Global Metal Additive Manufacturing Market Size By Type(Selective laser melting, Electron beam melting), By Application(Aerospace, Healthcare, Automobile), By Geographic Scope And Forecast
Global Metal Additive Manufacturing Market Size By Type(Selective laser melting, Electron beam melting), By Application(Aerospace, Healthcare, Automobile), By Geographic Scope And Forecast
Published Date: July - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Metal Additive Manufacturing Market Size and Forecast
Metal Additive Manufacturing Market size was valued at USD 2.6 billion in 2021 and is projected to reach USD 14 billion by 2030, growing at a CAGR of 20.6% from 2022 to 2030.Â
The latest advancements in metal additive manufacturing are increasing its demand in the global market. They are being used in the healthcare industry, automotive industry, aerospace industry, and academic industry due to which the market of metal additive manufacturing is elevating rapidly. Metal additive manufacturing also offers numerous advantages as compared to traditional methods. Â The Global Metal Additive Manufacturing Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Metal Additive Manufacturing Market Definition
In recent years, metal additive manufacturing has been growing in various industrial sectors. The advancements in technologies have improved the productivity, competitiveness, and productivity in the metal additive manufacturing market. It can be observed that metal additive manufacturing has unlimited potential with a wide range of applications. However, the adoption of such technology is quite challenging. There is a requirement of doing more research and extensive work in order to obtain a vigorous understanding of the challenges, processes, considerations, and application-specific requirements associated with the metal additive manufacturing market.
Metal additive manufacturing? It's basically like 3D printing, but for metal! It lets you build things layer by layer from a digital design. What's cool is that it can create super complicated shapes that regular manufacturing just can't handle. Plus, you can easily make customized designs or models really quickly. Think less waste, no need for special tools, and even fewer parts to worry about. The whole process is also cheaper and faster. That's why everyone thinks the metal additive manufacturing market is going to blow up in the next few years!
Metal additive manufacturing technologies can work with various materials such as ceramics, polymers, as well as metals. Industries and researchers are gaining huge interest in these materials which assures that more developments can occur in the metal additive manufacturing market. Metal additive manufacturing also provides environmental advantages which include fewer pollutants emissions, less waste, and quality improvements. It can be analyzed that the metal additive manufacturing market is becoming an important part of the machinery market at a global level. Besides this, factors like high production rates are also supporting the metal additive manufacturing market worldwide.
Metal Additive Manufacturing Market Overview
The increasing utilization of new products has also increased the acceptance of the metal additive manufacturing market in numerous industries. These industries include healthcare, aerospace, academic, and automotive. The metal additive is formed in a continuous motion over a conveyor belt. Various technologies are used for the manufacturing of metal additives.
What's really fueling the metal additive manufacturing market? It's all about what customers want these days. People are loving it! Think about itmaking things with metal additives means lower costs and way more flexibility. Plus, you're using fewer parts, which means less wasted material. Got a complicated product? Metal additive manufacturing can cut down assembly time, and you can even use computer-aided design (CAD) to create those crazy complex shapes. You often don't even need special tooling. Basically, you can design and build almost anything, no matter how intricate, without spending a fortune. And it's not just about building new things; it can also make existing processes better and help engineers design even cooler stuff. Oh, and let's not forget that everyone wants the latest gadgets, so the growing demand for consumer electronics is really boosting this market too!
So, it looks like the metal additive manufacturing market is poised for some growth! But, hold on, it's not all smooth sailing. Things like high production costs could really hold it back. Basically, it's expensive to play in this field. A big part of that is the metal powder itself – it's just pricey! This makes the whole production process more costly, and dealing with those expenses is a real challenge right now. Even seemingly simple metal powders, like steel, aluminum, and iron, can be surprisingly expensive, which isn't helping things. Investing in better quality powders and machinery? Well, that just adds another layer of cost to the metal additive manufacturing market.
Furthermore, it can be observed that engineering-intensive businesses are gaining more interest in the metal additive manufacturing market due to its wide range of applications. More designs can be explored in the engineering intensive business domain like automotive, aerospace, and medical. This might result in more opportunities to elevate in this market. The integration of emerging technologies with the metal additive manufacturing market can make this market more diverse and offer efficient productivity at a minimum cost.
Global Metal Additive Manufacturing MarketSegmentation Analysis
The Metal Additive Manufacturing Market is segmented on the basis of type, applications, and regions.
Metal Additive Manufacturing Market, By Type
• Selective laser melting, and• Electron beam melting
The selective laser melting segment of the metal additive manufacturing market has experienced huge growth. It is extensively employed in various industrial sectors as well. selective laser melting offers significant benefits as compared to traditional techniques and can be used while dealing with complex designs.
Metal Additive Manufacturing Market, By Application
Globalization is playing a major role in increasing the demand for the metal additive manufacturing market in the aerospace sector. Components that are used for making aircraft are produced with the help of metal additives manufacturing. Another application of metal additive manufacturing is to replace the broken parts of aircraft in the aerospace industry. Besides this, customized implants in healthcare are carried out with the help of metal additive manufacturing. Various prototypes and parts are being produced by metal additive manufacturing due to which their demand is increasing in this segment as well.
Metal Additive Manufacturing Market, By Geography
• North America• Europe• Asia-Pacific• Latin America• Middle East Asia
It can be observed that the North American market has the largest market share of the metal additive manufacturing market and it is followed by Europe and Asia-Pacific markets. North America is contributing more than 40% to grow the metal additive manufacturing market globally. However, the metal additive manufacturing market is also expected to grow in the LAMEA region.
Key Players
The major players in the metal additive manufacturing market include EOS GmbH Electro Optical Systems, 3D Systems Corp., General Electric Co., Renishaw Plc, Materialise NV, SLM Solutions Group AG, Norsk Titanium AS, TRUMPF GmbH Co., The ExOne Co., and Stratasys Ltd.
With the help of the integration of advanced technologies and research, these companies are planning to develop the metal additive manufacturing market to a higher level. These companies are also focusing to expand their businesses in order to survive in the harsh competition.
Key Developments
• In November 2022, 3D Systems announced the expansion of their selective laser sintering portfolios with the strategic integration with Wematter. With the help of such partnerships, 3D Systems can offer highly reliable and affordable solutions for the manufacturing of end-use parts.
• In February 2022, Assembrix and SLM Solutions announced a successful collaboration. This new collaboration will help in meeting the growing demand for metal additive manufacturing in the global market.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2018-2030
BASE YEAR
2021
FORECAST PERIOD
2022-2030
HISTORICAL PERIOD
2018-2020
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
EOS GmbH Electro Optical Systems, 3D Systems Corp., General Electric Co., Renishaw Plc, Materialise NV, SLM Solutions Group AG, Norsk Titanium AS, TRUMPF GmbH Co., The ExOne Co., and Stratasys Ltd.
SEGMENTS COVERED
By Type, By Application And By Geography
CUSTOMIZATION SCOPE
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