The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the 3D Printing Metals Market.
It was estimated prior to this unanticipated outbreak that the 3D Printing Metals Market was expected to grow at a CAGR of 26.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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3D printing metals are used in additive manufacturing technology where these metals are used to create a three-dimensional structure by adding successive layers one after another until the final object has been formed. Metals are among the major materials in 3D printing (or additive manufacturing). Titanium, nickel, aluminum, stainless steel, etc. are the major metals used in 3D printing. The 3D printing metals market is at a nascent stage with prototyping as its major application.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the form type, the market is segmented as powder and filament. The powder form dominated the 3D printing metals market in 2019, and is expected to remain dominant during the forecast period. The extensive use of spherical powder particles as pure form of metals in additive manufacturing is driving its demand in industries, including automotive, aerospace & defense, and medical.
Based on the metal type, the 3D printing metals market is segmented as titanium, aluminum, nickel, stainless steel, silver, gold, and others. Titanium dominates the market, owing to its properties such as lightweight, high tensile strength, and superior heat resistance. Due to its high strength and biocompatibility, titanium is the preferred material for aerospace engine components and orthopedic & dental implants.
Based on the end-use industry type, the market is segmented as aerospace & defense, automotive, and medical & dental. Aerospace & defense accounted for the largest share of the market and is expected to witness high growth in the next five years. The increasing demand from aerospace engine component manufacturers due to 3D printing’s high precision, accuracy, and ability to print complex geometries is likely to propel the market for 3D printing of metals.
In terms of regions, North America is estimated to remain the largest market for 3D printing of metals during the forecast period. Being the hub for major aerospace and defense component manufacturers and early adopter of modern techniques is expected to fuel the demand for the 3D printing metals market in the region. Asia-Pacific is expected to register high growth in the forecast period with the surging automotive and aerospace & defense industries. The 3D printing market in Asia-Pacific is lagging behind due to initial high technology cost requirement in developing countries.
Kay Players:
Some of the major 3D printing metal manufacturers are
- Stratasys Ltd.
- 3D Systems Corporation
- EOS GmbH
- Materialise NV
- GE Additive
- Renishaw plc
- Voxeljet AG
- Sandvik AB
- Hoganas AB
- The Exone Company
- Others