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Metal 3D Printing Market Size By Component (Software, Hardware, and Services), By Technology (Selective Laser Sintering, Direct Metal Laser Sintering, Laser Metal Deposition, Laminated Object Manufacturing, Selective Laser Melting, and Others), By Application (Prototyping, Functional Parts, and Tooling), By Industry (Aerospace & Defense, Healthcare, Automotive, Power & Energy, and Others), Regions, Segmentation, and Projection till 2029

CAGR: 24%Current Market Size: USD 3.6 BillionFastest Growing Region: APAC

Largest Market: North AmericaProjection Time: 2022-2029Base Year: 2021

Global Metal 3D Printing Market- Market Overview:

The Global Metal 3D Printing market is expected to grow from USD 3.6 billion in 2021 to USD 20.12 billion by 2029, at a CAGR of 24% during the Projection period 2022-2029. The growth of this market is mainly driven owing to increasing development in the end-user industry around the world.

The powder bed fusion 3D printing family includes the metal additive manufacturing technologies Selective Laser Melting (SLM) and Direct Metal Laser Sintering (DMLS). Both methods use lasers to scan and selectively fuse (or melt) metal powder particles, fusing them and creating a part layer by layer. This is only one example of how the two technologies are comparable. Additionally, metals in the form of granules are used in both processes. The foundations of the particle bonding process (as well as patents) differentiate SLM and DMLS: While DMLS employs a powder made of elements with varying melting points that fuse at high temperatures, SLM uses metal powders with a single melting temperature and melts the particles. SLM creates components out of a single metal, whereas DMLS creates components out of metal alloys. High-strength materials like nickel or cobalt-chrome superalloys, which are extremely difficult to handle with conventional manufacturing techniques, are compatible with metal 3D printing, which is one of its primary advantages. By employing metal 3D printing to produce a nearly net-shape item that can later be post-processed to a very high surface polish, significant time and cost savings can be realized.

Metal 3D Printing Market By CAGR

Sample Request: - Global Metal 3D Printing Market

Market Dynamics:

Drivers:                          

  • Improved Government Investments

The usage of modern industrial techniques is being severely disrupted by digital technology in several countries throughout the world. The US is one potential use of 3D technology. As a crucial capability, the US Department of Defense budgeted money for this technology in 2018. Software industry leaders like Autodesk, Microsoft, and HP have introduced manufacturing solutions for additive and 3D printing. In a similar vein, China is making great efforts to maintain the manufacturing sector's competitiveness in the global market. Due to their perception that this technology presents both a risk and an opportunity for the Chinese industrial sector, Chinese businesses frequently invest in its research and development.

Restraints:                                             

  • The common misconceptions small and medium-sized enterprises have about the prototyping processes.

The adoption of additive manufacturing is hampered by the widespread misunderstandings small and medium-sized firms have about prototyping procedures. Instead of attempting to comprehend the advantages and benefits of prototyping, businesses engaged in the design, particularly small and medium-sized businesses, hesitate before considering prototyping expenditures as responsible investments. These businesses generally believe a prototype is only an expensive step before manufacturing. Such misconceptions about a prototype and a lack of technical expertise, and an impending lack of standardized process controls are anticipated to impede industry expansion.

Opportunities:

  • Shifting away from Rapid Prototyping Opens Up Profitable Market Opportunities

For market players, the shift from rapid prototyping to production using 3D printing is anticipated to create new opportunities. More than half of businesses utilize 3D printing to create useful end goods, according to a recent survey of 3D hubs. The application of 3D printing has grown recently in the fields of biotechnology, power & energy, and automotive.

Challenges

  • Privacy and security issues

A threat to client financial data may jeopardize the market’s growth pace. It will be difficult for the market to experience a steady increase in market value due to a shortage of expert knowledge and technical expertise, particularly in developed and developing economies and among management-level people. Furthermore, the market growth rate will again be hampered by the lack of a sophisticated IT infrastructure.

Segmentation Analysis:

The global metal 3D printing market has been segmented based on component, technology, Application, industry, and region.

By Component

The component segment is software, hardware, and services. The services segment led the metal 3D printing market with a market share of around 33% in 2021. Metal 3D printing services enable firms to make intricate and delicate functional parts more easily and accurately thanks to the implementation of the methodology. Due to the benefits of the technology and improved prototyping, production costs are also being cut dramatically. As a result, participants in numerous industrial verticals are paying more attention to the advantages and benefits of 3D printing.

By Technology

The technology includes selective laser sintering, direct metal laser sintering, laser metal deposition, laminated object manufacturing, and selective laser melting. The selective laser melting segment led the metal 3D printing market with a market share of around 24% in 2021. The SLM technology is facilitating the adoption of this technology because to its many benefits and operational simplicity. Experts and researchers are expanding the market for selective laser melting technologies with technological developments and the industry's active R&D initiatives.

By Application

The application includes prototyping, functional parts, and tooling. The prototyping segment led the metal 3D printing market with a market share of around 324% in 2021. The segment is growing due to the widespread adoption of the prototyping process across numerous industrial verticals. Prototyping is used extensively in the automotive, aerospace, and defense industries to precisely design and build parts, components, and complex systems. Manufacturers can build trustworthy final goods and attain improved precision through prototyping. As a result, it is anticipated that the prototyping segment would continue to rule the market during the Projection period.

Smaller joints and other metallic hardware connecting elements are examples of functional pieces. While developing machinery and systems, the accuracy and accurate sizing of these functional pieces are of the utmost importance. With the rising demand for designing and producing functional components, the functional parts market is growing significantly.

Metal 3D Printing Market By Application

By Industry

The industry includes aerospace & defense, healthcare, automotive, power & energy, and others. The automotive segment led the metal 3D printing market with a market share of around 24% in 2021. The market is growing as a result of technology being actively adopted in a number of automotive-related production processes. The automotive industry, one of the biggest and most significant sectors for the production of metal parts, spends trillions of dollars annually on components across the manufacturing lifecycle, from research and development to prototyping to mass production and long-term aftermarket parts maintenance. Metal 3D printing offers several new chances for automobile producers to produce vehicles more quickly, better, and more efficiently than ever before by meeting their needs at every point of that lifecycle.

By Regional Analysis:

The regions analyzed for the metal 3D printing market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the metal 3D printing market and held a 38% share of the market revenue in 2021.

  • North American region witnessed a major share. Due to the widespread adoption of additive manufacturing in the region, the market is growing. The U.S. and Canada are two examples of North American nations that were among the leading and early users of these technologies in a variety of manufacturing processes. Metal 3D printing has profitable prospects in the regional market for a variety of uses.
  • Asia Pacific is anticipated to experience significant growth during the predicted period. The advancements and improvements made in the region's manufacturing sector are the reason for the rapid uptake of metal 3D printing in the Asia Pacific. Additionally, metal 3D printing id developing as a manufacturing powerhouse for the healthcare and automotive sectors in the Asia Pacific area. The region's growing need for three-dimensional printing is also being fueled by a grip on the production of automobiles and increased urbanization.

Global Metal 3D Printing Market- Country Analysis:

  • Germany

Germany's Metal 3D Printing market size was valued at USD 0.28 billion in 2021 and is expected to reach USD 1.20 billion by 2029, at a CAGR of 20% from 2022 to 2029. It is anticipated that Germany would create new Industry 4.0 strategies because of its developed Industry 4.0 infrastructure. Additionally, Germany has one of the greatest geographic footprints of any region. It is home to a number of industry participants in additive manufacturing that have extensive technical knowledge of the procedures.

  • China

China Metal 3D Printing’s market size was valued at USD 0.57 billion in 2021 and is expected to reach USD 2.89 billion by 2029, at a CAGR of 22.5% from 2022 to 2029. China is making a lot of effort to maintain its manufacturing sector's competitiveness on the global market. Because they see it as both a risk and an opportunity for the Chinese industrial sector, which supports the metal 3D printing industry, Chinese businesses frequently participate in the research and development of this technology.

  • India

India's Metal 3D Printing market size was valued at USD 0.43 billion in 2021 and is expected to reach USD 2.11 billion by 2029, at a CAGR of 22% from 2022 to 2029. The rising use of metal 3D printing across several domains is promoting market progress in India. Additionally, India is looking forward to this technology as an opportunity to strengthen its position as a worldwide competitor in the manufacturing industry. The Indian market is supported by active government initiatives like the "Make in India" Initiative.

Key Industry Players Analysis:                                                     

To increase their market position in the global metal 3D printing business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.

  • 3D Systems Corporation
  • General Electric Company
  • Carpenter Technology Corporation
  • GE Additive
  • Stratasys Ltd.
  • Renishaw plc
  • Materialise NV
  • Voxeljet AG
  • Sandvik AB
  • EOS GmbH Electro Optical Systems
  • Autodesk Inc.
  • Optomec, Inc.
  • The ExOne Company, and Proto Labs, Inc.

Latest Development:

  • In October 2022, SLM Solutions' metal 3D printing equipment will have full support thanks to a partnership by Dyndrite and SLM Solutions. SLM Solutions and Dyndrite have established a partnership to enable the SLM file format in Dyndrite's Application Development Kit (ADK).
  • In October 2022, The fourth-generation metal 3D printer from Stargate, with horizontal printing capabilities, is unveiled by Relativity. For Relativity's Terran R launch vehicle, the Stargate 4th Generation metal 3D printers will be the main manufacturing facility. A fully reusable rocket called Terran R is intended to carry 20,000 kg into low-Earth orbit (LEO).

Report Metrics

Report Attribute 

Details

Study Period

2021-2029

Base year

2021  

CAGR (%)

24%

Market Size

3.6 billion in 2021

Projection period

2022-2029

Projection unit

Value (USD)

Segments covered

By Component, Technology, Industry, Application, and Region.

Report Scope

Revenue Projection, competitive landscape, company ranking, growth factors, and trends

Companies covered

3D Systems Corporation, General Electric Company, Carpenter Technology Corporation, GE Additive, Stratasys Ltd., Renishaw plc, Materialise NV, Voxeljet AG, Sandvik AB, EOS GmbH Electro Optical Systems, Autodesk Inc., Optomec, Inc., The ExOne Company, and Proto Labs, Inc, among others

By Component

  • Software
  • Hardware
  • Services

By Technology

  • Selective Laser Sintering
  • Direct Metal Laser Sintering
  • Laser Metal Deposition
  • Laminated Object Manufacturing
  • Selective Laser Melting
  • Others

By Industry

  • Aerospace & Defense
  • Healthcare
  • Automotive
  • Power & Energy
  • Others

By Application

  • Prototyping
  • Functional Parts
  • Tooling

Regional scope

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East and Africa

Scope of the Report

Global Metal 3D Printing Market by Component:

  • Software
  • Hardware
  • Services

Global Metal 3D Printing Market by Technology:

  • Selective Laser Sintering
  • Direct Metal Laser Sintering
  • Laser Metal Deposition
  • Laminated Object Manufacturing
  • Selective Laser Melting
  • Others

Global Metal 3D Printing Market by Application:

  • Prototyping
  • Functional Parts
  • Tooling

Global Metal 3D Printing Market by Industry:

  • Aerospace & Defense
  • Healthcare
  • Automotive
  • Power & Energy
  • Others

Global Metal 3D Printing Market by Region:

  • North America
    • USA
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Russia
  • Asia-Pacific
    • Japan
    • China
    • India
    • Korea
    • Southeast Asia
  • South America
    • Brazil
    • Peru
  • Middle East and Africa
    • UAE
    • South Africa
    • Saudi Arabia

Frequently Asked Questions

What was the market size of the metal 3D printing market in 2021?

Global Metal 3D Printing market valuation was USD 3.6 billion in 2021

What are the challenges hampering the market�s growth over the Projection period?

High cost of 3D printing challenges the market�s growth over the Projection period.

How are the company profiles selected?

Company profiles are selected based on developments by prominent market players, such as mergers, acquisitions, product launches, and partnerships.

What are the key drivers of the metal 3D printing market?

Introducing metal 3D printing for prototyping products drives the metal 3D printing market.

Which top companies hold the largest share in the metal 3D printing market?

Leading market players active in the global metal 3D printing market are 3D Systems Corporation, General Electric Company, Carpenter Technology Corporation, GE Additive, Stratasys Ltd., Renishaw plc, Materialise NV, Voxeljet AG, Sandvik AB, EOS GmbH Electro Optical Systems, Autodesk Inc., Optomec, Inc., The ExOne Company, and Proto Labs, Inc.