Pune, India, Nov. 10, 2023 (GLOBE NEWSWIRE) -- According to our new research study on "Metal 3D Printing Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Metal Type, Form and End-Use Industry," the metal 3D printing market size is expected to grow from US$ 3.08 Billion in 2022 to US$ 15.94 Billion by 2030; it is estimated to record a CAGR of 22.8% from 2022 to 2030. The report highlights key factors driving the metal 3D printing market growth and prominent players along with their developments in the market.
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Metal 3D printing, also known as additive manufacturing, is a cutting-edge technology that has revolutionized the manufacturing industry. Unlike traditional subtractive manufacturing methods, which involve cutting and shaping material to create parts, metal 3D printing builds objects layer by layer from metal powder. This process allows for the creation of highly complex and customized components with intricate geometries that were once difficult or impossible to produce. It offers numerous advantages, including reduced material waste, shorter lead times, and the ability to produce lightweight, high-strength parts. Metal 3D printing finds applications in various industries, including aerospace, automotive, healthcare, and even jewelry. Common metal materials used in this process include stainless steel, titanium, aluminum, and nickel alloys.
The Demand for Metal 3D Printing from the Automotives Sector Escalates Metal 3D Printing Market Growth.
Metal 3D printing, also known as additive manufacturing, is a cutting-edge technology that has revolutionized the manufacturing industry. Unlike traditional subtractive manufacturing methods, which involve cutting and shaping material to create parts, metal 3D printing builds objects layer by layer from metal powder. This process allows for the creation of highly complex and customized components with intricate geometries that were once difficult or impossible to produce. It offers numerous advantages, including reduced material waste, shorter lead times, and the ability to produce lightweight, high-strength parts. Metal 3D printing finds applications in various industries, including aerospace, automotive, healthcare, and even jewelry. Common metal materials used in this process include stainless steel, titanium, aluminum, and nickel alloys.
The metal 3D printing market has witnessed remarkable growth and evolution in recent years, and it remains a dynamic and promising segment within the additive manufacturing industry. This technology has gained widespread adoption across various sectors, such as aerospace, automotive, healthcare, and engineering, thanks to its ability to produce complex, high-performance metal parts with precision. The market has seen a surge in demand for metal 3D printed components due to their lightweight yet strong properties, which contribute to improved fuel efficiency and performance in aerospace and automotive applications. Furthermore, the healthcare industry has also benefited from metal 3D printing, as it allows for the creation of customized implants and prosthetics that fit a patient's unique anatomy. This can result in improved patient outcomes and reduced recovery times. The use of metal 3D printing in engineering has also enabled the production of prototypes and small batches of parts with greater efficiency and flexibility, reducing lead times and costs.
Metal 3D Printing Market Analysis: Competitive Landscape and Key Developments
EOS, Concept Laser, SLM Solutions, Renishaw, Additive Industries, GE Additive, 3D Systems, Stratasys, Velo3D, and Markforged. are among the key players operating in the global metal 3D printing market. Market players focus on providing high-quality products to fulfill customer demand. They also adopt strategies such as investments in research and development activities and launches of new products.
The report includes the segmentation of the global metal 3D printing market as follows:
The global metal 3D printing market is divided on the basis of metal type, form, and end-use industry. Based on metal type, the market is segmented into titanium, nickel, stainless steel, aluminum, and others. Based on form, the market is segmented into powder, filament, and others. Based on the end-use industry, the market is segmented into aerospace & defense, automotive, medical, construction, and others. By geography, the global metal 3D printing market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North American market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific market is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The Middle East & Africa market is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of the Middle East & Africa. The South & Central America market is further segmented into Brazil, Argentina, and the Rest of South & Central America.
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Impact of COVID-19 Pandemic on Metal 3D Printing Market
The COVID-19 pandemic adversely affected economies and industries in numerous countries due to lockdowns, travel restrictions, and business shutdowns. The chemicals industry was severely affected by the shutdowns of production plants, leading to disruptions in the supply chains during the initial phases of the pandemic. The crisis caused disruptions in the global supply chain due to factory shutdowns, transportation restrictions, and labor shortages. These upheavals hindered the availability of chemicals and packaging components, leading to potential supply chain delays and increased operating costs for metal 3D printing market manufacturers. The COVID-19 pandemic led to an expanded demand for certain products, such as pharmaceuticals, healthcare supplies, and essential consumer goods.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
- 3D Printing Filament Market Size and Forecasts (2020 - 2030)
- Biocompatible 3D Printing Materials Market Size and Forecasts (2020 - 2030)
- Aerospace 3D Printing Market Size and Forecasts (2020 - 2030)
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