CHICAGO, Jan. 27, 2020 /PRNewswire/ -- According to the new market research report "3D Printing Metals Market by Form (Powder, Filament), Technology (PBF, DED, Binder Jetting, Metal Extrusion), Metal Type (Titanium, Nickel, Stainless Steel, Aluminum), End-Use Industry (A&D, Automotive, Medical & Dental), Region - Global Forecast to 2024", published by MarketsandMarkets™, the 3D Printing Metals Market is projected to grow from USD 774 million in 2019 and is projected to reach USD 3,159 million by 2024, at a CAGR of 32.5% from 2019 to 2024. The growth of this market can be attributed to the increasing demand for 3D printed metals from aerospace & defense and automotive end-use industries.
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The powder segment is projected to be the largest segment during the forecast period.
The powder form of the metal has the ability to form high-density products with complex geometries, which are used to manufacture engine parts and components. These products are generally strong and can withstand wear for a longer time. Thus, the increase in the demand for these products has increased the demand for metals in the powder form.
By technology, the powder bed fusion segment is estimated to the largest segment of the 3D printing metals market during the forecast period
By technology, the 3D printing metals market is segmented into powder bed fusion, directed energy deposition, binder jetting, metal extrusion, and others. Powder bed fusion segment is projected expected to grow at the fastest rate owing to increasing demand for metal powders from the aerospace & defense and automotive industries
By type, the titanium segment is projected 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 regions. Titanium and its alloys are mainly used in aerospace engineering applications such as the manufacturing of engine components as they offer high strength, are lightweight, and provide superior resistance to corrosion. They are also used in biomedical applications such as orthopedic and dental implants as well as artificial knee and hip replacement surgeries due to their biocompatibility.
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The aerospace & defense industry is expected to be the fastest-growing end-use industry of the 3D printing metals market during the forecast period.
By end-use industry, the aerospace & defense industry is projected to be the fastest-growing segment of the 3D printing metals market. Metal 3D printing is used to print fuel nozzles and other critical engine components, which require high precision and accuracy. 3D printing helps reduce the overall weight of an aircraft that reduces fuel consumption. 3D printing metals are also used to manufacture specific brackets for satellites with reflectors and feeders mounted on each other. 3D printed brackets allow satellite manufacturers to fit small parts and components without any requirement of altering the mold designs and manufacturing process.
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. Most of the research activities and new product developments have been confined to North America, and this will be the most dominant region as compared to other regions. The 3D Printing Metals Market in the Asia Pacific region remains the fastest-growing market.
Some of the leading manufacturers of 3D printing metals profiled in this report are 3D Systems Corporation (US), Stratasys Ltd. (US), Renishaw plc (UK), General Electric Company (US), Carpenter Technology Corporation (US), Materialise NV (Belgium), Voxeljet AG (Germany), Sandvik AB (Sweden), EOS GmbH Electro Optical Systems (Germany), The ExOne Company (US), and Proto Labs, Inc. (US).
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