Pune India, Dec. 12, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below-mentioned segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Metal 3D Printing market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Metal 3D Printing treatment market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as component, technology, application, industry, and others. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Metal 3D Printing market are 3D Systems Corporation, General Electric Company, Carpenter Technology Corporation, GE Additive, Stratasys Ltd., Renishaw plc, Materialise NV, Voxeljet AG, Sandvik AB, EOS GmbH Electro Optical Systems, Autodesk Inc., Optomec, Inc., The ExOne Company, and Proto Labs, Inc., among others. To achieve a substantial market share in the worldwide Metal 3D Printing market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The metal additive manufacturing technologies Selective Laser Melting (SLM) and Direct Metal Laser Sintering are part of the powder bed fusion 3D printing family (DMLS). In both processes, metal powder particles are scanned and selectively fused (or melted) using lasers, forming a part layer by layer. This is only one illustration of how the two technologies might coexist. The materials used in both processes are also metals in the form of granules. SLM and DMLS are distinguished from one another by the principles of the particle bonding process (as well as patents): SLM uses metal powders with a single melting temperature and melts the particles, whereas DMLS uses a powder made of elements with various melting points that fuse at high temperatures. SLM creates components out of a single metal, whereas DMLS creates components out of metal alloys. High-strength materials like nickel or cobalt-chrome superalloys, which are extremely difficult to handle with conventional manufacturing techniques, are compatible with metal 3D printing, which is one of its primary advantages. By employing metal 3D printing to produce a nearly net-shape item that can later be post-processed to a very high surface polish, significant time and cost savings can be realized.
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Scope of Metal 3D Printing Market Report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | By type, By Application, By Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
| Major Players | Hexagon, Navtech GPS, L3 Harris Corporation, Furuno Electric, Hemisphere GNSS, Topcon Corporation, Trimble Inc., Laird Plc, SkyTraq Technology. Inc., Texas Instruments, Qualcomm Inc, Garmin Ltd, Raytheon Technologies Corp., STMicroelectronics, Broadcom Inc., among others |
Segmentation Analysis
The functional parts segment is expected to be the fastest-growing segment in 2021.
The application includes prototyping, functional parts, and tooling. During the forecast period, the functional parts segment is anticipated to grow at the fastest rate. Smaller joints and other metallic hardware connecting elements are examples of functional pieces. While developing machinery and systems, the accuracy and accurate sizing of these functional pieces are of the utmost importance. With the rising demand for designing and producing functional components, the functional parts market is growing significantly.
Automotive segment is expected to be the fastest-growing segment in 2021.
The industry includes aerospace & defense, healthcare, automotive, power & energy, and others. The automotive segment is expected to witness the highest CAGR during the forecast period. The market is expanding as a result of technology being actively embraced in several industrial processes related to the automobile industry. Spending trillions of dollars yearly on components across the manufacturing lifecycle, from research and development to prototyping to mass production and long-term aftermarket parts maintenance, the automotive industry is one of the largest and most significant sectors for the production of metal parts. By satisfying customer needs at every stage of that lifetime, metal 3D printing gives automakers various new opportunities to create automobiles more faster, better, and more efficiently than ever before.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the Metal 3D Printing include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
- North America region witnessed a major share. Due to the widespread adoption of additive manufacturing in the region, the market is growing. The U.S. and Canada are two examples of North American nations that were among the leading and early users of these technologies in a variety of manufacturing processes. Metal 3D printing has profitable prospects in the regional market for a variety of uses.
Country Analysis
- Germany
Germany's Metal 3D Printing market size was valued at USD 0.28 billion in 2021 and is expected to reach USD 1.20 billion by 2029, at a CAGR of 20% from 2022 to 2029. It is anticipated that Germany would create new Industry 4.0 strategies because of its developed Industry 4.0 infrastructure. Germany also has one of the largest geographic footprints of any country. Many additive manufacturing professionals that have in-depth technical knowledge of the processes reside there.
- China
China Metal 3D Printing’s market size was valued at USD 0.57 billion in 2021 and is expected to reach USD 2.89 billion by 2029, at a CAGR of 22.5% from 2022 to 2029. China is working very hard to keep its manufacturing sector competitive on the international market. Chinese companies commonly take part in the research and development of this technology because they perceive it as both a risk and an opportunity for the Chinese industrial sector, which supports the metal 3D printing industry.
- India
India's Metal 3D Printing market size was valued at USD 0.43 billion in 2021 and is expected to reach USD 2.11 billion by 2029, at a CAGR of 22% from 2022 to 2029. The rising use of metal 3D printing across several domains is promoting market progress in India. Additionally, India is looking forward to this technology as an opportunity to strengthen its position as a worldwide competitor in the manufacturing industry. The Indian market is supported by active government initiatives like the "Make in India" Initiative.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as consumer goods, IT, telecommunication, healthcare, automobiles, etc. However, several companies operating in the information technology sector have seen increased revenue due to the significant usage of 3D printing around the world.
Furthermore, the growth of this market is mainly driven owing to the development and advancement of the automotive industry in developing regions.
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