CAGR: 24%Current Market Size: USD 3.6 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2022-2029Base Year: 2021
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.
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Market Dynamics:
Drivers:
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 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:
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
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.
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.
Global Metal 3D Printing Market- Country Analysis:
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 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'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.
Latest Development:
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 |
|
By Technology |
|
By Industry |
|
By Application |
|
Regional scope |
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Scope of the Report
Global Metal 3D Printing Market by Component:
Global Metal 3D Printing Market by Technology:
Global Metal 3D Printing Market by Application:
Global Metal 3D Printing Market by Industry:
Global Metal 3D Printing Market by Region:
Global Metal 3D Printing market valuation was USD 3.6 billion in 2021
High cost of 3D printing challenges the market�s growth over the Projection period.
Company profiles are selected based on developments by prominent market players, such as mergers, acquisitions, product launches, and partnerships.
Introducing metal 3D printing for prototyping products drives 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.