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The metal additive manufacturing market size is forecast to increase by USD 15.13 billion with growth at a CAGR of 29.28% between 2023 and 2028. The industry experiences significant growth, driven by pivotal factors transforming the landscape. Techniques like laser marking equipment are emerging, fostering additive manufacturing of metals and metal coatings. This shift towards more efficient and customizable production processes is noteworthy. Furthermore, the demand from developing countries signifies global expansion. The automotive industry's growing adoption of metal additive manufacturing for prototyping and production is a major market driver. Seeking to enhance efficiency and reduce costs, manufacturers increasingly embrace this technology. This dynamic market landscape underscores metal additive manufacturing's crucial role in fostering innovation and competitiveness across industries worldwide.
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The metal additive manufacturing market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The selective laser melting (SLM) segment stands out as a game-changer along with metal material-based 3D printing. Utilizing advanced metal additive manufacturing technologies, SLM revolutionizes various industries such as aerospace, healthcare, automotive, and consumer electronics. From producing intricate metal components for dental implants in the healthcare sector to crafting lightweight aerospace parts, SLM showcases its versatility. Its impact extends to academia and construction sector, shaping innovation in 3D printing technologies. As demand rises for metal components across diverse sectors, SLM's utilization of metal powder further solidifies its pivotal role in shaping the future of manufacturing.
The selective laser melting (SLM) segment is set to witness substantial growth in market share during the forecast period. SLM technology is widely utilized across diverse industries such as aerospace, healthcare (including the dental industry), automotive, and consumer electronics. Its distinct advantages over traditional manufacturing methods include the ability to produce intricate metal components efficiently and in shorter timeframes. This technology plays a crucial role in the additive manufacturing of metals, particularly in the production of metal components for various applications in sectors such as aerospace, healthcare, automotive, consumer electronics, and the construction industry.
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The selective laser melting (SLM) segment, valued at USD 1.67 billion in 2018, facilitates the production of intricate parts without necessitating additional manufacturing steps. The advantages inherent in SLM, coupled with its expanding usage across diverse sectors such as aerospace, defense, automotive, and medical device manufacturing, are driving its demand. Consequently, the SLM segment is expected to propel market growth during the forecast period, particularly in prototyping applications and within industries reliant on additive manufacturing technology, including aerospace and defense.
North America is estimated to contribute 40% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.
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North America is the largest geographical segment of the market and will continue to remain the largest segment during the forecast period. The US, Canada, and Mexico are the major contributors to revenue in the market in North America. An increase in the demand from the aerospace and healthcare industries in these regions and a rise in the demand for dental and implants in the healthcare industry in the US are expected to drive the demand. Also, the increase in the demand for the production of aerospace components is expected to drive metal additive manufacturing market growth during the forecast period.
The global metal additive manufacturing market is experiencing substantial growth, driven by industries such as aerospace, healthcare, automotive, and construction. Market trends and analysis indicate a rising demand for metal additive manufacturing technologies and 3D printing services, especially in sectors that value precision and efficiency. The aerospace industry, in particular, is adopting additive manufacturing technologies for component production, leading to advancements in aerospace sector capabilities. Likewise, the healthcare and dental industries are utilizing metal additive manufacturing for customized implants and prosthetics, fueling market expansion. Key market drivers include advancements in 3D metal printing, metal powder development, and electron beam technology. Moreover, the availability of 3D printer software and installation services facilitates seamless integration of additive manufacturing technology into existing workflows. In summary, the global metal additive manufacturing market offers lucrative opportunities for players across various industries, with continued growth expected in the foreseeable future.
The metal additive manufacturing market is experiencing substantial growth in the United States. Driven by advanced technologies, sectors such as aerospace, healthcare, and automotive are adopting innovative solutions like 3D metal printing for producing customized wearable devices and metal prototypes with precision and efficiency. This technology utilizes metal powders, wires, and sheets, combined with lasers and electron beams, to manufacture complex metal components. Additionally, the market includes services such as installation, as well as copyrights, licensing, and patenting for groundbreaking innovations. Traditional methods like injection molding and stereolithography are also incorporated for versatile prototyping applications across various industries.
Our report on the metal additive manufacturing market offers valuable insights with a 2022 base year. It details the primary drivers, trends, and challenges, enabling companies to refine their marketing strategies and gain a competitive edge.
Increased preference for additive manufacturing is driving metal additive manufacturing market growth. This increasing demand, especially in the production of intricate engineering structures, is set to fuel market expansion. Additive manufacturing, also known as 3D printing, offers unparalleled flexibility and cost-effectiveness in producing parts, particularly in industries such as aerospace, automotive, and medical. Directly fabricating components from computer-aided design (CAD) models using metal additive manufacturing technologies like laser and electron beam eliminates the need for tooling, resulting in reduced waste and assembly time.
This approach enables the rapid prototyping of metal components, minimizing material waste and allowing for the exploration of novel design features without additional expenses. The rising demand for customized products and metal prototypes, particularly in the aerospace and defense industry, will further drive the adoption of additive manufacturing technologies using 3D printing metal materials. Additionally, the availability of 3D printer software and installation services facilitates the integration of additive manufacturing into existing manufacturing processes. With advancements in 3D printing metal materials and the increasing emphasis on patents and copyrights, the market is poised for significant growth in the forecast period. These developments underscore a shift towards leveraging additive manufacturing for its flexibility, efficiency, and capability to produce high-quality metal parts with complex geometries and tailored properties, meeting diverse industry needs and accelerating innovation.
Significant market trends include advancements in new materials for additive manufacturing. In 2022, the growing applications of additive manufacturing pushed the need to innovate printable metal additive manufacturing materials, leading to the creation of novel substances and enhanced properties. Distinctive features of 3D printed materials include the production of high-performance polymers with superior quality results. These polymers exhibit versatility, heat and stress resistance, and the ability to create intricate geometries. Furthermore, metals such as steel and titanium can be successfully 3D printed for industrial applications.
Moreover, ceramics like alumina and zirconia, which are notoriously difficult to manufacture conventionally, can now be 3D printed. This advancement in metal additive manufacturing materials aligns with environmental concerns, as additive manufacturing holds the potential to produce eco-friendly products. Consequently, the global market is poised for growth due to advancements in new materials throughout the forecast period.
High production costs are a major market challenge. The production cost is negatively impacted by the high machine cost and expensive metal powder. Metal powders used in additive manufacturing are more costly compared to materials used in traditional manufacturing methods. The high cost of small coarse-grain metal powders like aluminum, steel, and iron is anticipated to be a barrier to market growth in the metal additive manufacturing market size report. For example, the price of stainless steel used is approximately USD 8 per sq. cm, which exceeds the cost of commercial-grade stainless steel used in conventional manufacturing.
Furthermore, the limited build envelopes of current technologies are expected to impede market growth. Large components produced often require additional processes such as mechanical joining and welding. The expensive raw materials associated with manufacturing are projected to hinder metal additive manufacturing market growth.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Stratasys Ltd. - The company offers solutions that produce a workpiece that is identical to an object created by a program, so workpieces of any shape can be produced at a constant unit price regardless of design complexity. They offer the sales of their 3D printing systems, related services, consumables, and additive-manufacturing solutions.
The metal additive manufacturing market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
3D Systems Corp., 3DEO Inc., Additive Industries BV, Desktop Metal Inc., DMG MORI Co. Ltd., EOS GmbH, General Electric Co., Hoganas AB, MATERIALISE NV, Norsk Titanium AS, Optomec Inc., Renishaw Plc, Sciaky Inc., SLM Solutions Group AG, Stratasys Ltd., The Lincoln Electric Co., Titomic Ltd., TRUMPF SE Co. KG, and Xjet Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak. This market analysis and report includes an in-depth analysis of drivers, market trends metal additive manufacturing market analysis, and challenges.
The 3D metal printing market is experiencing significant growth due to technological innovations in this sector. Advanced manufacturing techniques like powder bed fusion, binder jetting, and direct energy deposition are increasingly replacing traditional methods. These methods allow for the creation of customized items with intricate designs and fine details using wire and metal sheets. This technology is crucial in recreating legacy parts, particularly in the automotive industry. The global metal additive manufacturing market is expanding rapidly in various sectors, including aerospace, dental, academic, and construction. In the aerospace industry, metal components are being produced for applications in aerospace and defense, prototyping, and consumer electronics. The aerospace sector specifically is embracing metal additive manufacturing for prototyping and complex part production.
Companies are also investing in 3D printer software and installation services to optimize their processes. Intellectual property considerations, including copyrights, licensing, and patents, are essential in safeguarding innovations, such as injection molding and stereolithography. This groundbreaking technology is revolutionizing manufacturing across industries, offering new opportunities for product design and production. Amidst the challenges presented by the novel coronavirus and economic downturn, leading companies are prioritizing end-user industries like healthcare for surgical and dental implants, as well as the electronics sector for specialized circuit boards. The Asia-Pacific and Latin America regions are pivotal players in the global metal materials trade, particularly in the use of nickel alloys, a key additive manufacturing metal material, for the swift production of metal machinery. The market remains robust and adaptable, addressing the evolving needs of a population with increasing disposable income.
Market Scope |
|
Report Coverage |
Details |
Page number |
184 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 29.28% |
Market growth 2024-2028 |
USD 15.13 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
22.72 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 40% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3D Systems Corp., 3DEO Inc., Additive Industries BV, Desktop Metal Inc., DMG MORI Co. Ltd., EOS GmbH, General Electric Co., Hoganas AB, MATERIALISE NV, Norsk Titanium AS, Optomec Inc., Renishaw Plc, Sciaky Inc., SLM Solutions Group AG, Stratasys Ltd., The Lincoln Electric Co., Titomic Ltd., TRUMPF SE Co. KG, and Xjet Ltd. |
Market dynamics |
Parent market analysis, market growth and trends, market research and growth, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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