PUBLISHER: Grand View Research | PRODUCT CODE: 1552605
PUBLISHER: Grand View Research | PRODUCT CODE: 1552605
The global 3D printing metal market size is anticipated to reach USD 2,978.9 million by 2030 and is projected to grow at a CAGR of 18.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing need for complex and intricate metal parts and components in various end use industries such as defense, aerospace, medical, dental, and automotive is propelling the need for 3D printing technology.
3D printing metal is an additive manufacturing process used to produce objects with complex designs through a digital blueprint. As the name implies, the process involves adding or depositing thin layers of material in the form of metal powder or filament, and subsequently bonding the layers together. Based on form, powders constitute the major share of the market, as they are the preferred feedstock on account of their unique structure, despite being difficult and dangerous to handle in their raw state.
Different types of metal or their alloys are utilized in this process. Titanium is the most preferred product type for 3D printing. The distinctive characteristics of titanium to provide a light yet durable finished product make it useful across critical applications. In February 2024, U.S.-based contract manufacturer Armadillo Additive launched a new additive manufacturing facility targeting precision engineering for the medical device sector. The company, with its new machine, will specialize in the Ti-6Al-4V Grade 23 titanium products.
Based on end use, aerospace & defense holds the largest market share. The industry holds the capacity to bear the high initial costs of 3D printing. Also, aerospace and defense companies are investing towards expanding their reliability on 3D printing, on account of its growing penetration in critical areas. For instance, as per news released in January 2024, the first metal 3D printer is expected to be tested aboard the Columbus module of the International Space Station. This could be an important step to commence manufacturing in space and future missions to Mars and Moon.
North America is the most significant region for the growth and development of 3D printing. The growth of additive manufacturing technology is anticipated to propel in the region owing to the growing consumption of highly efficient critical components in the aviation industry. The presence of major government and private aerospace companies, coupled with high defense and space expenditure in the region, is aiding market growth.
The global market is characterized by increasing mergers & acquisitions activities globally, with giant players acquiring stakes in small companies having a competitive edge such as advanced technology, efficient processes, or presence in the regional market. For instance, 3D printer manufacturer Nano Dimension has announced to acquire Desktop Metal, a manufacturer of 3D printers for metal parts. The acquisition is expected to close in last quarter of 2024.