3D Printing Metals Market: Demand Analysis and Growth Forecast
3D printing is amongst the recent printing technologies that have made an impact and disrupting a number of marketplaces. This technique is used to develop 3D objects by stacking multiple 2D layers of the desired magnitude. Different materials like plastics, rubbers, and metals are used to print the 3D objects according to the requirements. Following that, a 3D printer is fed with metal powders and the dimensions of the desired object in the computer, which is programmed in such a way that it adds several layers of metal one over the other in order to print the object.
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(2018 - 2023)”
The usage of metals in 3D printing has propelled its demand in the past decade, finding application across diverse industries. According to a recent market research report from IndustryARC, the global 3D metal printing market will remain profitable during the forecast period 2018 to 2023.
3D Printing Metals Market: Key Drivers & Disruptive Trends
The utmost need to reduce the wastage of raw materials is one key growth drivers of this market. The 3D printing process has reduced the efforts of producing complex 3D objects. Aerospace, defense, and automotive industries are extensively using this technology for the production of spare parts. Properties such as resistance to corrosion, high accuracy, and rigidity have encouraged these industries to use this technology.
Medical industry along with the electronics market is adding further impetus to the demand of this technology due to its capability to offer improved quality of the products, reduce development cost and time, and augmented profits. Going forward, the possibilities with this technology are still being explored, and thus the market for the same is anticipated to witness a rapid growth during the aforementioned forecast period.
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3D Printing Metals Market: Leading Segments
The global 3D metal printing market can be segmented into two branches in terms of form: one is powder and the other is filament. According to end-users, it can be segmented into automotive, aerospace, defense, and healthcare. Regionally, the IndustryARC report has evaluated the demand potential of North America, Europe, Asia-Pacific, and RoW.
3D Printing Metals Market: Competitive Landscape
Some of the prominent players in this market are 3D Systems Corp., Arcam AB, Voxelijet AG, and Sandvik Inc. The company 3D Systems Corp., headquartered in the U.S., has achieved efficiency to such a level that they can deliver the first prototype of the object in just 24 hours. The Swedish company, Arcam AB, is highly favored for delivering aerospace and defense equipment.
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The market of 3D metal printers is still at a nascent stage. However, innovations are in full force owing to the technology’s usage across several industries and there, the market for the same is projected to experience exponential growth in the near future.
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