The Global Metal 3D Printing Market is projected to grow at a CAGR of around 30% CAGR during 2021-26, says MarkNtel Advisors in their research report.
UNITED STATES, August 11, 2021 /EINPresswire.com/ — The market growth primarily attributes to the rising demand for prototyping applications across several end-users, primarily aerospace & defense, healthcare, and automotive industries. In addition, surging R&D activities for enhancing the 3D printing process contribute towards market growth.
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With burgeoning demand for better-performing machines and its ability to deliver precisely made 3D printed parts exhibit excellent mechanical properties. Further, 3D printing is gaining popularity among several end-user industries for creating complex three-dimensional objects. Moreover, the extensive application of 3D printing in prototyping, architecture & design visualization and mounting number of 3D printing startups is further promoting the adoption of 3D printing, thereby propelling the growth for Metal 3D Printing Market across the globe.
The COVID-19 Impact on the Global Metal 3D Printing Market
The sudden outbreak of the COVID-19 pandemic adversely impacted the overall global economy and, subsequently, the 3D printing industry. Due to the rapid spread of the virus, the governments laid the order of complete lockdown that restricted the movement of people, resulting in the shortage of labor and disruption in the logistics & supply chain industry. Hence, these factors are further influencing the end-user application of 3D printing, which further affected the market growth.
Automotive Industry to Dominate the Market through 2026
Among several End-Users, Automotive industry acquired the largest share in the Global Metal 3D Printing Market during 2016-19. The automotive industry is one of the early adopters of 3D printing technology and is the most dominant amongst other industries.
The potential transformation that the technology can bring over the next decade in the automotive industry is nothing less than revolutionary. From printing car parts, accessories and creating new concepts from scratch, the possibilities of 3D printing are endless.
Asia Pacific Dominated the Market with the Largest Share
Asia Pacific acquired the largest share of the Global Metal 3D Printing Market in the previous few years. The government of China and Singapore have committed millions of dollars to develop and commercialize 3D printing. Metal 3D printing is also being actively utilized in the medical industry to build customization implants and devices. The demand for metal 3D printing among automotive and healthcare end-users is boosting the Asia-Pacific market.
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Market Drivers:
• Increase in investment for 3D printing technology
• Rising popularity of 3D printing over traditional manufacturing owing to its advantages attracting other end users
• Reduced lead times and product development cycle results into faster time-to-market and increased market growth potential.
Market Challenge:
• Dearth of skilled human capital is hindering the adoption of 3D printing among industrial end users.
• Material selection and cost volatility is restricting the growth of the market.
• Limitation of product size restricts the scope of design restricting the usage across numerous applications.
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Market Segmentation:
1. By Raw Material (Powder-Based Raw Material, Resin-Based Raw Material, Lamina-Based Raw Material, Filament/Wire-Based Raw Material)
2. By Technology (Powder Bed Fusion, Directed Energy Deposition, Binder Jetting, Metal Extrusion, Others)
3. By Application (Aerospace and Defense [Improved Development Cycles, Designing of Complex Parts, Design Consolidation, Manufacturing of Spares, Weight Reduction, Efficiency of the Materials, Assurance of in-Process Quality], Medical and Healthcare, Automotive, Other (Construction, Tool and Die, General Engineering))
4. By Metal & Alloy Type (Titanium and Its Alloys [Complexity of Parts, Strength-Weight Ratio {Aerospace, Automotive}, High-Temperature Strengths, Biocompatibility, Reduced Wastage, Reduced Printing Time] Aluminum and Its Alloys, Steels, Nickel and Its Alloys, Other Alloys)
5. By Region (North America, Latin America, Europe, Asia-Pacific, Middle East & Africa)
6. By Country (U.S, Canada, Brazil, Argentina, Mexico, Germany, France, The U.K, Italy, China, India, Japan, South Korea, Saudi Arabia, South Africa)
7. By Competitors (Carpenter Technology Corporation, Sandvik AB, Linde, Renishaw PLC, Materialise, SLM Solutions, Intech Additive Solutions Pvt. Ltd., 3D Systems, Inc., Trumpf GmbH + Co. Kg, Stratasys Ltd)
Key Questions Answered:
1. Which are the most prominent driving & roadblock factors of the “Global Metal 3D Printing Market?”
2. What are the new opportunities by which the “Global Metal 3D Printing Market” will grow in the coming years?
3. How vast is the “Global Metal 3D Printing Market” in revenue, sales, and production?
4. What are the market shares of each region in 2021, and which one of them is dominating the “Global Metal 3D Printing Market?”
Related Research Reports by MarkNtel Advisors:
• Asia Pacific (ASPAC) Industrial 3D Printing Market Analysis, 2020:
https://www.marknteladvisors.com/research-library/aspac-industrial-3d-printing-market.html
• South East Asia Industrial 3D Printing Market Analysis, 2020:
https://www.marknteladvisors.com/research-library/south-east-asia-industrial-3d-printing-market.html
• Global Solid State Drive Market Research Report: Forecast (2021-2026)
https://www.marknteladvisors.com/research-library/global-solid-state-drive-market.html
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