3D Printing Metal Market Size, Share, Growth, Trends and Industry Analysis Report
by Susan Hill Business ConsultantThe
global 3D printing metal market size is expected to reach
USD 3.05 billion by 2025, according to a new report by Grand View Research,
Inc., progressing at a CAGR of 31.8% during the forecast period. Increasing
adoption of 3D printing as a mainstream manufacturing method and rising investments
in research & development (R&D) of 3D metal printing are anticipated to
fuel product demand. Use of 3D metal printing is prominent in the aerospace
& defense industry owing to rapid prototyping and manufacturing speed
offered by 3D printing.
The aerospace
& defense (A&D) industry was an early adopter of the product. This is
leading to high utilization of materials such as titanium and steel in this
industry. 3D printing grants flexibility to produce complex equipment
geometries, which are otherwise difficult to build using a traditional
manufacturing.
The powder
segment dominated the market in 2017. It is expected to progress at a higher
CAGR in terms of volume over the forecast period. High packing density and
spherical morphology of metal powders ensure good flow ability that leads to
consistent and predictable powder dosing and layers.
Titanium was
the largest contributor to market growth in 2017, owing to its significant
adoption in aerospace applications. Titanium-based alloys have a very high
melting point and are strongly resistant to oxidation and acids. This is
necessary for manufacturing critical aircraft parts. Moreover, aircraft
designers are able to achieve higher thrust to weight of engine ratio due to
high strength and low density of titanium.
North
America emerged as the largest region in 2017 in terms of employing 3D printing
metals. Presence of numerous aerospace companies are expected to stoke the
growth of the regional market. Moreover, high defense expenditure across the
region is anticipated to boost the utilization of the product in aerospace
& defense.
The U.S. has
been a major producer and consumer of 3D printing metals on a global scale.
Presence of key industry players such as 3D Systems Corporation and ExOne GmbH
is expected to drive the market on account of innovative product launches and
expansion initiatives in the country. Moreover, increasing integration of
advanced technologies such as 3D printing with several manufacturing processes
has been escalating the growth of the market in the country.
Technological
limitations of additive manufacturing for large-scale production of heavy parts
are the primary factors restraining market growth. In addition, high-cost of
printers and raw materials such as metal powders is also anticipated to
negatively influence the growth of the market.
However,
rising investments in R&D activities by academicians and companies are
expected to facilitate cost reduction as well as increased utilization of the
product. Major players in the global industry are involved in launching new
products, joint ventures, and acquisitions to increase their customer reach in
the international markets.
Further key
findings from the report suggest:
- Aerospace &
defense is anticipated to witness the fastest growth at a CAGR of 34.2%
over the forecast period, in terms of revenue, on account of reduced lead
time offered by 3D printing and increasing demand for highly customizable
parts
- The titanium
segment captured the highest revenue share of 63.0% in 2017 due to its
high corrosion resistance, high tensile strength, and low density
- The 3D printing
metals market in Asia Pacific was valued at USD 79.7 million in 2017 with
China and Japan emerging as major markets.
- In terms of
volume, the powder segment accounted for 92.6% of the market in 2017 owing
to superior quality offered by metal powders for manufacturing process of
metal parts
- Key companies are attempting to provide superior quality products and expand their product portfolio. For instance, in September 2017, ExOne expanded its product offerings by announcing availability of 17-4PH stainless steel as a printable material.
Access full
research report on global 3D printing metal market:
www.grandviewresearch.com/industry-analysis/3d-metal-printing-market
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Created on Oct 23rd 2019 05:26. Viewed 350 times.