PUNE, India, September 3, 2018 /PRNewswire/ --
According to a new market research report "3D Printing Metals Market by Form (Powder and Filament), Type (Titanium, Nickel, Stainless Steel, Aluminum), End-Use Industry (Aerospace & Defense, Automotive, Medical & Dental), and Region (APAC, North America, Europe, MEA, SA) - Global Forecast to 2023", published by MarketsandMarkets™, the global market is projected to grow from USD 590.4 million in 2018 to USD 2,089.7 million by 2023, at a CAGR of 28.8% from 2018 to 2023. Technological advancements, capacity expansion, new product developments, and expiry of key patents for powder-based selective laser sintering are factors influencing the overall demand for 3D printing metals.
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By type, the titanium segment is estimated to account for the largest share of the 3D Printing Metals Market during the forecast period.
Metal 3D printing has been widely adopted by the aerospace & defense industry across major regions. Titanium and its alloys are mainly used in aerospace engineering applications, such as engine component manufacturing, owing to their high strength, lightweight, and superior corrosion resistance properties. Due to their biocompatibility, they are also used in biomedical applications, such as orthopedic and dental implants as well as artificial knee and hip replacement surgeries. The titanium metal offers greater strength than other materials and is thus preferred for metal 3D printing activities in critical applications.
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The aerospace & defense industry is estimated to be the fastest-growing end-use industry segment of the 3D Printing Metals Market during the forecast period.
The volume of 3D printing metals consumed by the aerospace & defense sector constitutes more than one-third of the total 3D printing metals end-user market. This high consumption is mainly attributed to the huge demand for 3D printing metals from aircraft manufacturing companies and engine component manufacturers. Owing to its high precision and accuracy, metal 3D printing with a large print box is used to print larger aircraft components measuring around 15 kilograms. Availability of new materials for tooling and prototyping, demand for prosthetic and dental implants, and high investments for new product development will significantly contribute to the growth of the 3D Printing Metals Market in the automotive, medical & dental, and other industry verticals.
North America is expected to hold the largest share of the 3D Printing Metals Market during the forecast period.
North America is considered as the major regional market for 3D printing metals. With most of the research activities and new product developments confined in this region, North America will be the most dominant market for 3D printing metals as compared to other regions. The 3D Printing Metals Market in Asia Pacific is, however, projected to witness the highest CAGR during the forecast period, followed by North America and Europe.
Key players in the 3D Printing Metals Market include Stratasys Ltd. (US), 3D Systems Corporation (US), EOS GmbH (Germany), Materialise NV (Belgium), GE Additive (US), Renishaw plc (UK), voxeljet AG (Germany), 3D Systems, Inc. (US), Sandvik AB (Sweden), and Hoganas AB (Sweden), among others.
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