3D Printing Metal Market Worth 776.8 Million USD by 2020
PUNE, India, March 16, 2016 /PRNewswire/ --
The report "3D Printing Metal Market by Form (Powder and Filament), by Type (Titanium, Nickel, Stainless Steel, Aluminum, Others), by Application (Aerospace & Defense, Automotive, Medical & Dental, Others), and by Region - Global Forecast to 2020", published by MarketsandMarkets, The global market is expected to reach USD 776.8 Million by 2020, at a CAGR of 31.5% during the period 2015 to 2020.
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3D printing metals market in the Asia-Pacific region is expected to grow at a higher CAGR as compared to other regions. Technological advancements, capacity expansion, new product developments, and expiry of key patents for powder-based selective laser sintering are factors influencing the overall demand for 3D Printing Metals Market.
Titanium metal segment to dominate the global 3D printing metal market
Metal 3D printing has been widely adopted by the aerospace & defense industry across major regions. Titanium and its alloys are mainly used in aerospace engineering applications such as manufacturing of engine components as they offer high strength, are lightweight, and provide superior resistance to corrosion. Due to bio-compatibility, they are also used in biomedical applications such as orthopedic and dental implants as well as artificial knee and hip replacement surgeries. Titanium metal offers greater durability in terms of speed, accessibility, and affordability and is thus preferred in metal 3D printing activities for critical applications.
Aerospace & defense is the major application in the global 3D printing metal market
The volume of 3D printing metals consumed by the aerospace & defense sector constitute more than one-third of the total 3D printing metals end-user market. This growth is mainly attributed to the huge demand for 3D printing metals from airbus manufacturing companies and engine component manufacturers. Due to its high precision and accuracy, metal 3D printing with large print box has been used to print larger aircraft components measuring around 15 kilogram. Availability of new materials for tooling and prototyping, demand for prosthetic and dental implants, and high investments for new product developments will significantly contribute to the growth of 3D Printing Metal Market in automotive, medical & dental, and other industry verticals.
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North America the most dominant region in the global 3D printing metal market
North America is considered as the major regional market for 3D printing metals. Most of the research activities and new product developments have been confined to North America and this will be the most dominant region as compared to other regions. The 3D printing metals market in the Asia-Pacific region remains the fastest-growing market, followed by North America and Europe.
Some of the key players operating in the global 3D printing metals market include 3D Systems Corporation (U.S.), Renishaw Plc (U.K.), Arcam AB (Sweden), Hoganas AB (Sweden), Voxelget AG (Germany), Carpenter Technology Corporation (U.S.), GKN Plc (U.S.), Sandvik AB (Sweden), LPW Technology (U.K.), Optomec Inc. (U.S.), and EOS GmbH Electro Optical Systems (Germany).
The global 3D printing metal market is segmented on the basis of type (titanium, stainless steel, nickel, aluminum, others), form (powder, filament), end user (aerospace & defense, automotive, medical & dental, others), and region (North America, Asia-Pacific, Europe, and RoW).
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