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What are 3D Printing Metals?
3D printing metals refer to the use of metal powders, wires, or sheets as the raw material in the additive manufacturing process of 3D printing. In this process, a 3D model is created using computer-aided design (CAD) software, which is then sliced into multiple layers.
3D Printing Metals Market Overview
The 3D Printing Metals market showcased growth at a CAGR of 19% during 2018-2021. The market was valued at USD 4.5 billion in 2021 which is expected to reach USD 14.47 billion in 2028. The ongoing advancements in 3D printing technology, including improvements in printing speed, precision, and material options, are driving the growth of the market. These advancements are leading to the increased adoption of 3D printing metals in various industries.
The Global 3D Printing Metals Market is expected to grow in the forecast period and register a market value of USD 14474.39 Million in 2028 at a CAGR of 16.13% during the forecast period. The aerospace and healthcare industries are among the primary users of 3D printing metals, driving the market’s growth. The demand for lightweight, high-strength parts in the aerospace industry and the need for customized medical implants and prosthetics are key drivers of the market.
The cost-effectiveness of 3D printing metals for small production runs and customized parts is driving the growth of the market. 3D printing metals can reduce the costs associated with traditional manufacturing methods, such as tooling and setup costs.
Modification and Personalization with the help of 3D Printing Technology is one of the drivers of the market
The advent of 3D printing technology has enabled manufacturers to produce customized products with high precision and accuracy, resulting in reduced time to market and the ability to respond quickly to customer demands. This technology also minimizes waste, as only the required amount of material is used, leading to a reduction in environmental impact.
Moreover, 3D printing significantly reduces the costs associated with traditional manufacturing methods, such as tooling and set-up costs, making customized products more accessible and affordable to consumers. This technology also promotes greater innovation in product design, allowing designers to create unique and previously impossible products. As a result, companies can differentiate themselves in the market and offer greater value to their customers.
High Cost of 3D Printing Metals presents challenges for the 3D Printing Metals Market
One of the primary restraints for the 3D printing metal market is cost. The initial investment required to purchase 3D printing equipment and materials can be a significant barrier for small and medium-sized businesses, as metal 3D printers are more expensive than traditional ones due to the need for specialized hardware and software, as well as additional safety features.
Furthermore, the cost of metal powders used in 3D printing is high, as they are often made from expensive alloys or rare metals. In addition, post-processing of printed metal parts, such as polishing or heat treatment, adds to the material cost, while the higher labor cost involved in operating and maintaining metal 3D printers than traditional ones increases the overall expense. Specialized technicians are required to operate and maintain the equipment, further contributing to the cost.
The post-processing requirements for metal 3D printed parts, such as polishing or heat treatment, add time and expense to the process, which acts as a restraint for the 3D printing metal market in various regions.
Segment-Wise Insights
Deposition Technology accounts for USD 3457.22 Million in 2021
Directed Energy Deposition (DED) technology is gaining a rising market share in the 3D printing metals market due to its unique advantages over other 3D printing technologies. DED technology offers the ability to create large metal parts with high deposition rates and high accuracy, which is not possible with traditional manufacturing methods. This makes it ideal for industries such as aerospace, automotive, and defense where large, complex parts are required.
The advancements in DED technology have also led to the development of hybrid machines that combine DED with other 3D printing technologies, such as powder bed fusion, further increasing the versatility and capabilities of DED technology.
Titanium Metal Type contributes the maximum share in the 3D Printing Metals Market
Titanium is one of the fastest-growing metal types in the 3D printing metals market, and its market share is rising rapidly. Titanium is a highly sought-after material for 3D printing due to its unique combination of properties, including high strength, low weight, and excellent corrosion resistance. It is widely used in the aerospace, medical, and automotive industries, among others.
The advancements in 3D printing technology have enabled the production of high-quality titanium parts with greater accuracy and precision than traditional manufacturing methods. This has resulted in increased demand for titanium in 3D printing applications, especially for complex geometries and customized designs.
Regional Insights
According to Azoth Analytics Estimates, Americas accounts for the largest revenue share in 2022. Firstly, America has a highly developed manufacturing industry with a focus on innovation and technological advancements, which has led to the adoption of 3D printing technology in various industries.
Moreover, America has a large aerospace industry, which is a significant end-user of 3D printing metals. The aerospace industry requires highly specialized and customized metal parts that can be difficult or impossible to produce using traditional manufacturing methods. 3D printing technology offers the ability to create complex geometries and highly customized designs with high accuracy and precision, making it ideal for aerospace applications. This has propelled the metals market in the Americas.
Competitive Landscape
The Global 3D Printing Metals Market is fragmented with the top 7 companies accounting for a significant revenue share in the year 2022. Leading companies and brands in the market are executing different strategies and partnerships to strengthen their foothold and increase their competitiveness and product offerings in the market.
Reinshaw, Stratasys, Carpenter Technology Corporation, Sandvik AB, General Electric Company, AutoDesk, BASF 3D Printing Solution GmbH, amidst others are the leading companies in the Global 3D Printing Metals Market.
Leading companies in the Global 3D Printing Metals Market include:
Reinshaw
Stratasys
Carpenter Technology Corporation
Sandvik AB
General Electric Company
AutoDesk
Hoganas AB
Optomec Inc.
Desktop Metal Inc.
BASF 3D Printing Solution GmbH
Recent Developments in the 3D Printing Metals Market
Segmentations in the Report
By Technology
By Metal Type
By End-Use Industry
By Region
Frequently Asked Questions
What is the expected market value of the 3D Printing Metals Market in 2028?
The Global 3D Printing Metals Market is expected to be valued at USD 14474.39 Million in 2028.
At what growth rate is the 3D Printing Metals Market expected to grow in the forecast period?
During 2023-2028, the 3D Printing Metals Market is expected to grow at a CAGR of 16.13%.
Which Region dominates the 3D Printing Metals Market?
Americas contributes the largest revenue share in the 3D Printing Metals Market and is expected to continue in the forecast period as well.
Which are the leading companies in the 3D Printing Metals Market?
The leading companies in 3D Printing Metals Market are Reinshaw, Stratasys, Carpenter Technology Corporation, Sandvik AB, General Electric Company, AutoDesk, BASF 3D Printing Solution GmbH.
At what rate will China’s 3D Printing Metals Market Grow?
During 2023-2028, China’s 3D Printing Metals Market is expected to grow at a CAGR of 21.87%
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