The increasing use of 3D printing in the automotive and aerospace sectors is driving the demand for the 3D Printing Metal market
New York, Sept. 21, 2020 (GLOBE NEWSWIRE) — The Global 3D Printing Metal Market is projected to reach USD 6.07 Billion in 2027. The 3D printing metal market is experiencing an exponential growth rate attributable to the increasing use of metals such as nickel, titanium, steel, and aluminum, for 3D printing applications in end-user industries like automotive, aerospace & defense, and medical & dental. In recent years, investment in metal additive manufacturing has risen rapidly. The ability of the technology to enable the production of lightweight components through design optimization without comprising quality and performance also adds to its demand.
The growing demand for 3D metal printing from the aerospace & defense sectors, owing to the ability to minimize the weight of aerospace components, as well as focus on the improvement of total performance, which is otherwise time-consuming and costly through traditional production processes. It is projected that the ability to print cheaper equipment on demand will be the main driving factor for the 3D printing metal industry.
The high costs associated with metals is considered to be the biggest impediment to global 3D printing metal market demand. The extraction process of metals is complicated and requires high energy consumption, leading to a price rise.
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COVID-19 Impact Analysis
The COVID-19 pandemic is likely to threaten the industry’s development to a certain extent. Significant players in the industry are skeptical about the future of the market and attempt to redesign their strategies to sustain themselves in this challenging situation. The pandemic had a significant effect on the aerospace industry, and most major manufacturers had to halt production and other operating activities. There is a lack of workforce in several parts of the world because of repeated lockdowns. International trade, export, and import have been affected by COVID-19, resulting in a significant drop in demand in this industry. The key players operating in the 3D printing metal market are attempting to clear their stocks and focus on maintaining their cash reserves. The average disposable income of the people would certainly be decreased, and producers are finding new alternatives that satisfy consumer demands at much lower rates.
Further key findings from the report suggest
- The application of 3D printing metal in the aerospace & defense industry is projected to grow at the fastest rate in the forecast period, due to the increased demand for highly tailored parts and lower lead time provided by additional production.
- The extensive application of 3D printing metal in end-use industries through technologies such as material jetting, binder jetting, and sheet lamination is causative of the market dominance of the powder form in 2019.
- Titanium is used for dental & orthopedic implants and artificial Knee & hip replacement in the medical & dental sector.
- Asia Pacific, led by China, is expected to grow at the highest CAGR of 32.0% in the period 2020-2017, due to the growth of the automotive sector and significant investments in 3D printing metal in the next years.
- In October 2018, Norsk Titanium used its latest technology, rapid plasma deposition, known to be a superior technique for the development of structural metal components that are mechanically enhanced.
- Key players in the market include 3D Systems Corporation, Stratasys Ltd., General Electric Company, Materialise NV, EOS GmbH Electro Optical Systems, Carpenter Technology Corporation, Renishaw plc, Sandvik AB, Voxeljet AG, and Proto Labs, among others.
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For the purpose of this report, Reports and Data has segmented the global 3D printing metal market on the basis of product, form, application, and region:
Product Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Form Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Medical & Dental
- Aerospace & Defense
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Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- North America
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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