3D-Printed Metal Parts Market is Forecast to Reach US$ 43.9 Billion in 2028, Says Stratview Research

The 3D-Printed Metal Parts Market is likely to rise at a CAGR of 30.2% during 2023-2028, to reach US$ 43.9 billion in 2028, states Stratview Research.

DETROIT, Dec. 18, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the global 3D-Printed Metal Parts Market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.

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Report Highlights

Segment Insights on 3D-Printed Metal Parts Market

The global 3D-Printed Metal Parts Market is segmented based on Metal Type, Manufacturing Process Type, End-Use Industry Type, and Region.

Based on metal type - Based on the metal type, the market is segmented into steel, nickel alloys, titanium alloys, aluminum alloys, cobalt alloys, and others. Titanium alloy held >30% of the market share in 2022 and its dominance is projected to continue in the forecasted period. Due to their lightweight, low thermal conductivity, high mechanical strength, and lower buy-to-fly ratio, they are preferred for the aerospace industry. Key applications for aerospace are airframes, wing structures, compressor blades, rotors, brackets, and other turbine engine components. Aluminum alloys, under the spotlight, are expected to record the highest growth during 2023-2028.

Based on the process type - Among manufacturing process types, the market is segmented into powder bed fusion, blown powder, and others. Powder bed fusion held >40% of the market in 2022 and is likely to maintain its lead over the next five years, owing to key advantages, such as reduced material wastage, improved production development time, efficient recycling of unmelted powder, and good resolution compared to other processes. Blown powder is likely to gain traction in the market during the forecasted period.

Based on end-user type - Among the end-use industry types, the market is segmented into aerospace & defense, medical, automotive, energy, and others. Aerospace & defense held >60% of the market share in 2022 and is expected to remain the largest and fastest-growing end-use industry type in the market during the forecast period, owing to the increasing demand from aerospace engine component manufacturers due to 3D printing's high precision, accuracy, and ability to print complex geometries. In the aerospace industry, metal 3D printing is used in a wide range of applications, from functional prototypes to tooling, replacement parts, and structural aircraft components.

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Which Region Offers the Best Opportunity and Growth?

The report suggests that North America held > 40% of the market share in 2022 and is expected to remain the largest market for 3D-printed metal parts during the forecast period. This growth is majorly attributed to the following – 

• The USA had the world's largest 3D-printed metal parts market, followed by China and Germany in 2022.

Likewise, the Asia-Pacific is estimated to mark the highest growth during the forecast period. China is the dominant 3D printing market in the region, driven by the "Additive Manufacturing Industry Development Action Plan" by the Chinese government.

3D-Printed Metal Parts Market Drivers

Some of the key drivers listed in the report are given below.

• Increase in automotive production,
• The growing medical devices market.
• Expected increase in the production rate of key programs (A320neo, B737 Max, A220, B787, and A350XWB).

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Top Companies in the 3D-Printed Metal Parts Market?

The market is fairly consolidated with the presence of some regional and global players. An inorganic growth strategy is preferred, especially by the leading players. Several crucial M&As led to several changes in the competitive landscape. The following are the key players in the 3D-printed metal parts market.

• GKN Powder Metallurgy (A Melrose Plc Company)
• GE Additive (Part of GE Electric)
• Stryker
• MTU Aero Engines AG
• Sandvik AB
• Oerlikon

What Deliverables Will You Get in this Report?

Related reports which might be useful:

• 3D-Printed Composites Market
• Aerospace 3D Printing Market

About us –

Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. The reliability and insightfulness of the reports enable the readers take convincing business decisions.

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SOURCE Stratview Research