Dublin, Aug. 18, 2021 (GLOBE NEWSWIRE) -- The "Metal 3D Printing Market Size, Share & Trends Analysis Report by Component (Hardware, Software, Services), by Technology, by Software, by Application, by Vertical, by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global metal 3D printing market is estimated to reach USD 15.28 billion by 2028
The market is expected to register a CAGR of 22.9% from 2021 to 2028. Metal 3D printing is also referred to as Additive Manufacturing (AM) as it involves the successive addition of layers of materials in various 2D shapes using an additive process.
These layered 2D shapes are built upon one another to form a three-dimensional object. The process is different from the subtractive method of production, which begins with a block of metal and the unnecessary metal is ground out to obtain the desired object.
The metal 3D printing industry is estimated to exhibit significant growth throughout the forecast period owing to a combination of numerous factors such as growing demand for rapid prototyping, which allows the manufacturers to design and develop better products and systems.
Additionally, the ease of manufacturing and added benefits offered by the 3D printing technology are the major factors behind the greater adoption of the technology across various industry verticals.
Metal 3D printing is widely adopted in the industrial sector owing to the growing need for enhanced product manufacturing and a shorter time to market. The automotive vertical happens to be the most significant adopter of the metal 3D printing technology and eventually leading to the largest market share of metal 3D printers for industrial applications over the forecast period. Additive manufacturing is anticipated to evolve over the forecast period.
The market is subject to witness a considerable economical appearance rather than being just a labor-intensive industrial manufacturing technique. Particularly in developing economies, such as Brazil, South Africa, and India, machining shops have managed to adopt alternative business models by installing 3D printers and offer related services, such as 3D printing materials, filaments, 3D modeling, and 3D printer software.
The metal 3D printing technology happens to be capital-intensive technology. At the same time, manufacturers are holding to their misconceptions about prototyping rather than realizing the advantages associated with metal 3D printing.
Moreover, the market lacks the standard process controls and a skilled workforce required for metal 3D printing. These are some of the factors that are expected to restrain market growth. However, government initiatives aimed at increasing awareness and promoting the benefits of adopting metal 3D printers are expected to help in countering the market restraints.
Metal 3D Printing Market Report Highlights
North America accounted for the largest market share in 2019 owing to the early adoption of the technologies.
The U.S. being the highest revenue generating country in 2019 in the North America regional market, the region is predicted to exhibit steady growth over the forecast period.
Increasing adoption of metal 3D printers in the healthcare, automotive, and consumer electronics verticals is likely to drive the market growth significantly.
The Asia Pacific regional market, which is emerging as a manufacturing hub for several industry verticals, is forecast to grow significantly in future as the continued urbanization triggers the need for infrastructure and prompts the automotive, consumer electronics, aerospace and defense, and healthcare verticals to adopt metal 3D printing, particularly in countries, including China, Japan, and South Korea..
Metal 3D Printing Market Dynamics
Market Driver Analysis
Prototyping, product development, innovation, and time-to-market
Benefits of 3D printing
Commercialization of the technology
Increasing demand from aerospace and defense sector
Market restraint analysis
Capital Intensive Technologies and High Material Prices
Unavailability of Standard Process Controls and Misled Industry Participants
Market opportunity analysis
Untapped end-use industry verticals and markets such as printed electronics and 3D printing under water
3D printing in construction medical implants and under water printing
Key Opportunities - Prioritized
Metal 3D Printing - Key Company Analysis, 2020
3D Systems, Inc.
EOS (Electro Optical Systems) GmbH
Matsuura Machinery USA Inc.
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