PUBLISHER: The Business Research Company | PRODUCT CODE: 1428294
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428294
Metal additive manufacturing, also referred to as metal 3D printing, involves the creation of robust and intricate components through the use of a computer-aided design (CAD) application or by generating a 3D scan of the product. This method assists manufacturers in enhancing productivity, reducing waste, minimizing emissions, and expediting the time it takes for more durable and lightweight products to enter the market.
The primary types of metal additive manufacturing encompass selective laser melting (SLM), electron beam melting (EBM), powder bed fusion, sheet lamination, directed energy deposition, and binder jetting. Selective laser melting (SLM) is a specific 3D printing technique utilizing a high-power density laser to fully melt and fuse metallic powders, resulting in objects that are nearly net-shaped and nearly full-density. The various components within this domain include systems, materials, services, and parts, all utilized across diverse applications such as the automotive industry, aerospace industry, healthcare and dental sector, tools and mold manufacturing, academic institutions, and others.
The metal additive manufacturing market research report is one of a series of new reports from The Business Research Company that provides metal additive manufacturing market statistics, including the metal additive manufacturing industry's global market size, regional shares, competitors with a metal additive manufacturing market share, detailed metal additive manufacturing market segments, market trends, and opportunities, and any further data you may need to thrive in the metal additive manufacturing industry. This metal additive manufacturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The metal additive manufacturing market size has grown rapidly in recent years. It will grow from $4.64 billion in 2023 to $5.36 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth observed in the historical period can be attributed to global industrialization, heightened adoption in the automotive sector, expanded presence in the aerospace sector, the burgeoning healthcare industry, and increased activity in the manufacturing sector.
The metal additive manufacturing market size is expected to see rapid growth in the next few years. It will grow to $9.74 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The anticipated growth in the forecast period can be ascribed to the expanding dental industry, the growth of educational institutions, enhanced efficiency, a heightened emphasis on cost reduction, and a growing focus on minimizing weight. Key trends expected in the forecast period include advancements in 3D printing, the integration of automation and streamlined workflows, technological innovations, and product innovations.
The expansion of metal additive manufacturing technologies within the aerospace industry is anticipated to drive the growth of the metal additive manufacturing market in the future. The aerospace sector, encompassing the design, development, production, operation, and maintenance of aircraft, spacecraft, satellites, and related components, utilizes metal additive manufacturing to produce lightweight components. This helps in reducing the weight of aircraft and spacecraft, enhancing fuel efficiency, and minimizing emissions. For instance, as reported by the Aerospace Industries Association in November 2022, the American Aerospace & Defense industries achieved $892 billion in combined sales in 2021, representing a 2.1% increase from the previous year. Additionally, exports from the Aerospace & Defense industry in 2021 rose by 11.2% to a total value of $100.4 billion. Consequently, the adoption of metal additive manufacturing technologies in the aerospace sector is fostering demand for the metal additive manufacturing market.
The rising demand for electric vehicles is expected to propel the growth of the metal additive manufacturing market. Electric vehicles, driven by one or more electric motors powered by an onboard battery pack, benefit from metal additive manufacturing by facilitating on-demand production and reducing reliance on complex supply chains. This is particularly advantageous for low-volume electric vehicle models. As reported by the International Energy Agency in September 2022, sales of electric vehicles doubled to 6.6 million in 2021 compared to over 3 million in 2020. Hence, the increasing demand for electric vehicles is a driving force behind the growth of the metal additive manufacturing market.
The integration of robots in additive manufacturing emerges as a prominent trend gaining popularity in the metal additive manufacturing market. Major companies in this market are actively implementing robotics technologies to enhance productivity and expand their market presence. For example, in November 2022, ADDiTEC, a US-based provider of metal additive manufacturing solutions, introduced the AMRC-P (additive manufacturing robot cell-portable), a fully automated robotic metal AM system. This system, adaptable to any industrial robot, comes equipped with cutting-edge software tools supporting intricate multi-axis geometries. The customizable software allows customers to meet their specific parameter requirements, making printing more accessible for both experienced users and beginners.
Key players in the metal additive manufacturing market are focusing on innovative technologies such as 3D printing to boost productivity and enhance their market positions. 3D printing, a foundational technology in additive manufacturing, is driving growth across industries with its versatility, design flexibility, and capacity to produce intricate structures. In November 2022, DNV GL, a Norway-based expert in assurance and risk management, introduced a new Additive Manufacturing service specification aimed at supporting the digital transformation of the energy industry. This specification defines DNV's AM qualification scheme, ensuring quality and integrity throughout the AM value chain. The focus is on building confidence in AM technology, emphasizing safety and quality standards to foster industry acceptance and unlock its potential in disrupting industrial operations and maintenance.
In August 2022, Markforged, a US-based additive manufacturing company, acquired Digital Metal from Hoganas AB for $32 million, reinforcing its position in metal additive production. This acquisition adds spraying binder methods to Markforged's existing metal stamping capabilities. Digital Metal, based in Sweden, specializes in manufacturing 3D metal printers using binder-jetting technology.
Major companies operating in the metal additive manufacturing market report are Trumpf Inc., Lincoln Electric Additive Solutions, DMG Mori Seiki Co. Ltd., Hoganas AB, EOS GmbH, Renishaw PLC, Stratasys Ltd., Materialise NV, Desktop Metal Inc., SLM Solutions Group AG, Markforged Inc., FormLabs Inc., The ExOne Co., AddUp Solutions SAS, Voxeljet AG, Optomec Inc., SISMA SpA, Additive Industries B.V., 3DEO Inc., GE Additive, Triditive SL, Farsoon Technologies Co. Ltd., XJet Ltd., Sciaky Inc., Norsk Titanium AS, Titomic Ltd., Wuhan Huake 3D Technology Co. Ltd., Xact Metal, Xi'an Bright Laser Technologies Co. Ltd., 3D Systems Inc.
North America was the largest region in the metal additive manufacturing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the metal additive manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the metal additive manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The metal additive manufacturing market includes revenues earned by entities by material jetting, vat photopolymerization, material extrusion, and bound powder extrusion. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Metal Additive Manufacturing Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on metal additive manufacturing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for metal additive manufacturing ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The metal additive manufacturing market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.