Increased Demand from Automotive and Aerospace Industries to Drive 3D Printing Metals Market
It is thought that CNC machines are the most capable tool for almost any work. However, even almost would sometimes lead to parts with very high complexity - require skilled workers, and complex machinery. In addition, the traditional way of making metal parts is a wasteful process - that would require different tools to get the job done. With 3D printing - an additive manufacturing (AM) technique that involves layering materials on top of the other to create a particular object - manufacturing objects with complex shapes and details are practically limitless. 3D printing uses a broad range of raw materials - stainless steel, aluminium, nickel, cobalt chrome, and titanium alloys are common - fine powders specifically designed for 3D printing ultra-thin layers.
The increasing demand for 3D printed metals from the aerospace & military, and automotive end-use industries, low manufacturing costs, and shorter lead times are the primary drivers fostering the growth of 3D printing metals market. With the active adoption of technology in different manufacturing processes related to these verticals, the aerospace and defense, healthcare, and automotive verticals are expected to contribute considerably to the growth of metal 3D printing over the projected period. To fulfil rising demand, the aviation sector is embracing 3-dimensional technologies. In 2021, a total of 950 global commercial aircraft deliveries were delivered. Therefore, with an increased number of aircraft, 3D printing metals market is also expected to grow in the coming years.
The growing use of metal 3D printers for product design and prototyping, combined with lower manufacturing costs and more precision in the automobile finished product, is a key driver for 3D printing metals market. Car components made with 3D technology are lighter, resulting in a lighter vehicle, higher performance, and lower energy use. Aside from quick prototyping, the technology is also utilised to manufacture tooling and, in some situations, end products. Global car sales increased to roughly 66.7 million vehicles in 2021, up from around 63.8 million units in 2020. With the continual increase in the number of automobiles, the demand for 3D metal printing will also increase in the approaching years.
Increased Demand for Titanium Segment to Drive 3D printing metals market Growth
The increased demand for 3D printed metal parts from the aerospace and defence, and automotive end-use industries is driving the expansion of the titanium segment in 3D printing of metal parts market. Titanium has great a impact, and high-temperature resistant characteristics. Titanium is also used in the medical and dental end-use industries to make orthopaedic and dental implants, as well as prosthetic knee and hip replacements. The metal's use in desalination, industrial applications, and food processing equipment, as well as a surge in applications such as heat jigs, exchanger oils, and linings due to qualities such as strong corrosion-resistance, all, have an impact on the segment. The ongoing research and development efforts, application in the metal finishing sector and adhesives, and an increase in investment all have a beneficial impact on the titanium segment. The increase in demand for lightweight automobiles due to the necessity for improved fuel efficiency creates profitable prospects for market participants during the projection period.
North America Acquired Largest Share Owing to Increase Public and Private Initiative
North America dominated 3D printing metals market owing to the region's widespread adoption of additive manufacturing. The North American 3D printing metals market is being driven by factors such as effective material utilisation, decreased human errors, product customization, and reduced production time and cost. North American countries including the United States, and Canada were early adopters of this technology in a variety of manufacturing processes. The regional market provides significant potential for the development of 3D printing metals market in a variety of applications. The American government’s initiatives for 3D printing development and funding for R&D drive the use of this technology in this region. In May 2022, President Biden introduced a new plan to encourage 3D printing technology, making U.S. corporations less reliant on the global supply chain and encouraging investment in small- and medium-sized businesses. Thus, the growing initiative by the private as well as government players will boost the 3D printing metals market in the region.
Asia Pacific is expected to grow at the fastest rate during the projection period. This rapid acceptance of metal 3D printing in the Asia Pacific can be linked to innovations and upgrades in the region's manufacturing industry. The Asia Pacific area is rising as a manufacturing powerhouse for the automobile industry. It is anticipated that over 34 million passenger automobiles have been sold in the Asia Pacific area by 2021, with over 21 million sold in China. A concentration on the production of consumer electronics, along with increased urbanization, is also contributing toward the progress of 3D printing metals market in the region. APAC manufacturers have expressed a growing interest in the establishment of a sustainable 3D printing environment, and governments in the region have implemented a number of rules, and legislative measures.
Global 3D printing metals market: Competitive Landscape
In October 2021, The European Space Agency (ESA), OHB System AG, and Lithoz GmbH have announced a collaboration with Incus, an Austrian engineering business, to develop and test microgravity 3D printing for approved space parts. On Earth, Incus Lithography-based Metal Manufacturing (LMM) produces components with improved surface aesthetics and material characteristics comparable to Metal Injection Molding (MIM). In October 2021, Triditive, an industrial 3D printer maker, has announced two new models to its Amcell 3D printer series: the Amcell 8300 and Amcell 1400. The new machines, which can print metal and polymers interchangeably, are intended for mass production of industrial 3D printed parts as well as large-scale production of parts in a wide range of materials. According to Triditive CEO Mariel Daz, the company's latest 3D printer series can create complex components, reduce part-time to market, and, most crucially, print metal and polymer parts.
Few of the players in the 3D printing metals market include 3D Systems Corporation (US), Stratasys Ltd. (US), Carpenter Technology Corporation (US), General Electric Company (US), Materialise NV (Belgium), Voxeljet AG (Germany), Renishaw plc (UK), Sandvik AB (Sweden), EOS GmbH Electro Optical Systems (Germany), The ExOne Company (US), and Proto Labs, Inc. (US).
Regional Classification of the Global 3D Printing Metals Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global 3D Printing Metals Market
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