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The metal material based 3D printing market size is estimated to grow by USD 2.12 billion at a Compound annual growth rate (CAGR) of 26.68% between 2023 and 2028. The metal material-based 3D printing market is experiencing significant growth due to several key factors. Firstly, the increasing adoption of customized and personalized metal products caters to unique customer requirements, driving market expansion. Secondly, the aerospace industry's growing demand for lightweight and complex components is propelling the market forward. Lastly, the reduction in waste generation during production using 3D printing technology is a significant cost-saving advantage, making it an attractive option for manufacturers. These factors collectively contribute to the robust growth of the metal material-based 3D printing market.
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The iron-based segment is estimated to witness significant growth during the forecast period. The iron-based segment holds a significant share in the market. Iron is a versatile metal with a wide range of applications, and its use in printing has gained considerable attention in various industries.
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The iron-based segment was the largest segment and was valued at USD 184.43 million in 2018. The iron-based segment also benefits from advancements in technology. The development of new printing techniques, such as selective laser melting (SLM) or electron beam melting (EBM), has expanded the possibilities for iron-based 3D printing. These advancements enable higher printing speeds, improved resolution, and enhanced control over the properties of printed parts. As a result, industries can achieve higher productivity and quality in their manufacturing processes. Thus, the above-mentioned advantages are expected to increase the demand for iron-based 3D printing, which will propel the growth of the iron-based segment in the market during the forecast period.
North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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In 2023, North America positively influenced the market in terms of the production of metal material based 3D printing. The government of the US made investments to increase the prototype metal materials and adoption of 3D printers in the region. For instance, in July 2021, USD 8.2 million was invested by Waterloo's leadership role in multi-scale addictive manufacturing (MSAM) to establish a collaborative consortium between post-secondary institutions and industry partners. This investment will help the university to focus on several aspects of additive manufacturing in various sectors, including aerospace, healthcare, and automotive. Hence, the increased use of 3D printers will fuel the demand for during the forecast period.
The market in the defense industry is experiencing significant growth driven by advancements in mass customization and reduced manufacturing cost. This technology has revolutionized the industry by minimizing lead times and enhancing production efficiency. The emergence of the 3D printing industry has brought about innovations in printer size and the development of specialized metal powders for printing. The powder segment plays a crucial role, particularly in powder bed fusion methods that enable the creation of intricate parts, especially in the titanium segment for critical applications like orthopedic implants, dental implants, artificial knee replacements, and hip replacements. Moreover, metal 3D printing is instrumental in producing fuel nozzles for the aerospace & defense industry, contributing to aircraft weight reduction and fuel consumption reduction. This technology is also vital for creating specific brackets for satellites and critical engineering applications. The market caters to various sectors, including fabrication applications in the automotive sector and critical engine components in aerospace. With continuous advancements and innovations, metal-based 3D printing is poised to play a pivotal role in shaping the future of manufacturing across diverse industries.
The rise in the adoption of customized and personalized metal products is notably driving the market growth. The rise in adoption of customized and personalized metal products is also driven by the growing consumer demand for products that reflect their individuality. Consumers are increasingly seeking unique and customized items, and metal additive manufacturing provides a solution to meet these demands. From customized metal accessories to personalized metal artwork, the possibilities are endless with metal material based 3D printing. Additionally, industries such as aerospace and automotive are leveraging customized metal components to enhance performance and efficiency.
Moreover, metal material-based 3D printing offers the flexibility to easily iterate and modify designs. This enables manufacturers to make design changes on the fly and quickly respond to customer feedback, leading to further customization. The ability to iterate designs rapidly helps in fine-tuning products and delivering personalized solutions in a shorter timeframe. Thus, such factors are expected to increase the demand, which will propel the growth of the market during the forecast period.
Advancements in technologies are one of the major market trends. These advancements have significantly expanded the capabilities and applications of metal additive manufacturing, driving its rapid growth and adoption. Advancements in technologies have led to improved part performance and functionality. The ability to create complex geometries and optimize the internal structure of metal components has resulted in enhanced mechanical properties, such as increased strength, durability, and lightweight characteristics.
Moreover, advancements in 3D printing technology have enabled the production of multi-material and graded structures using 3D printing metal materials. By selectively depositing different alloys or varying material compositions in a single part, manufacturers can achieve desired material properties in specific areas, enhancing overall performance and functionality. This capability is particularly valuable in industries such as aerospace, automotive, and healthcare, where customized components with superior mechanical strength, corrosion resistance, or thermal conductivity are crucial. Such advancements are expected to significantly increase the demand for 3D printing metal materials, driving market growth and shaping industry trends during the forecast period. As technology continues to evolve, the ability to create complex, tailored metal parts efficiently and with precision underscores the transformative impact of metal additive manufacturing on industrial manufacturing capabilities and product innovation.
High initial investment costs are a significant challenge hindering market growth. The global market has experienced a negative impact due to high initial investment costs. These costs have posed significant barriers for businesses interested in adopting the technology. The high cost of purchasing these printers limits the accessibility of the technology for small and medium-sized enterprises (SMEs). Maintenance and operating costs are also significant considerations. Regular maintenance of metal 3D printers is essential to ensure optimal performance and longevity. These maintenance costs, including the replacement of parts or repair services, can be substantial.
However, the ongoing operating costs, such as energy consumption and software updates, should also be taken into account when calculating the overall investment required for 3D printing. Thus, such factors are expected to decline the adoption of 3D printing, which may negatively affect the growth of the market in focus during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3D Systems Corp. - The company offers Direct metal printing with titanium alloys, stainless steel alloys, and maraging steel alloys.
The market growth analysis report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
3D Systems Corp., BASF SE, Carpenter Technology Corp., Desktop Metal Inc., EOS GmbH, Equispheres Inc., General Electric Co., Markforged Holding Corp., MATERIALISE NV, Ponoko Inc., Proto Labs Inc., Renishaw Plc, Sandvik AB, SHAPEWAYS HOLDINGS INC., Sisma SpA, SLM Solutions Group AG, Stratasys Ltd., Titomic Ltd., TRUMPF SE Co. KG, and Velo3D Inc.
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.
The market growth and forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
The market experiences significant growth driven by rapid prototyping and advanced manufacturing practices across various industry verticals. Innovations in heavy industry applications, particularly in the automotive, aerospace & defense, and healthcare sectors, bolster manufacturing expenditure. Metal-based 3D printing ensures accuracy and enables efficient prototyping and designing, vital for research & development. This technology caters to small and medium-scale manufacturers, necessitating technical knowledge and adherence to standard process controls. Techniques like Selective Laser Melting (SLM), Selective Laser Sintering (SLS), and Direct Metal Laser Sintering (DMLS) dominate the market, alongside emerging methods such as Inkjet printing, Laser Metal Deposition (LMD), Laminated Object Manufacturing (LOM), and Electron-beam Freeform Fabrication (EBF3), contributing to global revenue growth.
The market has witnessed a surge in demand, especially in sectors like aerospace & defense, medical, and automotive, due to its ability to produce components in powder form with high precision. This technology is revolutionizing prototyping processes and tooling by offering advanced capabilities in creating functional parts. Key players such as GE Additive are driving innovation through advancements in design software and scanners software, enabling efficient workflows in the hardware segment and services segment. The market is segmented into prototyping segment, catering to industries like education, fashion & jewelry, and consumer electronics. With the rise of desktop metal 3D printing and industrial metal 3D printing, the market is expanding into various segments like the dental segment, objects segment, food segment, and automotive segment. The aerospace and defense segment remains a major contributor, leveraging metal-based 3D printing for critical components. The market is poised for continued growth, offering solutions for diverse industries seeking high-quality, customized parts with enhanced efficiency and cost-effectiveness.
Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 26.68% |
Market growth 2024-2028 |
USD 2.12 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
24.72 |
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., BASF SE, Carpenter Technology Corp., Desktop Metal Inc., EOS GmbH, Equispheres Inc., General Electric Co., Markforged Holding Corp., MATERIALISE NV, Ponoko Inc., Proto Labs Inc., Renishaw Plc, Sandvik AB, SHAPEWAYS HOLDINGS INC., Sisma SpA, SLM Solutions Group AG, Stratasys Ltd., Titomic Ltd., TRUMPF SE Co. KG, and Velo3D Inc. |
Market dynamics |
Parent market analysis, market report, market forecast, market analysis and report, 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 |
If our market forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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