3D Printing Metal Market Growth & Trends
The global 3D printing metal market size is anticipated to reach USD 2,978.9 million by 2030 and is projected to grow at a CAGR of 18.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing need for complex and intricate metal parts and components in various end use industries such as defense, aerospace, medical, dental, and automotive is propelling the need for 3D printing technology.
3D printing metal is an additive manufacturing process used to produce objects with complex designs through a digital blueprint. As the name implies, the process involves adding or depositing thin layers of material in the form of metal powder or filament, and subsequently bonding the layers together. Based on form, powders constitute the major share of the market, as they are the preferred feedstock on account of their unique structure, despite being difficult and dangerous to handle in their raw state.
Different types of metal or their alloys are utilized in this process. Titanium is the most preferred product type for 3D printing. The distinctive characteristics of titanium to provide a light yet durable finished product make it useful across critical applications. In February 2024, U.S.-based contract manufacturer Armadillo Additive launched a new additive manufacturing facility targeting precision engineering for the medical device sector. The company, with its new machine, will specialize in the Ti-6Al-4V Grade 23 titanium products.
Based on end use, aerospace & defense holds the largest market share. The industry holds the capacity to bear the high initial costs of 3D printing. Also, aerospace and defense companies are investing towards expanding their reliability on 3D printing, on account of its growing penetration in critical areas. For instance, as per news released in January 2024, the first metal 3D printer is expected to be tested aboard the Columbus module of the International Space Station. This could be an important step to commence manufacturing in space and future missions to Mars and Moon.
North America is the most significant region for the growth and development of 3D printing. The growth of additive manufacturing technology is anticipated to propel in the region owing to the growing consumption of highly efficient critical components in the aviation industry. The presence of major government and private aerospace companies, coupled with high defense and space expenditure in the region, is aiding market growth.
The global market is characterized by increasing mergers & acquisitions activities globally, with giant players acquiring stakes in small companies having a competitive edge such as advanced technology, efficient processes, or presence in the regional market. For instance, 3D printer manufacturer Nano Dimension has announced to acquire Desktop Metal, a manufacturer of 3D printers for metal parts. The acquisition is expected to close in last quarter of 2024.
Request a free sample copy or view report summary: 3D Printing Metal Market Report
3D Printing Metal Market Report Highlights
- 3D printing technology is gaining traction owing to the ability of the technology to offer accurate and rapid prototypes and optimize the time to market. Increasing adoption of 3D printers in the healthcare, automotive, and consumer electronics verticals is likely to drive the market significantly
- Based on product, the titanium segment led the market with the largest revenue share of 43.8% in 2023. Properties, such as high fatigue strength, strength-to-weight ratio, and excellent corrosion resistance have a key role in driving the demand for titanium
- Based on end use, the aerospace & defense segment led the market with the largest revenue share of 43.4% in 2023. The ability to manufacture complex components in less time is forcing aerospace & defense players to invest in 3D printing
- Based on end use, the medical & dental segment is projected to grow at the fastest CAGR of 19.7% from 2024 to 2030. Rising awareness about health, the development of new alloys for medical applications, and the ability of 3D printing to customize the parts are projected to be the key factors driving the growth of this segment
Access Press Release@ https://www.grandviewresearch.com/press-release/global-3d-metal-printing-market
3D Printing Metal Market Segmentation
Grand View Research has segmented the global 3D printing metal market report based on the form, product, end use, and region.
3D Printing Metal Form Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)
- Powder
- Filament
3D Printing Metal Product Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)
- Titanium
- Nickel
- Stainless Steel
- Aluminum
- Others
3D Printing Metal End Use Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)
- Aerospace & Defense
- Automotive
- Medical & Dental
- Others
3D Printing Metal Regional Outlook (Volume, Tons; Revenue, USD Million, 2018 - 2030)
- North America
- US.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Asia Pacific
- China
- Japan
- India
- Singapore
- South Korea
- Central & South America
- Brazil
- Middle East & Africa
List of Key Players in the 3D Printing Metal Market
- ATI
- CNPC Powders
- Colibrium Additive (GE Aerospace)
- CRS Holdings, LLC.
- GKN Powder Metallurgy
- Höganäs AB
- INDO-MIM
- Kennametal Inc.
- Materialise NV
- OC Oerlikon Management AG
- Outokumpu
- POLEMA
- Powder Alloy Corporation
- Rio Tinto Metal Powder
- Sandvik
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
No comments:
Post a Comment