Market Highlights:
The popularity of 3D metal printing has grown over the years. When compared to the traditional manufacturing, making metal and plastic objects can be a wasteful process. The new technology reduces wastage and turns out to be efficient. In the aerospace industry, when aircraft makers manufacture metal parts, around 80% of the material is thrown away. 3D printing metal parts uses less energy and reduces waste to a minimum. The finished 3D printed product can be up to 55% lighter compared to the traditional manufactured parts.
Leading Players:
Leading players in the global 3D printing metal market include Concept Laser GmbH, Hoganas AB, Optomec, SLM Solutions GmbH, Sandvik AB, LPW Technology, EOS GmbH, GKN PLC, Carpenter Technology Corporation, 3D Systems Corporation, Voxelget AG, and Renishaw PLC.
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North America to Dominate 3D Printing Metal Market due to Growing Demand from Aerospace Sector
The global 3D printing metal market is forecasted to exhibit solid growth over the forecast period from 2018 to 2023, in the latest research report published by Market Research Future (MRFR). The global 3D printing metal market is mainly driven by the growing demand for 3D printing from various arms of the manufacturing sector, including healthcare, automotive, and aerospace.
Competitive Analysis:
In June 2019, the U.S. navy’s Naval Surface Warfare Center in Panama City, Florida announced the acquisition of a new EOS M290 3D printer. This is expected to considerably speed up the designing and production process for new marine components.
The same month, Swiss tech leader Oerlikon’s additive manufacturing branch, Oerlikon AM, and MT Aerospace announced a collaboration to increase the adoption of 3D printing technology in the aerospace sector. With this partnership, MT Aerospace aims to become a one-stop shop for aerospace consumers, offering high-quality parts while also playing a role in the designing process.
3D printing technology refers to the use of lasers working in accordance to a software program to cut through a given material and create objects through a process known as additive manufacturing. 3D printing creates an object from the bottom up, going layer by layer. This makes it more effective at producing complicated objects than conventional methods, as well as making it more efficient at using the available material, leading to less wastage. This combination of enabling greater complexity while simultaneously reducing the wastage in the manufacturing process has made 3D printing technology the darling of the manufacturing sector in recent years.
Major end users in the 3D printing metal market include aerospace and defense, automotive, healthcare, and building and construction. The aerospace and defense sector has emerged as a lucrative application channel for the 3D printing metal market due to the ease of producing lightweight, efficient aircraft parts, making a considerable difference to the target of making aircraft more fuel-efficient. The automotive industry is also likely to make heavy use of 3D printing technology over the forecast period due to the ease of producing complex mechanical parts. This is likely to be a major driver for the global 3D printing metal market over the forecast period.
Segmentation:
The Global 3D Printing Metal Market has been segmented by technology, application, and region.
On the basis of technology, the 3D printing metal market is segmented into vat photopolymerization, material jetting, binder jetting, material extrusion, powder bed fusion, sheet lamination, and directed energy deposition.
Based on application, the global 3D printing metal market is segmented into aerospace and defense, automotive, healthcare, consumer electronics, building and construction, and others. Aerospace and defense held a dominant 40% share in the global 3D printing metal market in 2017 and is likely to remain the leading end-use channel over the forecast period due to the increasing use of 3D printing metal technology to reduce the weight of aircraft.
Regional Analysis:
North America accounted for the largest share in the global 3D printing metal market in 2017 and is likely to remain the leading regional market over the forecast period due to the growing aerospace, marine, and automotive industries in the region. The consistent demand in the U.S. for new innovations in the aerospace and defense sector to ensure a technological edge over other armies is likely to be a major driver for the 3D printing metal market in North America over the forecast period.
Europe holds the second largest share in the global 3D printing metal market and is likely to remain a leading revenue generator over the forecast period due to the strong presence of the automotive industry in the region and the growing use of technological advances to further the cause of the industry.
Asia Pacific is expected to be the fastest growing market for 3D printing metal technology over the forecast period due to the relatively recent emergence and rapid growth of the automotive, aerospace, and medical devices industries in the region.
The Middle East and Africa and Latin America are likely to hold relatively smaller shares in the global 3D printing metal market over the forecast period. However, the growing aerospace industry in Mexico, Brazil, the UAE, and Saudi Arabia could provide significant momentum to the market in these regions.
Intended Audiences:
- 3D printing metal manufacturers
- Retailers and wholesalers
- Governments, associations, and industrial bodies
- Investors and trade experts
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