The 3D printing metals market is projected to grow from USD 774 million in 2019 and is projected to reach USD 3,159 million by 2024, at a CAGR of 32.5% from 2019 to 2024. The growth of this market can be attributed to the increasing demand for 3D printed metals from aerospace & defense and automotive end-use industries.
Metal 3D printing is used to print fuel nozzles and other critical engine components that require high precision and accuracy in the aerospace & defense industry. 3D printing reduces the overall weight of an aircraft and thereby the fuel consumption gets reduced. 3D printing metals are also used to manufacture specific brackets for satellites without altering the mold designs and manufacturing process. The increasing demand for critical engineering and fabrication applications in the aerospace & defense industry is driving the segment.
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The powder segment is projected to be the largest segment during the forecast period.
The powder form of the metal has the ability to form high-density products with complex geometries, which are used to manufacture engine parts and components. These products are generally strong and can withstand wear for a longer time. Thus, the increase in the demand for these products has increased the demand for metals in the powder form.
By type, the titanium segment is projected to account for the largest share of the 3D printing metals market
Metal 3D printing has been widely adopted by the aerospace & defense industry across regions. Titanium and its alloys are mainly used in aerospace engineering applications such as the manufacturing of engine components as they offer high strength, are lightweight, and provide superior resistance to corrosion. They are also used in biomedical applications such as orthopedic and dental implants as well as artificial knee and hip replacement surgeries due to their biocompatibility.
Asia Pacific projected to grow at highest CAGR during the forecast period
By region, the Asia Pacific 3D printing metals market is projected to grow at the highest CAGR during the forecast period. China is currently estimated to be the largest market for 3D printing metals in the Asia Pacific region. Established metal printer and powder manufacturers in North America and Europe are expanding their presence in the Asia Pacific region through several growth strategies.
Some of the leading manufacturers of 3D printing metals profiled in this report are 3D Systems Corporation (US), Stratasys Ltd. (US), Renishaw plc (UK), General Electric Company (US), Carpenter Technology Corporation (US), Materialise NV (Belgium), Voxeljet AG (Germany), Sandvik AB (Sweden), EOS GmbH Electro Optical Systems (Germany), The ExOne Company (US), and Proto Labs, Inc. (US)
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