The global 3D printing metal market size is expected to reach USD 2.36 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 25.7% over the forecast period. The market growth is attributable to the cost-effectiveness of 3D printed parts, reduced lead times, and the development of complex parts during production.
The potential cost savings is the significant factor stimulating the growth of the market in the aerospace & defense end-use sector. For instance, in November 2018, Lockheed Martin, a U.S.-based global aerospace & defense company, announced that due to 3-dimensional printed parts, there was a reduction in the price of its F-35 Full Mission Simulator (FMS) unit and led to the savings of nearly USD 45.0 million.
Metal 3-dimensional printing has the ability to fabricate lightweight but strong structures, produce complex designs, and maintain small volumes. These factors extend its application scope in various end-use industries, such as medical, aerospace, automotive, and consumer products. The 3-dimensional printing technologies are subject to challenges including the consistency of quality, limited multi-material printing capabilities, narrow range of materials, high material costs, size, and scalability.
The aviation industry is witnessing growth due to an increase in the number of frequent fliers and new fliers. The aviation industry is adopting 3-dimensional technology to meet the increasing demand. Nickel and Inconel being suitable metals that have excellent strength and fatigue resistance are being increasingly adopted for the aviation industry. Both nickel and nickel alloys being compatible with 3-dimensional printing in various sectors is likely to drive the market.
Until very recently, the complexity and high cost of metal 3-dimensional printers limited the usage of additive manufacturing to high-volume and low-value parts. SLM and DSLM printer prices start at USD 400,000 and can go beyond USD 1,000,000 and they also require carefully controlled environments and highly skilled workers. This market has witnessed several investments in the recent past. For instance, in 2016, GE acquired two key metal AM companies, Arcam and Concept Laser. Various venture-backed companies are working on developing low-cost production techniques and affordable 3-dimensional printing applications.
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3D Printing Metal Market Report Highlights
- In terms of revenue, Asia Pacific is projected to remain the second-largest regional market over the forecast period
- The rising number of small-scale companies along with the increasing adoption of 3D printed parts by OEMs is projected to play a crucial role in the market growth
- Titanium accounted for the highest revenue share of more than 41% in 2020. Properties, such as high fatigue strength, strength-to-weight ratio, and excellent corrosion resistance have a key role in driving the demand for titanium
- In terms of revenue, the medical & dental application segment is projected to grow at the fastest CAGR from 2021 to 2028
- Rising awareness about health, the development of new alloys for medical applications, and the ability of 3-dimensional printing to customize the parts are projected to be the key factors driving the growth of this segment
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3D Printing Metal Market Segmentation
Grand View Research has segmented the global 3D printing metal market on the basis of form, product, application, and region:
3D Printing Metal Form Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)
3D Printing Metal Product Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)
- Stainless Steel
3D Printing Metal Application Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)
- Aerospace & Defense
- Medical & Dental
3D Printing Metal Regional Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
List of Key Players of 3D Printing Metal Market
- Arcam AB
- ExOne GmbH
- Carpenter Technology Corporation
- Renishaw PLC
- Materialise NV
- 3D Systems Corporation
- Voxeljet AG
- Sandvik AB
- Hoganas AB
- GKN PLC
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Metal 3D Printing Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Technology, By Software, By Application, By Vertical, By Region, And Segment Forecasts, 2022 - 2030
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