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3D Printing Metal Market Growth & Trends
The global 3D printing metal market size is projected to reach USD 5.51 billion by 2027, expanding at a CAGR of 27.8% from 2020 to 2027, according to a new report by Grand View Research, Inc. Accelerating growth in the adoption of 3D printing for manufacturing of metal parts, especially for the aviation and healthcare industries, is the crucial factor driving the market.
Metal is a primary focus area in additive manufacturing (AM). Investments in metal AM have increased at a rapid pace in recent years. AM process offers exceptionally high-performance parts made from aluminum, steel, nickel, titanium, and others for demanding, high-value industries, such as medical and aerospace. These industries have observed faster penetration of AM on account of its ability to manufacture complex parts, decreased part weight, and material needs.
The 3D printing metal industry is witnessing growing demand from the aerospace and defense sectors owing to the rising capabilities to reduce aerospace part weight and focus toward improving overall efficiency, which otherwise proves costly and time consuming through traditional manufacturing process. The ability to print cheaper equipment in less time on demand is expected to be the key factor driving the industry.
North America accounted for the largest share in the utilization of additive manufacturing metals for the aerospace and defense industry. Recently mandated policies of U.S. to increase the defense investment by significant levels are expected to bolster the regional market growth. Involvement of private players in space exploration projects is further expected to augment the market growth across the region.
The potential cost savings are stimulating the growth of the market in aerospace and defense. For instance, in November 2018, Lockheed Martin, U.S.-based global aerospace and defense company, announced that due to 3D printed parts, there was reduction in the price of its F-35 Full Mission Simulator (FMS) unit and has led to the savings of nearly USD 45.0 million.
3D Printing Metal Market Report Highlights
- Aerospace and defense is expected to emerge as the fastest growing application segment from 2020 to 2027 owing to increasing demand for highly customizable parts and reduced lead time offered by additive manufacturing
- Titanium dominated the market with 65.3% share of the global revenuein 2019 due to its large scale adoption in the aerospace and healthcare industries
- Asia Pacific is predicted to expand at the fastest CAGR of 31.6%, in terms of volume, from 2020 to 2027 as the region is largely untapped and is therefore predicted to witness substantial investments in metal 3D printing over the coming years
- In 2018, Norsk Titanium used a new technology called rapid plasma deposition (RPD), which is considered a superior technology to produce mechanically enhanced structural metal components.