New York, USA, Nov. 03, 2022 (GLOBE NEWSWIRE) -- 3D Printing Metals Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “3D Printing Metals Market Information by Material, By Form, By Technology, By Application, and Region - Forecast till 2030”, the market is estimated to grow at a 29% CAGR to reach USD 6 Billion by 2030.
Market Scope
3D printing can be described as a process of forming three-dimensional objects using a computer-aided design/CAD model. The process involves the addition of the material evenly layer by layer, also called additive manufacturing.
Metals utilized for 3D printing are known as 3D printing metals, used for manufacturing a variety of solid objects. They are used extensively by engineers, designers, surgeons, architects, and various professionals to develop representative models for their clients or students.
Although thermoplastics were the most popular of all the materials for 3D printing, other types have emerged as preferred choices as well. These advances in 3D printing technology will favor the worldwide market over the next few years.
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Market Competitive Landscape:
The major vendors part of the 3D printing metals industry are
- voxeljet AG (Germany)
- Renishaw plc (UK)
- 3D Systems Inc (US)
- GKN Aerospace (UK)
- CRS Holdings Inc (Carpenter Technology Corporation) (US)
- Sandvik AB (Sweden)
- EOS GmbH (Germany)
- Materialise (Belgium)
- Concept Laser GmbH (Germany)
- Optomec Inc (US)
- SLM Solutions (Germany)
These companies are known for adopting various strategies and tracking every development and trend in the market that can help them enhance their business rankings. Some of the top strategies include partnerships, agreements, mergers, and new launches.
Market USP Covered:
Market Drivers:
3D printing technology or Additive Manufacturing helps develop patient-ideal dental products, like crowns, bridges, and partial dentures, within the dental industry. Generally, the conventional technique of manufacturing is not right for low-volume manufacturing since the equipment differs in size, which the AM technology addresses. This will be highly favorable for the market over the next few years.
Manufacturers are adopting AM to develop clamps, scalpel handles, hemostats, prosthetic limbs, and forceps. Numerous companies are using AM processes for a variety of important healthcare applications. To illustrate, 3D Systems Healthcare will be collaborating with the medical sector to accelerate the expansion of additive manufacturing in the dental and medical industries.
With various industries shifting from rapid prototyping to adopting 3D printing technology, the players will be offered new opportunities in the coming years. A survey by 3D hubs reveals that more than 50% of total companies worldwide have been using 3D printing to manufacture a variety of end-use parts. Industries, like transportation, biotechnology, and automotive have increased their use of 3D printing in recent years, giving a substantial push to the market growth rate.
Market Restraints:
Substantial investments as well as high costs associated with equipment maintenance could limit industry progression in the future. The technology can be quite costly, thereby discouraging manufacturers and businesses from adopting them.
With that said, surging spending by 3D printing companies will result in the immense growth of the worldwide market over the upcoming years. To cite a reference, Mantle Inc. managed to raise close to USD 25 million in seed funding for installing commercial 3D printing systems in May 2022.
Browse In-depth Market Research Report (299 Pages) on 3D Printing Metals: https://www.marketresearchfuture.com/reports/3d-printing-metal-market-1834
COVID 19 Analysis
The COVID-19 outbreak has had a profound effect on the world, bringing along various challenges, such as the repercussions on people’s health and the overall economy. The aftermath has been a vast social and economic burden that cannot be ignored. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.
Around the world, the rising cases have spurred mental, and economic issues, especially among the elderly. Additionally, the global populace has been dealing with challenges owing to the loss of livelihoods and is opting for family care to address the repercussions. The focus is largely on the treatment of COVID-19 and the development of a vaccine, which steers attention away from other markets.
Market Segmentation
By Type
The types of 3D printing metals in the market are Inconel, nickel, titanium, stainless steel, aluminum, and more.
The titanium segment shall capture a CAGR of 28.42% in the years ahead, given the metal’s surging use in various automotive and aerospace applications.
By Form
3D printing metals come in two forms, primarily powder and filament.
Given the rise of advanced technologies like substance jetting, and binder jetting along with sheet bonding and sheet lamination, the powdered form will gain dominance over the global market in the future.
By Technology
Sheet lamination, material extrusion, and binder jetting are the top technologies studied in the review report. The content extrusion segment will likely be attaining a CAGR of 30.64 percent during the evaluation period.
By Application
The major applications of metal 3D printing are automobiles, aerospace & defense, consumer electronics, building & construction, as well as healthcare.
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Regional Insights
The Asia Pacific market for 3D printing metals shall grab the highest position in the ensuing years, all because of the escalating spending on healthcare, consumer electronics, and building and construction industries. These are the key end-use sectors of 3D printing metals in the region. The Chinese market for 3D printing metals is one of the biggest consumers and producers in the world. Also, developing countries like India will contribute majorly to the Asia Pacific market growth. With the rising population and the economic surge in the said countries, the use of 3D printing metals will boom considerably in the next several years.
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