Selbyville, Delaware, April 06, 2022 (GLOBE NEWSWIRE) -- As per the recent report by Global Market Insights Inc., the Additive Manufacturing with Metal Powders Market was estimated at USD 345 Million in 2021 and is likely to be valued at more than USD 1,825 million by 2030, progressing at a CAGR of 21% from 2022 to 2028. The report provides a detailed analysis of the competitive scenario, major investment pockets, top winning strategies, market size & estimations, wavering market trends, and drivers & opportunities.
Additive manufacturing employs metal powders to print particles of non-metallic or metallic products that are laser fused or sintered together to make a component. The process helps create components with complex and unusual shapes and generates less waste than other manufacturing methods. It can be utilized to blend assembly and manufacturing into a single process and offers novel designs for improving efficiency in both new and existing applications. Escalating product usage in diverse industries, including automotive, aerospace, oil & gas, medical, and so on, is speculated to facilitate market growth through the forecast period.
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Stainless steel is stain- and corrosion-resistant as well as low maintenance. These features make it suitable for use in the aerospace, automotive, and oil & gas sectors. Austenitic steel is extensively utilized in medical, aerospace, and heavy industries like oil & gas on account of its excellent formability and corrosion resistance, which is set to foster product outlook. In 2021, the stainless-steel material segment garnered a valuation of around USD 67.5 million and is slated to observe notable growth at a rate of above 27.5% through the assessment timeframe owing to high product adoption in varied industries verticals.
Meanwhile, the additive manufacturing with metal powders industry size from the other manufacturing technique segment surpassed USD 9.5 million in revenue in 2021 and is projected to expand at about 8.5% CAGR over the review timeline. The binder jetting process is used for printing on the sand, ceramics, and metals with a faster processing time and is a cost-effective production process. Other additive manufacturing techniques like the binder jetting process would see prevalent demand, which is expected to boost segmental growth in the coming years.
Key reasons for additive manufacturing with metal powders market growth:
- Prominent uptake in the oil & gas industry.
- Increasing utilization in the aerospace sector.
- Growing usage in automotive applications.
- Rising adoption in making medical implants.
2030 forecasts show the ‘medical’ segment retaining its dominance:
In terms of application, the medical segment exceeded a valuation of USD 64 million in 2021 and is anticipated to grow significantly at a growth rate of nearly 21.5% through the study time span. Healthcare experts are increasingly focusing on additive manufacturing for implants used as medical devices that are made through conventional methods, which are costly and need time-consuming and complex manufacturing techniques. Surging production of medical devices, such as cranial implants, orthopedic implants, and dental restorations like external prosthetics, onlays & inlays, crowns, and surgical instruments, is primed to bolster segmental development in the forthcoming years.
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The Asia Pacific to maintain top status in terms of revenue:
In the regional landscape, the Asia Pacific additive manufacturing with metal powders market was valued at over USD 62.5 million in 2021 and is foreseen to progress at a CAGR of around 21.5% over the forecast time period. The expanding automotive sector in the region driven by the rising number of government initiatives, coupled with prominent usage of additive manufacturing in human cells for treating incurable illnesses in Japan and China, is poised to support regional market growth in the future.
Impact of COVID-19 pandemic on additive manufacturing with metal powders market:
The COVID-19 pandemic adversely impacted various industries and global production owing to supply chain disruptions, raw material and labor shortages, and stringent government-imposed lockdown restrictions. The subsequent decline in demand hampered business growth in key regions across the globe. However, considerable government focus on economic recovery and widespread vaccination drives have allowed many industries to resume operations, thereby helping the market regain its pre-COVID momentum in recent years.
Leading market players:
Key companies operating in the additive manufacturing with metal powders industry are Matsuura Machinery, Arcam, Optomec, Concept Laser, Renishaw, EOS, Progold MTU, ExOne, Ping, 3D systems, Phenix Systems, Plunkett Associates, Trumpf, Pratt & Whitney, Metalysis, GE, and Puris, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
