NEW YORK, April 22, 2021 /PRNewswire/ -- The metal additive manufacturing market is expected to grow by USD 4.42 billion during 2020-2024, expanding at a CAGR of over 14%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios.
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Metal Additive Manufacturing Market: Increase in demand from the automobile industry to drive growth.
The manufacturing process of automobile components involves the use of metal additives. Automobile manufacturers use metal additive manufacturing to reduce the cost, lead time, and weight. Metal additives are also used for the production of various automobile parts such as bumpers, windbreakers, pumps, valves, and cooling vents. The increase in demand for metal additive manufacturing to produce automobile components used in formula-one and supercars are expected to drive the market growth during the forecast period.
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As per Technavio, the rise in demand from developing countries will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Metal Additive Manufacturing Market: Rise in demand from developing countries.
Many OEMs of metal additive manufacturing are shifting their manufacturing bases to developing countries. The availability of raw material, low transportation costs, easy availability of land, cost-effective manpower, and less stringent regulations and policies by the government in developing countries are encouraging manufacturers for shifting centers. The emergence of the manufacturing hubs in APAC is expected to augment the market growth. The rise in investments in manufacturing activities in developing countries is driving the demand for metal additive manufacturing, which in turn increases the market growth over the forecast period.
"Increased preference for additive manufacturing and rise in R&D activities will further boost market growth during the forecast period", says a senior analyst at Technavio.
Metal Additive Manufacturing Market: Major Vendors
- 3D Systems Corp.
- EOS GmbH Electro Optical Systems
- General Electric Co.
- Materialise NV
- Norsk Titanium AS
Metal Additive Manufacturing Market: Segmentation Analysis
This market research report segments the metal additive manufacturing market by application (Aerospace, Healthcare, Tools and mold, Automobile, and Others) and geographic landscape (APAC, Europe, MEA, North America, and South America).
The North America region led the metal additive manufacturing market in 2020, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as a rise in the demand for dental and implants in the healthcare industry.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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