Authored By: Sarah
23 Aug 2024

Metal Material based 3D Printing Market Size to grow by USD 2115.86 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Metal Material based 3D Printing Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights

  • Market Research Overview:

According to Technavio, the global metal material based 3D printing market is a segment of the broader global diversified metals and mining market, encompassing companies involved in the production or extraction of various metals and minerals, including non-ferrous metals such as lead, nickel, tin, titanium, zinc, cobalt, mercury, tungsten, beryllium, bismuth, cerium, cadmium, niobium, indium, gallium, germanium, lithium, selenium, tantalum, tellurium, vanadium, zirconium, and their alloys. The global diversified metals and mining market's size is determined by Technavio based on the consolidated revenue generated by companies specializing in metal and mineral production and diversified mining operations. - The Metal Material based 3D Printing Market is experiencing significant growth, fueled by the Rise in adoption of customized and personalized metal products. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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  • Major Findings

    • Rise in adoption of customized and personalized metal products
    • Growing demand for lightweight and complex aerospace components
    • High initial investment costs
    • Limitation of printer size
  • Growth Projections

The market size is estimated to grow by USD 2115.86 million, at a CAGR of 26.68% during the forecast period. Advancements in metal material-based 3D printing technologies | Integration of metal material-based 3D printing in supply chain and manufacturing processes | Rise in adoption of Industry 4.0 and digital transformation

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  • Regional Insights

In the global metal material based 3D printing market, North America is a significant contributor, driving growth through increased investment in prototype metal materials and the adoption of 3D printers. Notably, in July 2021, Waterloo University received an USD8.2 million investment from the US government to establish a collaborative consortium for multi-scale additive manufacturing (MSAM). This initiative will focus on various sectors, including aerospace, healthcare, and automotive, thereby increasing the utilization of 3D printers and fueling the demand for metal material based 3D printing throughout the forecast period.

Research Analysis Overview

The metal material-based 3D printing market is witnessing significant growth, particularly in the automotive sector and heavy industry applications. The demand for metal 3D printers is increasing due to their ability to deliver high accuracy, critical engineering applications, and rapid prototyping. The automotive industry is leveraging 3D printing for fabrication applications, such as specific brackets and engine components, to reduce fuel consumption and weight, resulting in improved performance and reduced emissions. The aerospace & defense industry is also adopting metal 3D printing for manufacturing critical engine components, fuel nozzles, and satellite parts. The powder bed fusion process, using powder form metal powders, is a popular choice for these applications due to its high precision and ability to produce complex geometries. The metal 3D printing industry is expected to grow exponentially, with the titanium segment leading the market. The size of metal 3D printers is increasing, allowing for larger, more complex parts to be manufactured. However, the high manufacturing expenditure and waste generation associated with metal 3D printing may limit its adoption in some industries. Despite these challenges, the benefits of metal 3D printing, such as mass customization, reduced lead times, and manufacturing cost savings, are driving its adoption in various industries, including healthcare, where it is being used for hip replacements, artificial knee replacements, and dental implants. The defense industry is also investing heavily in metal 3D printing for advanced manufacturing applications.

About Technavio                                                                        

Technavio is a global market research company offering comprehensive reports and insights on various industries. Our research helps businesses make informed decisions by providing actionable data and trends. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions. Technavio is one of the most influential market research and advisory firms in the world. We work with business and technology leaders to provide cutting-edge market research and insights to companies. 

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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