Metal Additive Manufacturing Market Research, 2031
The global metal additive manufacturing market size was valued at $2.6 billion in 2021, and is projected to reach $14.1 billion by 2031, growing at a CAGR of 18.1% from 2022 to 2031. Metal additive manufacturing, commonly known as 3D metal printing, is a specialized process for manufacturing metal components by using metal powder, wire, or metal sheet. Machineries use a laser or an electron beam to heat metal in powder or wire form to consolidates it into the form of an object.
Metal additive manufacturing offers various advantageous features over the traditional methods of component or object manufacturing. However, metal additive manufacturing does not replace the traditional methods of manufacturing which is highly effective in mass manufacturing. The metal additive manufacturing is highly suitable for manufacturing customized products, products with fine details, complex products, and most importantly, it can manufacture working metal prototypes. In addition, its various advantages, such as less waste generation, fast-paced production, and recreation of legacy parts, are expected to positively influence the metal additive manufacturing market growth.
Various industries that use metal in their processes are witnessing rapid growth all across the globe. This is attributed to rise in population, disposable income of the people, and rise in global trade. After the negative impact of COVID-19, automotive industry is expected to reach pre-COVID-19 levels in the next two years. The automotive industry makes extensive use of metal additive manufacturing for prototyping jobs. It is estimated that the rise in the automotive sector will drive the demand for metal additive manufacturing. Furthermore, globalization is playing a major role in the growth of air travel across the world. This is leading to an increase in demand in aerospace sector, which eventually propels the metal additive manufacturing market. Furthermore, with the rise in population, especially the elderly population, is driving the demand in healthcare sector for surgical and dental implants. Such implants are custom made for individual patients using metal additive manufacturing. This positively influences the growth of the metal additive manufacturing market.
Major players in the industry are focusing on expanding their businesses to sustain harsh competition in the metal additive manufacturing market. For instance, in July 2022, EOS GmbH, a global firm involved in additive manufacturing, introduced four new metal materials for additive manufacturing (AM) on the EOS M 290 metal system, which includes two stainless steels, one tool steel and one nickel alloy.
The novel coronavirus had rapidly spread across various countries and regions, causing an enormous impact on the lives of people and the overall community. It began as a human health condition and later became a significant threat to global trade, economy, and finance. The COVID-19 pandemic halted the production of many components of metal additive manufacturing machines due to lockdown. The economic slowdown initially resulted in reduced spending on metal additive manufacturing by automotive and aerospace industries. However, owing to the introduction of various vaccines, the severity of COVID-19 pandemic has significantly reduced. As of mid-2022 the number of COVID-19 cases has significantly decreased. This has led to the full-fledged reopening of metal additive manufacturing companies at their full-scale capacities. Furthermore, it has been more than two years since the outbreak of this pandemic, and many companies have already shown notable signs of recovery.
Furthermore, metal additive manufacturing is utilized in electronics industry for manufacturing small custom parts as well as specialized circuit boards. Moreover, rise in industrialization and advancements in 3D metal printing technology that have made it more accessible are estimated to provide lucrative growth opportunities for the metal additive manufacturing industry growth during the forecast period.
The metal additive manufacturing market is segmented into Type, Component and End User Industry. By type, the market is categorized into powder bed fusion, binder jetting, direct energy deposition, bound powder extrusion, and others. On the basis of components, it is categorized into systems, materials, and service & parts. And on the basis of end-user industry, the market is categorized into aerospace, automotive, healthcare, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America held the largest metal additive manufacturing market share in 2021, accounting for the highest share in revenue, and Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period. This is attributed to increased investments in industrial sectors such as automotives, electronics, and healthcare.
Key companies profiled in the metal additive manufacturing market forecast report include BeAM Machines, DMG Mori Seiki Co., Ltd., EOS GmbH, Farsoon Technologies, GE Additive, Renishaw Plc, Sisma SpA, SLM Solutions, Trumpf, and Xi‘an Bright Laser Technologies Co., Ltd.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the metal additive manufacturing market analysis from 2021 to 2031 to identify the prevailing metal additive manufacturing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the metal additive manufacturing market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global metal additive manufacturing market trends, key players, market segments, application areas, and metal additive manufacturing market overview.
Metal Additive Manufacturing Market Report Highlights
By End User Industry
Key Market Players
GE Additive, BeAM Machines, EOS GmbH, Renishaw, DMG Mori, Farsoon Technologies, SLM Solutions, Sisma, Trumpf, Xi‘an Bright Laser Technologies Co., Ltd.
The metal additive manufacturing market has witnessed significant growth in past few years, owing to surge in automotive, aerospace, and healthcare industries.
The growth in industries such as aerospace and automotive is expected to drive the demand for metal additive manufacturing market. However, owing to COVID-19, the demand in these industries took a hit, which is highly expected to subside in the near future. Healthcare sector is performing well, especially across the world owing to the increase in the global population. Moreover, electronics industry is witnessing a rapid rise owing to technological advancements, surge in disposable income, and rise in e-commerce industry. Furthermore, a large number of countries around the world increased their investments in R&D, particularly in infrastructure research. These are the major factors expected to drive the demand for metal additive manufacturing. In addition, development of technologies that make metal additive manufacturing more cost-effective and user-friendly is expected to provide lucrative opportunities for the metal additive manufacturing market growth.