Metal additive manufacturing market size to grow by USD 7.57 billion from 2022 to 2027: Increased preference for additive manufacturing to boost growth - Technavio
NEW YORK, Dec. 10, 2023 /PRNewswire/ -- The global metal additive manufacturing market size is estimated to increase by USD 7.57 billion from 2022 to 2027. The market's growth momentum will progress at a CAGR of 20.84%. The increased preference for additive manufacturing is driving market growth. The demand for metal additive manufacturing is expected to increase owing to high flexibility and low production cost. The production of parts is done directly from a computer-aided design (CAD) model and does not require tooling support. As a result, fewer parts are involved, and material wastage is low. Moreover, the assembly time for complex components is reduced. This enables additive manufacturing processes to design and produce components of any shape at a low cost and allows engineers and designers to improve the existing process chains. These factors are expected to drive the growth of the global metal additive manufacturing market during the forecast period.
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Metal additive manufacturing market – Vendor analysis
Vendor Landscape –
The global metal additive manufacturing market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer metal additive manufacturing in the market are 3D Systems Corp., 3DEO Inc., Additive Industries BV, DMG MORI Co. Ltd., EOS GmbH, General Electric Co., Hoganas AB, Materialise NV, Norsk Titanium AS, Optomec Inc., Renishaw Plc, Sciaky Inc., SLM Solutions Group AG, Stratasys Ltd., The ExOne Co., The Lincoln Electric Co., Titomic Ltd., TRUMPF SE Co. KG, and Xjet Ltd. and others.
Global vendors have a strong footprint in various geographies. They focus on developing high-quality, innovative products for metal additive manufacturing. Prominent vendors are trying to remain competitive and gain market revenue by establishing a strong customer base. They compete in terms of quality, price, and reliability.
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- Global competitiveness and key competitor positions
- Market presence across multiple geographical footprints - Strong/active/niche/trivial
Vendor offerings -
- EOS GmbH - The company offers solutions for metal additive manufacturing, which is used for manufacturing in demanding industries such as aerospace, automotive, medical, tool, and turbomachinery.
- General Electric Co. - The company offers solutions for metal additive manufacturing, with a portfolio of metal materials, including aluminum, cobalt chrome, nickel alloys, titanium, refractive metals, stainless steel, and tool steels.
- Hoganas AB - The company offers solutions for metal additive manufacturing, where no support structures are needed, and the surrounding powder provides all the necessary support to print the part while simultaneously maximizing the build volume.
- Materialise NV - The company offers solutions for metal additive manufacturing for materials such as aluminum, titanium, stainless steel, and Inconel.
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Metal additive manufacturing market - Segmentation assessment
Segment overview
Technavio has segmented the market based on type (selective laser melting and electron beam melting), application (aerospace, healthcare, tools and mold, automobile, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
- The selective laser melting segment will account for a significant share of market growth during the forecast period. SLM technology is widely used in various industries, such as aerospace, automotive, consumer products, and medical device fields. When compared to traditional manufacturing techniques, additive manufacturing technology has various advantages, such as the capacity to produce various parts with highly complex shapes in a shorter span of time.
Geography overview
The report provides actionable insights and estimates the contribution of all regions to the growth of the global metal additive manufacturing market.
- North America is estimated to account for 43% of the growth of the global market during the forecast period. The US, Canada, and Mexico are the key countries in the market in North America. North America is a mature economy owing to investments in various industries, such as automotive, chemical, and tools and molding. An increase in the demand from the aerospace and healthcare industries is expected to drive the demand for metal additive manufacturing.
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Metal additive manufacturing market – Market dynamics
Key trends – Advances in new materials are key trends in the market. Metals such as steel and titanium are used in additive manufacturing, especially for producing parts for industrial usage. Ceramic materials such as alumina and zirconia, which are difficult to make conventionally, can also be 3D printed. The growth potential of the additive manufacturing industry is high, though 3D printing has a lot of potential for creating eco-friendly products. Thus, advances in new materials will support the growth of the global metal additive manufacturing market during the forecast period.
Major challenges - High production costs are challenging market growth. The high cost of machines and metal powder increases the production cost. Small coarse-grain metal powders, such as aluminum, steel, and iron, are expensive, which is expected to hinder market growth. For instance, the stainless steel used in metal additive manufacturing costs around USD 8 per sq. cm, which is more than the cost of commercial-grade stainless steel used in the conventional manufacturing process. Large components produced through metal additive manufacturing need to undergo processes such as mechanical joining and welding. Therefore, the high cost of raw materials for metal additive manufacturing is expected to impede market growth during the forecast period
What are the key data covered in this metal additive manufacturing market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the metal additive manufacturing market between 2023 and 2027
- Precise estimation of the size of the metal additive manufacturing market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the metal additive manufacturing market across North America, Europe, APAC, South America, and Middle East and Africa
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of metal additive manufacturing market vendors
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TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Application
- Market Segmentaion by Type
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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