Metal Additive Manufacturing Market to Grow by USD 15.13 Billion (2024-2028), Driven by Rising Demand for Additive Manufacturing, AI-Powered Report Highlights Market Shift - Technavio

NEW YORK, Nov. 12, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global metal additive manufacturing market size is estimated to grow by USD 15.13 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 29.28% during the forecast period. Increased preference for additive manufacturing is driving market growth, with a trend towards advancements in new materials. However, high production costs of metal additive manufacturing poses a challenge.Key market players include 3D Systems Corp., 3DEO Inc., Additive Industries BV, Desktop Metal Inc., DMG MORI Co. Ltd., EOS GmbH, General Electric Co., Hoganas AB, MATERIALISE NV, Norsk Titanium AS, Optomec Inc., Renishaw Plc, Sciaky Inc., SLM Solutions Group AG, Stratasys Ltd., The Lincoln Electric Co., Titomic Ltd., TRUMPF SE Co. KG, and Xjet Ltd..

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Market Driver

Metal Additive Manufacturing Market is experiencing significant growth in various industries such as Dental, Academic, Construction, Consumer Electronics, Wearable Devices, and Aerospace & Defense. Trends include 3D printing technologies like Electron Beam Melting, Intelligent Layering, and Laser Metal Deposition. Nano dimension and Wire/Metal Sheet processes are also gaining traction. Customized products and metal prototypes are key applications. Traditional manufacturing methods like CNC machining face competition. Aerospace, Defense, and Healthcare sectors lead adoption. Intellectual property aspects include copyrights, licensing, and patenting. Powder Bed Fusion, Binder Jetting, and Direct Energy Deposition are common processes. Complex products and waste generation are challenges. Amidst the Novel Coronavirus and economic slowdown, industries are focusing on precision and efficiency. Metal materials like Nickel Alloys and Metal Machineries are in demand. LAMEA region shows potential growth. Additive Manufacturing Technology requires installation services and software for design, scanning, printer, and inspection. Precision and efficiency drive the market. Metal Powder Development and Electron Beam Technology are key areas of focus. 

In 2022, the additive manufacturing market witnessed a significant drive to expand the range of printable materials, continuously improving their properties to cater to an increasing number of applications. High-performance polymers, in particular, have gained popularity due to their superior qualities in additive manufacturing. These polymers offer unique features such as high resistance to heat and stress, as well as the ability to create complex geometries. Furthermore, metals like steel and titanium are commonly used in additive manufacturing for industrial applications, providing excellent strength and durability. The versatility and unique benefits of additive manufacturing have made it an attractive solution for various industries. 

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Market Challenges

• Metal Additive Manufacturing (AM) market is witnessing significant growth in various industries such as dental, academic, construction, consumer electronics, wearable devices, and aerospace & defense. Challenges include the dental and academic industries' adoption of 3D printing technologies like Stereolithography, Inkjet printing, and Polyjet printing for customized products and metal prototypes. Construction sectors are exploring AM for complex products, but challenges include waste generation and legacy parts. In the aerospace & defense industry, AM is driving industrialization through 3D printers and additive manufacturing technology, including Electron Beam Melting, Intelligent Layering, and Laser Metal Deposition. Intellectual property aspects, such as copyrights, licensing, and patenting, are crucial considerations. Traditional manufacturing methods like CNC machining, injection molding, and Stereolithography face competition from AM. The market includes various segments like Powder Bed Fusion, Binder Jetting, and Direct Energy Deposition. Precision and efficiency are key benefits, with metal materials like Nickel alloys and Metal powders driving innovation. The economic slowdown and Novel Coronavirus impact healthcare and specialized circuit boards in the LAMEA region. AM's future lies in overcoming challenges, improving metal powder development, and refining electron beam technology.
• The metal additive manufacturing market faces challenges due to high production costs. The primary cause is the expensive metal powders required for the process. For instance, stainless steel used in additive manufacturing costs approximately USD8 per square centimeter, which is more than the commercial-grade stainless steel used in conventional manufacturing. Additionally, the limited build envelopes of current technologies restrict the production of large components. These large components often need post-processing techniques like mechanical joining and welding, adding to the overall cost. The high cost of fine metal powders, such as aluminum, steel, and iron, is anticipated to impede market expansion.

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Segment Overview

This metal additive manufacturing market report extensively covers market segmentation by

1. Type
• 1.1 Selective laser melting
• 1.2 Electron beam melting
2. Application
• 2.1 Aerospace
• 2.2 Healthcare
• 2.3 Tools and mold
• 2.4 Automobile
• 2.5 Others
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Selective laser melting- The selective laser melting (SLM) segment is currently leading the global metal additive manufacturing market, and this trend is expected to continue. SLM is a process used to create metal parts layer by layer using a laser. The primary difference between SLM and selective laser sintering (SLS) is the material used; SLM employs metal powder, whereas SLS requires polymer powder. SLM produces parts with isotropic thermal and mechanical properties, making them strong and durable. Metals like stainless steel, tool steel, titanium, cobalt chrome, and aluminum are suitable for SLM. This technology enables the production of intricate designs that are challenging to create using traditional manufacturing methods. In the medical industry, SLM's economic benefits, such as small production runs without significant cost penalties, make it a popular choice. SLM is widely adopted in various industries, including aerospace, automotive, consumer products, and medical devices, due to its advantages over traditional manufacturing techniques, such as faster production times and the ability to create complex parts without additional manufacturing processes. Consequently, the increasing demand for SLM in industries like automotive and medical device manufacturing will fuel the growth of the global metal additive manufacturing market through the selective laser melting segment.

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Research Analysis

The Metal Additive Manufacturing (AM) market encompasses various industries, including Dental, Academic, Construction, Consumer Electronics, Wearable Devices, and the Aerospace sector. This technology revolutionizes the production of Metal Components using 3D printing technologies like Laser and Electron Beam. Metal powders, wires, and sheets serve as raw materials. 3D metal printing offers significant benefits such as Customized Products, Metal Prototypes, and Complex Geometries. The Aerospace sector and Defense industry are major adopters due to the production of lightweight, high-strength components. Prototyping applications are also prevalent in various industries. Additive Manufacturing Technology includes 3D printer software, installation services, and Copyrights, Licensing, and Patenting considerations. Traditional manufacturing methods like Injection Molding and Stereolithography face competition from this innovative technology. Key applications include Aerospace and Defense, Automotive, Medical, and Energy industries. The market's growth is driven by increasing demand for Customized Products, shorter production cycles, and the ability to produce complex geometries.

Market Research Overview

Metal Additive Manufacturing (AM) is a revolutionary technology that transforms the way metal components are produced. It enables the creation of complex, customized metal parts using various 3D printing technologies, such as Powder Bed Fusion, Binder Jetting, and Direct Energy Deposition. The Dental industry, Academic industry, Construction sector, Consumer electronics, Wearable devices, and the Aerospace sector are among the key industries embracing this technology. 3D printing technologies used in Metal AM include Electron Beam Melting, Intelligent Layering, Laser, and Electron Beam. Metal AM is used for manufacturing metal components from metal powder, wire, or metal sheet. It offers advantages like precision, efficiency, and the ability to produce complex geometries that are difficult or impossible with traditional manufacturing methods. The Metal AM market includes various segments, such as 3D printers, Metal materials (Nickel alloys, Metal machineries), and software (3D printer software, Design software, Scanning software, Printer software, Inspection software). Intellectual property aspects, such as Copyrights, Licensing, and Patenting, are crucial in this industry. The market is growing rapidly due to the increasing demand for customized products, metal prototypes, and complex products in various industries. However, challenges like waste generation, legacy parts, and economic slowdown due to the Novel Coronavirus pandemic, as well as the high cost of Metal AM compared to traditional manufacturing methods, pose significant hurdles. The LAMEA region is expected to witness significant growth in the Metal AM market due to the increasing adoption of this technology in the Aerospace & defense industry and the Construction sector. Metal AM is also being used in the production of specialized circuit boards, healthcare, and the automotive industry. Existing workflows are being transformed with the adoption of Metal AM, and new ones are being developed to optimize the production process and reduce costs. Metal powder development and Electron Beam technology are key areas of focus for research and development in this industry. In conclusion, Metal Additive Manufacturing is a transformative technology that offers numerous benefits, including precision, efficiency, and the ability to produce complex metal parts. It is being adopted in various industries, including the Dental industry, Academic industry, Construction sector, Consumer electronics, Wearable devices, and the Aerospace sector. However, challenges like waste generation, legacy parts, and economic slowdown due to the Novel Coronavirus pandemic, as well as the high cost of Metal AM compared to traditional manufacturing methods, pose significant hurdles. Despite these challenges, the Metal AM market is expected to grow rapidly due to the increasing demand for customized products, metal prototypes, and complex products.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Selective Laser Melting
• Electron Beam Melting
• Application
• Aerospace
• Healthcare
• Tools And Mold
• Automobile
• Others
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio