SAN FRANCISCO, July 27, 2021 /PRNewswire/ — The global metal 3D printing market is estimated to reach USD 15.28 billion by 2028, according to the new report by Grand View Research, Inc. The market is expected to register a CAGR of 22.9% from 2021 to 2028. Metal 3D printing is also referred to as Additive Manufacturing (AM) as it involves the successive addition of layers of materials in various 2D shapes using an additive process. These layered 2D shapes are built upon one another to form a three-dimensional object. The process is different from the subtractive method of production, which begins with a block of metal and the unnecessary metal is ground out to obtain the desired object.
Key Insights & Findings:
- North America accounted for the largest market share in 2019 owing to the early adoption of the technologies
- The U.S. being the highest revenue generating country in 2019 in the North America regional market, the region is predicted to exhibit steady growth over the forecast period
- Increasing adoption of metal 3D printers in the healthcare, automotive, and consumer electronics verticals is likely to drive the market growth significantly
- The Asia Pacific regional market, which is emerging as a manufacturing hub for several industry verticals, is forecast to grow significantly in future as the continued urbanization triggers the need for infrastructure and prompts the automotive, consumer electronics, aerospace and defense, and healthcare verticals to adopt metal 3D printing, particularly in countries, including China, Japan, and South Korea.
Read 250 page market research report, «Metal 3D Printing Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Technology, By Software, By Application, By Vertical, By Region, And Segment Forecasts, 2021 – 2028«, by Grand View Research
The metal 3D printing industry is estimated to exhibit significant growth throughout the forecast period owing to a combination of numerous factors such as growing demand for rapid prototyping, which allows the manufacturers to design and develop better products and systems. Additionally, the ease of manufacturing and added benefits offered by the 3D printing technology are the major factors behind the greater adoption of the technology across various industry verticals.
Metal 3D printing is widely adopted in the industrial sector owing to the growing need for enhanced product manufacturing and a shorter time to market. The automotive vertical happens to be the most significant adopter of the metal 3D printing technology and eventually leading to the largest market share of metal 3D printers for industrial applications over the forecast period. Additive manufacturing is anticipated to evolve over the forecast period.
The market is subject to witness a considerable economical appearance rather than being just a labor-intensive industrial manufacturing technique. Particularly in developing economies, such as Brazil, South Africa, and India, machining shops have managed to adopt alternative business models by installing 3D printers and offer related services, such as 3D printing materials, filaments, 3D modeling, and 3D printer software.
The metal 3D printing technology happens to be capital-intensive technology. At the same time, manufacturers are holding to their misconceptions about prototyping rather than realizing the advantages associated with metal 3D printing. Moreover, the market lacks the standard process controls and a skilled workforce required for metal 3D printing. These are some of the factors that are expected to restrain market growth. However, government initiatives aimed at increasing awareness and promoting the benefits of adopting metal 3D printers are expected to help in countering the market restraints.
Grand View Research has segmented the global metal 3D printing market on the basis of component, technology, software, application, vertical, and region:
- Metal 3D Printing Component Outlook (Revenue, USD Million, 2017 – 2028)
- Metal 3D Printing Technology Outlook (Revenue, USD Million, 2017 – 2028)
- Selective Laser Sintering
- Direct Metal Laser Sintering
- Inkjet Printing
- Electron Beam Melting
- Laser Metal Deposition
- Laminated Object Manufacturing
- Electron Beam Freeform Fabrication
- Selective Laser Melting
- Metal 3D Printing Software Outlook (Revenue, USD Million, 2017 – 2028)
- Design Software
- Inspection Software
- Printer Software
- Scanning Software
- Metal 3D Printing Application Outlook (Revenue, USD Million, 2017 – 2028)
- Functional Parts
- Metal 3D Printing Vertical Outlook (Revenue, USD Million, 2017 – 2028)
- Aerospace & Defense
- Consumer Electronics
- Power & Energy
- Metal 3D Printing Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- South Korea
- South America
- The Middle East & Africa
List of Key Players of Metal 3D Printing Market
- Materialise NV
- 3D Systems, Inc.
- GE Additive
- Autodesk Inc.
- Optomec, Inc.
Check out more studies related to 3D printing, conducted by Grand View Research:
- Hybrid Additive Manufacturing Market–The global hybrid additive manufacturing market size was valued at USD 80.5 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.8% from 2020 to 2027.
- 3D Printing Metal Market–The global 3D printing metal market size was valued at USD 772.1 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 27.8% from 2020 to 2027.
- 3D Printing Materials Market–The global 3D printing materials market size was estimated at USD 845.7 million in 2018, growing at a CAGR of 23.9% over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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