Authored By: Sarah
11 Jul 2024

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

According to a research report “ Metal Material based 3D Printing Market” by Type (Iron-based, Titanium, Nickel, Aluminum) End-user (Healthcare, Automotive, Aerospace and defense, Tool and mold making, Robotics and others) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 2115.86 million, at a CAGR of  26.68% during the forecast period. The metal material based 3D printing market is experiencing a surge in demand for customized and personalized metal components due to the advantages offered by additive manufacturing technology. This trend is fueled by the capability to optimize design and functionality through metal additive manufacturing. Intricate and complex metal parts can be effortlessly produced, leading to the creation of highly customized products that perfectly match specific applications. For instance, in the medical sector, customized implants can be 3D printed using metal additive manufacturing to align with a patient's unique anatomy, enhancing implant functionality and improving patient outcomes. This trend is expected to continue, as businesses seek to differentiate themselves by offering tailor-made metal solutions to their clients.

Browse market data tables, figures, and in-depth TOC on “Metal Material based 3D Printing Market” by Type (Iron-based, Titanium, Nickel, Aluminum) End-user (Healthcare, Automotive, Aerospace and defense, Tool and mold making, Robotics and others) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Type, the Iron-based segment is projected to dominate the market size in 2024

The healthcare sector represents a substantial portion of the global metal material based 3D printing market. This technology has significantly transformed the medical industry by providing numerous advantages, including personalized patient care and enhanced surgical outcomes. One of the key benefits of metal material based 3D printing in healthcare is the capability to manufacture customized and patient-specific implants and prosthetics. Conventional manufacturing techniques typically rely on standardized designs that may not perfectly align with an individual patient's anatomy. In contrast, metal material based 3D printing enables healthcare professionals to design and produce implants or prosthetics that cater to each patient's unique requirements, ensuring optimal fit and functionality.

By End-user, Healthcare  segment is expected to hold the largest market size for the year 2024

The iron-based segment represents a substantial share in the global metal material-based 3D printing market. Given its versatility and extensive applications, iron has garnered considerable interest in various industries for 3D printing. One of the primary advantages of utilizing iron in 3D printing is its cost-effectiveness compared to other metals. Abundant and relatively affordable, iron is an appealing choice for industries focusing on large-scale production or cost-efficient manufacturing processes. In the automotive sector, for instance, iron-based 3D printing facilitates the production of intricate engine components, such as cylinder heads or crankshafts, with reduced material costs, ultimately enhancing overall profitability.

North America is forecasted to hold the largest market size by region in 2024

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.

The Metal Material based 3D Printing Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • 3D Systems Corp.
  • BASF SE
  • Carpenter Technology Corp.
  • Desktop Metal Inc.
  • EOS GmbH
  • Equispheres Inc.
  • General Electric Co.
  • Markforged Holding Corp.
  • MATERIALISE NV
  • Ponoko Inc.
  • Proto Labs Inc.
  • Renishaw Plc
  • Sandvik AB
  • SHAPEWAYS HOLDINGS INC.
  • Sisma SpA
  • SLM Solutions Group AG
  • Stratasys Ltd.
  • Titomic Ltd.
  • TRUMPF SE Co. KG
  • Velo3D Inc.
.

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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.

Market Research Overview

The metal material-based 3D printing market is witnessing significant growth in various industries, including Industrial, Consumer Electronics, Automotive, Food, Objects, Education, Dental, and others. In the Industrial segment, metal 3D printing is used for manufacturing functional parts, prototyping processes, and tooling in heavy industry applications. The Consumer Electronics segment leverages metal 3D printing for producing complex components for smartphones, laptops, and other devices. The Automotive segment utilizes metal 3D printing for manufacturing critical engineering applications, such as fuel consumption reduction and aircraft weight reduction in the Aerospace & Defense sector. The Food segment employs metal 3D printing for creating complex food structures and customized food molds. The Objects segment includes art and design applications, while the Education segment uses metal 3D printing for teaching engineering and design concepts. The Dental segment benefits from metal 3D printing in creating hip replacements, artificial knee replacements, and dental implants. Renishaw plc, GE Additive, and EOS GmbH are major players in the metal 3D printing market, providing high-precision metal 3D printers and related hardware, scanners, and software. The Hardware segment includes printers, scanners, and design software for metal 3D printing. The Services segment offers design, engineering, and post-processing services. Metal 3D printing uses powder bed fusion, powder form, and other processes to create complex components with high accuracy. The market is expected to grow due to advanced manufacturing, rapid prototyping, and fabrication applications in various industries. However, the market faces challenges such as waste generation, lead times, and manufacturing cost. The market is also expected to see mass customization and growth in the Titanium segment.

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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