The 3D printing metals market is projected to grow from USD 590.4 million in 2018 to USD 2.089.7 million by 2023, at a CAGR of 28.8% from 2018 to 2023.
Increasing use of 3D metal printing as a mainstream production process in industries such as aerospace & defense and medical & dental is driving the growth of 3D printing metals market
The 3D printing metals market has been segmented by type into titanium, nickel, stainless steel, aluminum, and others. Titanium offers excellent corrosion resistance and high strength required for heavy engineering applications. It is commonly used for the manufacturing of engine parts and airframes in the aerospace & defense industry. Titanium alloys are mainly used in the aerospace industry owing to their light weight and excellent heat resistance. Being a biocompatible material, titanium is also widely used in medical implants. Stainless steel is another preferred material for metal 3D printing in the end-user industries. It is biocompatible and offers outstanding properties, such as high strength. The most widely used forms of stainless steel are 17-4PH and Stainless Steel 316L.
Based on end-use industry, the 3D printing metals market has been segmented into aerospace & defense, automotive, medical & dental, and others. There is an increasing demand for critical engineering and fabrication applications in the aerospace & defense industry. The demand for metal powder is going to rise significantly as manufacturing companies who previously use 3D printing for prototyping are now using the same for mainstream manufacturing activities.
In addition to this, the manufacturers of metal 3D printers are developing new printers with a larger print box to print larger components and structures used in engineering applications. 3D printing metals are also used in the automotive industry for the printing of critical engine parts. This end-use industry segment is witnessing higher growth in Asia Pacific due to the presence of a large number of automobile manufacturers in the region.
North America is estimated to account for the largest share of the 3D printing metals market in 2018. The market for 3D printing metals in North America is witnessing significant growth owing to increasing demand from the aerospace & defense, medical & dental, and automotive end-use industries in the region.
The growing rate of deployment and diffusion across end-use industries; strong government support from for 3D printed goods over conventional goods; and presence of key manufacturers are expected to further drive the growth of the market in this region. On the other hand, the Asia Pacific 3D printing metals market is expected to witness the highest CAGR during the forecast period, driven by the increasing adoption of metal 3D printing by the automotive industry in countries such as Japan, China, and South Korea.
Metal 3D printing eases the manufacturing process of different objects. However, the high cost of the materials used is a major factor restraining the growth of the market. The materials used for metal 3D printing cost an average of about USD 250-USD 500 per kilogram, which is expensive for most applications, as it adds to the cost of the final products.
Key Topics Covered:
1 Introduction 1.1 Objectives of the Study 1.2 Market Definition 1.3 Study Scope 1.4 Currency 1.5 Units Considered 1.6 Stakeholders
2 Research Methodology 2.1 Research Data 2.2 Market Size Estimation 2.3 Market Breakdown and Data Triangulation 2.4 Assumptions 2.5 Limitations
3 Executive Summary 3.1 3D Printing Metals Market, By Type 3.2 3D Printing Metals Market: End-Use Industry Share, By Region 3.3 3D Printing Metals Market, By Region
4 Premium Insights 4.1 Attractive Growth Opportunities in the 3D Printing Metals Market 4.2 3D Printing Metals Market, By End-Use Industry 4.3 3D Printing Metals Market, By Type and End-Use Industry 4.4 3D Printing Metals Market, By Country 4.5 3D Printing Metals Market: Developing vs. Developed Economies
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 22.214.171.124 Increasing Demand From the Aerospace & Defense and Automotive Industry 126.96.36.199 Mass Customization 188.8.131.52 Low Manufacturing Cost 5.2.2 Restraints 184.108.40.206 Limitation of Printer Size 5.2.3 Opportunities 220.127.116.11 Potential to Enhance Manufacturing and Supply Chain Management 5.2.4 Challenges 18.104.22.168 Limited Material Requirements of Functional Products 22.214.171.124 Limited Design Tools 126.96.36.199 High Material Cost 5.3 Porter's Five Forces Analysis
6 Industry Trends 6.1 Introduction 6.2 Value Chain Analysis
7 3D Printing Metals Market, By Form 7.1 Introduction 7.2 Powder 7.3 Filament
8 3D Printing Metals Market, By Type 8.1 Introduction 8.2 Titanium 8.3 Aluminum 8.4 Nickel 8.5 Stainless Steel 8.6 Others
9 3D Printing Metals Market, By End-Use Industry 9.1 Introduction 9.2 Aerospace & Defense 9.3 Medical & Dental 9.4 Automotive 9.5 Others
12 Company Profiles 12.1 Stratasys Ltd. 12.2 3D Systems Corporation 12.3 Renishaw PLC 12.4 Voxeljet AG 12.5 Sandvik AB 12.6 EOS GmbH Electro Optical Systems 12.7 Titomic Limited 12.8 Hgans AB 12.9 Materialise NV 12.1 The Exone Company 12.11 GE Additive 12.12 Carpenter Technology Corporation 12.13 Other Companies in the 3D Printing Metals Market 12.13.1 Wipro 3D 12.13.2 Proto Labs, Inc. 12.13.3 LPW Technology Ltd. 12.13.4 Incredible AM Pvt. Ltd. 12.13.5 Pollen AM Inc. 12.13.6 Trumpf GmbH + Co. KG 12.13.7 GKN PLC