Rising demand across diverse industries makes the U.S. a leading global consumer of 3D printing metals, holding a dominant 49.3% market share
New York, Oct. 27, 2023 (GLOBE NEWSWIRE) — According to the latest market assessments by Persistence Market Research, the worldwide 3D printing metal market was worth $422.9 million in 2022, and it is anticipated to grow at a remarkable compound annual growth rate (CAGR) of 21.4% over the next decade, reaching $2.95 billion by 2032.
The rapid growth in the 3D printing metal market is primarily driven by increased demand from the aerospace and defense sector. This technology is increasingly being used to create intricate and lightweight components and structures for aircraft, enhancing their strength, durability, and fuel efficiency.
In the dental industry, 3D printing, also known as Additive Manufacturing (AM), is gaining prominence for creating patient-specific dental products like partial dentures, crowns, and bridges. This is particularly valuable for low-volume manufacturing, addressing the issues posed by traditional methods due to equipment size discrepancies. Consequently, the U.S. market is expected to experience growth due to the adoption of AM technology.
Various medical instruments, including scalpel handles, clamps, forceps, hemostats, and prosthetic limbs, are increasingly produced using Additive Manufacturing (AM). Numerous companies are incorporating AM processes into healthcare applications. For instance, 3D Systems Healthcare is collaborating with the medical industry to promote the growth of additive manufacturing in medical and dental fields.
Geographically, the market is divided into North America, Europe, Asia-Pacific, and LAMEA. North America currently leads in terms of revenue contribution, while Asia-Pacific is projected to exhibit the highest Compound Annual Growth Rate (CAGR) during the forecast period.
Stay Ahead with Market Intelligence Get Free Sample Copy – https://www.persistencemarketresearch.com/samples/33210
|Market Revenue 2022||US$ 359 Million|
|Estimated Revenue 2023||US$ 422.9 Billion|
|Growth Rate – CAGR||21.4%|
|No. of Pages||230 Pages|
|Market Segmentation||By Material, By Shape, By Production Process, By End User, By Region|
|Regions Covered||North America, Latin America, Europe, Asia Pacific, Middle East & Africa|
|Companies Covered||Sandvik AB, ATI Powder Metals, Advanced Metallurgical Group, Rio Tinto, American Axle & Manufacturing, Inc., Carpenter Powered Products, Showa Denko Materials, GKN PLC, Praxair Surface Technologies Inc., Aubert & Duval, Höganäs AB, voestalpine BÖHLER Edelstahl GmbH & Co KG, Royal Metal Powders and Others|
3D Printing Metal Market Growth Factors and Dynamics
The 3D printing metal market has witnessed significant growth in recent years, driven by various factors and dynamics. Let’s delve into the in-depth analysis of the key growth factors and dynamics shaping this market:
Expanding Applications Across Industries: The versatility of 3D printing metals has led to their adoption across a wide range of industries, including aerospace, automotive, healthcare, and more. This diversification of applications has been a crucial driver of market growth.
Aerospace and Defense Demand: The aerospace and defense sectors have been early adopters of 3D printing metal technology. The ability to produce lightweight yet strong components has revolutionized aircraft manufacturing and contributed significantly to market growth.
Healthcare Advancements: 3D printing metals are increasingly used in the healthcare sector for producing customized implants, dental prosthetics, and medical instruments. This growth is expected to continue with the increasing demand for patient-specific solutions.
Technological Advancements: Ongoing technological advancements, such as the development of new metal alloys suitable for 3D printing, have expanded the capabilities of this technology. Enhanced precision and speed have made it more attractive to industries.
Sustainability and Material Efficiency: 3D printing with metals often generates less waste compared to traditional manufacturing methods. This sustainability aspect is gaining attention, and more companies are turning to 3D printing metals to reduce material waste.
Growing Investment in Research and Development: Companies and research institutions are investing heavily in R&D to improve 3D printing metal technology. This investment has resulted in the development of innovative processes and materials, further fueling market growth.
Global Market Expansion: The 3D printing metal market is not limited to a specific region; it has a global presence. North America, Europe, and Asia-Pacific have emerged as significant market players, and the technology is continually expanding to other regions.
Customization and Prototyping: The ability to create customized, one-off parts and prototypes with 3D printing metals is a significant factor driving growth, particularly in industries where design flexibility and rapid prototyping are critical.
Partnerships and Collaborations: Companies in the 3D printing metal industry are forming partnerships and collaborations to enhance their market presence and capabilities. This has led to the development of comprehensive solutions and expanded market reach.
Economic Factors: Cost efficiencies in 3D printing metal processes and the reduction in production time have made it an economically viable option for many industries, further driving its adoption.
Consumer Demand and Awareness: As consumers become more aware of the benefits and applications of 3D printing metals, there is a growing demand for personalized products, leading to market growth.
For Customization or Any Other Queries, Get in Touch with Our Industry Experts at: https://www.persistencemarketresearch.com/request-customization/33210
Segmentation of the 3D Printing Metal Market
The global 3D Printing Metal Market is categorized based on Material, Shape, Production Process, End Use, and region. Material options include Metal Powder and Metal Alloy Powder. Shapes are divided into Spherical and Non-Spherical. Applications encompass Medical, Aerospace, Automotive, Electronics, Energy, Industrial Equipment, Education, and Research. Geographically, the market is sectioned into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Prominent manufacturers are actively bolstering their production capabilities to increase market share and cater to the growing demand for 3D-printed metal products. The market is poised for expansion due to the increasing number of strategic alliances and collaborations among key companies, aimed at reinforcing their position in the market.
Numerous technological advancements and concerted efforts for growth through acquisitions, joint ventures, and partnerships have opened up a wide array of market opportunities.
What is the Growth Prospects for 3D Printing Metals in the United States?
The United States is poised to retain its position as a leading global consumer of 3D printing metals, thanks to increasing demand across various industries. Currently, the U.S. is projected to hold a dominant market share of 49.3% in the global 3D printing metal market.
The rising passenger density is driving heightened aircraft production, with manufacturers in the U.S. employing metal powder for lightweight component coatings. Given that the U.S. serves as a prominent hub for aerospace companies, this sector significantly contributes to the substantial consumption of 3D printing metals in the country.
Why are 3D Printing Metal Manufacturers Focusing on China?
China’s 3D printing metal industry presently accounts for approximately 13.3% of the global market share. China is anticipated to emerge as a top market for 3D printing metal demand throughout the projected timeframe.
China is expected to present extensive opportunities for 3D printing metal suppliers in the coming years due to the promising growth in various end-use sectors. The country is set to meet a considerable portion of the product demand owing to the robust manufacturing capacity of Chinese-based manufacturers. Moreover, the automotive and transportation industry is predicted to play a substantial role in the market, as 3D printing metals find applications in intricate ducts, resilient prototypes, grilles, and other components.
Access our all-inclusive report featuring a dynamic dashboard highlighting industry leaders, market influence, competition overview, and regional trends. Grab it now with exclusive discounts! https://www.persistencemarketresearch.com/checkout/33210
Key Questions Answered in The Report
- What is the projected Compound Annual Growth Rate (CAGR) for the 3D printing metal market from 2022 to 2032?
- Which specific segment held the most substantial market share in the 3D printing metal industry?
- Who are the leading key players in the global 3D Printing Metal Market?
- What are the driving factors behind the growth of the 3D printing metal market?
- Which region is anticipated to dominate the market share in the 3D printing metal sector?
- What are the various categories served by the 3D printing metal market?
- What strategies are being employed by players in the 3D printing metal market to foster growth?
Challenges and Restraints in the 3D Printing Metal Market
While the 3D printing metal market has experienced significant growth, it also faces several challenges and restraints that impact its development. Let’s explore the key challenges and constraints in detail:
High Material Costs: 3D printing metal materials are often expensive, which can limit their adoption, particularly for small and medium-sized enterprises.
Limited Material Variety: Compared to traditional manufacturing processes, the range of available metal materials for 3D printing is somewhat limited. This can restrict the suitability of the technology for certain applications.
Post-Processing Requirements: Many 3D-printed metal parts require post-processing steps such as heat treatment, machining, and surface finishing to meet quality and precision standards, adding time and cost to the production process.
Complexity in Design and Printing: While 3D printing offers design flexibility, complex geometries and intricate structures may pose challenges in terms of printing and post-processing.
Lack of Industry Standards: The absence of universally accepted industry standards for 3D printing metals can lead to inconsistencies in quality and performance, making it challenging for manufacturers and customers.
Scalability Challenges: Scaling up 3D printing metal production for mass manufacturing can be difficult due to limitations in speed and efficiency compared to traditional manufacturing methods.
Market Competition: The competitive landscape in the 3D printing metal market is intensifying, which can pose challenges for smaller companies to establish themselves.
Mergers and Acquisitions in the 3D Printing Metal Market
The 3D printing metal market has witnessed several notable mergers and acquisitions in recent years as key players seek to expand their capabilities, enhance their market presence, and leverage synergies. Here are some noteworthy mergers and acquisitions in this sector:
GE Additive’s Acquisition of Concept Laser and Arcam AB: General Electric (GE) made a significant move by acquiring Concept Laser and Arcam AB, two prominent 3D metal printing companies. This strategic acquisition expanded GE’s portfolio and capabilities in additive manufacturing.
Desktop Metal’s Merger with Trine Acquisition Corp: Desktop Metal, a 3D printing technology company, went public through a merger with Trine Acquisition Corp, a special purpose acquisition company (SPAC). This merger provided Desktop Metal with substantial capital for growth and innovation.
ExOne’s Acquisition of MWT: ExOne, a global provider of 3D printing machines and printed products, acquired MWT (MetalWise Technologies), a company specializing in advanced binder jetting technologies. This acquisition enhanced ExOne’s expertise in metal 3D printing.
Materialise’s Acquisition of ACTech: Materialise, a Belgium-based 3D printing software and services company, acquired ACTech, a German manufacturer of complex cast metal parts. This acquisition allowed Materialise to enter the metal 3D printing market and expand its offerings.
3D Systems’ Acquisition of LayerWise: 3D Systems, a major player in 3D printing, acquired LayerWise, a Belgian company specializing in metal 3D printing. This acquisition strengthened 3D Systems’ presence in the aerospace and healthcare sectors.
Markforged’s Merger with one: Markforged, a leader in metal and carbon fiber 3D printing, merged with one, a SPAC, to go public. This merger provided Markforged with significant funding to accelerate product development and market expansion.
Desktop Metal’s Acquisition of EnvisionTEC: Desktop Metal expanded its portfolio by acquiring EnvisionTEC, a provider of professional-grade 3D printing solutions. This acquisition broadened Desktop Metal’s range of technologies and applications.
Sintavia’s Acquisition of M4K Pharma: Sintavia, a leading metal additive manufacturing company, acquired M4K Pharma, a pharmaceutical research company. This strategic move aimed to explore the application of 3D printing metals in drug development.
Materialise’s Acquisition of Option NV: Materialise acquired Option NV, a technology company known for its expertise in 3D printing software and hardware. This acquisition strengthened Materialise’s position in the industrial and consumer 3D printing markets.
SLM Solutions’ Acquisition by SISMA: SISMA, an Italian company specializing in laser technology, acquired SLM Solutions, a German provider of metal 3D printing technology. This merger aimed to create a global leader in metal additive manufacturing.
Market Future Outlook
The future outlook for the 3D printing metal market is highly promising, with several key trends and developments shaping its trajectory. Firstly, the market is expected to continue its robust growth, driven by increasing demand from various sectors, including aerospace, healthcare, and automotive. The versatility of 3D printing metals in producing intricate and customized components, coupled with the potential for reduced material waste, is poised to expand its adoption.
Secondly, ongoing advancements in materials and technologies will play a pivotal role in the market’s evolution. Innovations in metal alloys suitable for 3D printing, improved precision, and faster printing speeds will expand the scope of applications. This could lead to a wider adoption of 3D printing metals in critical industries, such as aerospace and healthcare, where precise and durable components are paramount.
Additionally, market consolidation through mergers and acquisitions is expected to continue, with companies seeking to expand their capabilities and gain a competitive edge. This consolidation may result in the development of comprehensive solutions and further innovations, fostering the growth of the 3D printing metal market.
Lastly, a greater emphasis on sustainability and environmental responsibility is likely to drive market dynamics. As more industries recognize the benefits of 3D printing metals in reducing material waste, there will be increased efforts to adopt this technology, contributing to a more sustainable manufacturing landscape. In conclusion, the 3D printing metal market is poised for continued expansion, driven by technological advancements, diversification of applications, and a focus on sustainability, making it an exciting and evolving industry to watch in the coming years.
About Persistence Market Research:
Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
Persistence Market Research
U.S. Sales Office:
305 Broadway, 7th Floor
New York City, NY 10007
USA – Canada Toll-Free: 800-961-0353
Email: [email protected]
Originally published at https://www.einpresswire.com/article/664552174/3d-printing-metal-market-expected-to-reach-us-2-95-billion-by-2032-fueled-by-surging-demand-in-the-medical-industry-persistence-market-research