Dublin, Nov. 30, 2021 (GLOBE NEWSWIRE) -- The "3D Printing Metal Market Size, Share & Trends Analysis Report By Product (Titanium, Nickel), By Form (Filament, Powder), By Application (Aerospace & Defense, Medical & Dental), By Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global 3D printing metal market is expected to reach USD 2.36 billion by 2028, expanding at a CAGR of 25.7% over the forecast period. The market growth is attributable to the cost-effectiveness of 3D printed parts, reduced lead times, and the development of complex parts during production.
The potential cost savings is the significant factor stimulating the growth of the market in the aerospace & defense end-use sector. For instance, in November 2018, Lockheed Martin, a U.S.-based global aerospace & defense company, announced that due to 3-dimensional printed parts, there was a reduction in the price of its F-35 Full Mission Simulator (FMS) unit and led to the savings of nearly USD 45 million.
The aviation industry is witnessing growth due to an increase in the number of frequent fliers and new fliers. The aviation industry is adopting 3-dimensional technology to meet the increasing demand. Nickel and Inconel being suitable metals that have excellent strength and fatigue resistance are being increasingly adopted for the aviation industry. Both nickel and nickel alloys being compatible with 3-dimensional printing in various sectors is likely to drive the market.
Until very recently, the complexity and high cost of metal 3-dimensional printers limited the usage of additive manufacturing to high-volume and low-value parts. SLM and DSLM printer prices start at USD 400,000 and can go beyond USD 1,000,000 and they also require carefully controlled environments and highly skilled workers. This market has witnessed several investments in the recent past. For instance, in 2016, GE acquired two key metal AM companies, Arcam and Concept Laser. Various venture-backed companies are working on developing low-cost production techniques and affordable 3-dimensional printing applications.
In terms of revenue, Asia Pacific is projected to remain the second-largest regional market over the forecast period.
The rising number of small-scale companies along with the increasing adoption of 3D printed parts by OEMs is projected to play a crucial role in the market growth.
Titanium accounted for the highest revenue share of more than 41% in 2020. Properties, such as high fatigue strength, strength-to-weight ratio, and excellent corrosion resistance have a key role in driving the demand for titanium.
In terms of revenue, the medical & dental application segment is projected to grow at the fastest CAGR from 2021 to 2028.
Rising awareness about health, the development of new alloys for medical applications, and the ability of 3-dimensional printing to customize the parts are projected to be the key factors driving the growth of this segment.
Key Topics Covered
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. 3D Printing Metal Market Variables, Trends & Scope
Chapter 4. 3D Printing Metal Market: Form Outlook Estimates & Forecasts
Chapter 5. 3D Printing Metal Market: Product Outlook Estimates & Forecasts
Chapter 6. 3D Printing Metal Market: Application Outlook Estimates & Forecasts
Chapter 7. 3D Printing Metal Market Regional Outlook Estimates & Forecasts
Chapter 8. Competitive Analysis
Chapter 9. Company Profiles
3D Systems Corporation
Carpenter Technology Corporation
LPW Technology Inc.
Concept Laser GmbH
EOS GmbH Electro Optical Systems
For more information about this report visit https://www.researchandmarkets.com/r/nieagv
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