in the aerospace & defense end-use sector. For instance, in November 2018, Lockheed Martin, a U.S.-based global aerospace & defense company, announced that due to 3-dimensional printed parts, there was a reduction in the price of its F-35 Full Mission Simulator (FMS) unit and led to the savings of nearly USD 45.0 million.
Metal 3-dimensional printing has the ability to fabricate lightweight but strong structures, produce complex designs, and maintain small volumes. These factors extend its application scope in various end-use industries, such as medical, aerospace, automotive, and consumer products. The 3-dimensional printing technologies are subject to challenges including the consistency of quality, limited multi-material printing capabilities, narrow range of materials, high material costs, size, and scalability.
3D Printing Metal Market Segmentation
Grand View Research has segmented the global 3D printing metal market on the basis of form, product, application, and region:
Based on the Form Insights, the market is segmented into Powder, and Filament.
- The powder form segment accounted for the largest revenue share of more than 94% in 2020 of the global market. Metal powder particles have a number of prominent parameters that not only impact the additive build process but also affect the properties of the finished component. This includes the physical as well as chemical properties of the raw material, which have to be properly known and characterized.
- The distribution of the particle must not be skewed but should be evenly spread to obtain an optimal build. Filaments are typically a mix of metal and polymer, wherein the metal is coated with a layer of polymer including PLA and ABS. The producers are working on R&D to develop cost-effective technologies for printing with filament in comparison with the selective laser melting process. This is anticipated to push the demand for filaments over the forecast period.
- This is likely to push the demand for metal powder over the coming years. The spherical metal particles that are used in the 3D printing process must be small, typically in the range of up to 15 to 75 microns, to get a fine print of the finished product.
Based on the Product Insights, the market is segmented into Titanium, Nickel, Stainless Steel, Aluminum, and Others.
- The titanium product segment accounted for the highest revenue share of over 41% in 2020 and is anticipated to grow at the fastest CAGR over the forecast period. Increasing demand for titanium-based products in various industries due to their properties, such as non-corrosive and high resistance against harsh environments, is expected to fuel the segment growth.
- Stainless steel is projected to have significant demand over the coming years owing to its high potential in various industries as it has low carbon and high chromium content. Parts printed using stainless steel are lightweight, strong, and durable. Moreover, stainless steel helps in printing large objects with a high-quality surface finish.
Based on the Application Insights, the market is segmented into Aerospace & Defense, Automotive, Medical & Dental, and Others.
- Aerospace & defense accounted for the largest volume share of over 40% in 2020. The ability to manufacture complex components in less time is forcing aerospace & defense players to invest in 3D printing. For instance, in 2021, Senvol, an 3D printing data specialist received a new round of funding from the U.S. Department of Defense to optimize aerospace and defense components.
- The medical & dental application segment is expected to register the fastest growth of 28.7% in terms of volume, across the forecast period.3D printing is used to produce prosthetic limbs, implants, forceps, and hemostats in the medical industry. Many medical companies are adopting 3D printing processes for various medical applications. For instance, Monogram is developing orthopedic implants through 3D printing.
3D Printing Metal Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The global market is currently in the growth stage and holds huge potential owing to its rising penetration and adoption across different industries. The market is also witnessing rising investments from small companies. With the rising competition, merger & acquisition activities in the market are likely to increase over the forecast period. For instance, in 2019, Aerojet Rocketdyne Holdings, Inc. acquired 3D Materials Technology, Inc. (3DMT), an additive manufacturing solution provider. The acquisition of 3DMT is projected to benefit the company in expanding its products & services offerings in the aerospace & defense industry. Some of the prominent players in the global 3D printing metal market include:
- Arcam AB
- ExOne GmbH
- Carpenter Technology Corp.
- Renishaw PLC
- Materialise NV
- 3D Systems Corp.
- Voxeljet AG
- Sandvik AB
- Hoganas AB
- GKN PLC
Order a free sample PDF of the 3D Printing Metal Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Comments
Post a Comment