Since its advent more than 30 years ago, 3D printing has been a manufacturing revolution and has radically transformed the game of product designing, development, manufacturing, and distribution. 3D printing technology builds three-dimensional physical products from a design file or blueprint in which successive layers of material are created under computer control. 3D printing technology uses the fundamental principle of turning a digital design into physical three-dimensional objects, though 3D printing technologies and materials differ. 3D printing is a swiftly growing technology which is used in the automotive industry, medical and prosthetics field, dental industry, aviation, and aerospace industry, prop-making, product designing, architecture, mass customization of various goods and others.
According to a study conducted by Market Research Future (MRFR), the Global 3D Printing Metal Market is projected to reach USD 800 million at CAGR of 32% during the forecast period 2018-2022.
The growth of end-user industries such as aerospace, automotive and healthcare propels the 3D Printing Market. 3D Printing finds its application majorly in aerospace and defense industry. 3D Printing is being preferred in aircraft manufacturing as they facilitate lighter designs, prototyping, and manufacture of complex geometrical parts and provide better strength and resistance. Titanium is the most used metal in aerospace and other engineering. One reason of the exponential growth of the 3D Printing Market is that it produces such intricate designs that are otherwise not possible using any other technology, however, low-volume production using 3D printing is not an economically feasible option. Factors such as increased investment in R&D activities, cost-efficiency, life-cycle sustainability, supply chain realignment, increased part functionality, localized product and plant location are stimulating the market. However, technological limitations such as difficulty in production of large size products, restrictions on materials and multi-materials, concerns about product quality, lack of in-house expertise might restrict the growth of the market. Other limiting factors include high prices and investment, patent infringement, lack of awareness about the technology, high-operational costs, and business challenges, and the high cost of raw materials.
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The Global 3D Printing Metal Market is segmented based on material, technology, application, and region. By material, the market is segmented into steel, aluminum, titanium, nickel, and others. By technology, the market is segmented into powder bed fusion, binder jetting, metal depositions, and others. By application, the market is segmented into aerospace & defense, dental, automotive, and others.
The key markets for the Global 3D Printing Metal Market include North America, Europe, Asia-Pacific and Rest of the World (ROW). North America is leading the market owing to a lot of technological advancements in the printing industry coupled with increased investment in R&D activities. MRFR predicts Asia-Pacific to emerge as the fastest growing market during the forecast period.
The Global 3D Printing Metal Market is highly competitive and has reached a level of consolidation; the key players are striving to remain competitive by implementing various strategies such as product launches, mergers, partnerships and by offering after-market services, greater flexibility, and reliability. Some of the prominent players operating in the market include Renishaw Plc, 3D Systems Corporation, Carpenter Technology Corporation, Voxelget AG, LWP Technology, SLM Solutions GmbH, GKN Plc, Concept Laser GmbH, Sandvik AB and EOS GmbH.
In May 2018, HP, global printing, and PC major announced its entry into the manufacturing industry. HP made its entry in the additive manufacturing field in 2016 and currently has plans to sell 3D printers that produce metal objects.
DWK Life Sciences, a leader in lab equipment manufacturing, has introduced first ever commercial 3D printed lab equipment. So far, 3D printed lab tools were only being used by lab individuals, but DWK Life Sciences is the first company to have created such products which are being marketed commercially.
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