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
Global Metal Additive Manufacturing Market Size By Type(Selective laser melting, Electron beam melting), By Application(Aerospace, Healthcare, Automobile), By Geographic Scope And Forecast
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 is a manufacturing process that enables the fabrication of products by printing a layer over the layer with the help of a digital 3D model. Its unique features permit the manufacturing of complicated geometries that cannot be manufactured using conventional methods. Besides this, metal additive manufacturing also enables customized designs or models in fewer steps. It also eliminates material waste and does not require specialized tooling. Moreover, with the help of metal additive manufacturing, the part counts can also be minimized. The operations involved in metal additive manufacturing are cost- and time-effective. Due to these factors, rapid growth is expected in the metal additive manufacturing market in the coming 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.
The biggest driver of the metal additive manufacturing market can be considered as the increasing preferences of customers at the global level. The manufacturing of metal additives involves low production costs and high flexibility. In addition, lesser parts are involved in metal additive manufacturing which leads to less wastage of material. For complex products, less assembly time is required and computer-aided design (CAD) can also be used for designing complex geometries. In such models, tooling is not necessarily required. Hence, it is possible to design and manufacture any complicated design with minimum requirements and low cost with the help of metal additive manufacturing. Besides this, it can also help in improving the existing process chain and allow engineers to make better designs. Moreover, the increasing demand for consumer electronics is also supporting the growth in this market.
The metal additive manufacturing market is expected to grow in the coming future. However, factors like high production costs might be a restraint for the metal additive manufacturing market. It might impede the growth of this market. The cost of metal powder is quite expensive which might increase the production cost involved in the metal additive manufacturing market. Dealing with such high costs is still one of the challenges in the metal additive manufacturing market. Small coarse-grain metal powders like steel, aluminum, and iron are also quite high which can also impede the growth of this market. Using better quality metal powder and machinery incurs a huge cost in 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
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