3D Printing Metal Market Size Valued at USD 800 Million by 2022 with a Significant CAGR of 32% during 2016 to 2022
September 13, 2017 --
Market Research Future published a Half Cooked Research Report on 3D Printing Metal Market. The Global 3D Printing Metal Market is expected to grow from about USD 160 Million in 2015 to cross USD 800 Million by the end of 2022, growing at a CAGR of 32% in the forecasted period.
MRFR recognizes key players of Global 3D Printing Metal Market as Renishaw Plc, Voxelget AG, 3D Systems Corporation, Carpenter Technology Corporation, GKN Plc, EOS GmbH, LPW Technology, Sandvik AB, SLM Solutions GmbH and Concept Laser GmbH.
The popularity of 3D metal printing has grown over the years. When compared to the traditional manufacturing, making metal and plastic objects can be a wasteful process. The new technology reduces wastage and turns out to be efficient. In the aerospace industry, when aircraft makers manufacture metal parts, around 80% of the material is thrown away. 3D printing metal parts uses less energy and reduces waste to a minimum. The finished 3D printed product can be up to 55% lighter compared to the traditional manufactured parts.
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The market is highly application driven and the aerospace & defense segment accounts for the largest market by application. In 2015, the segment was leading the market with its more than 35% of market share. It is expected to show similar results by the end of the forecasted period. The market is fueled by its high precision and accuracy, due to which it is used widely to print larger aircraft components. The market has also seen lot of investments in the R&D to develop new technologies to cater the automotive and healthcare segments as well.
The market is highly application based. The key driver for market is the growth of end-use industries such as automotive, aerospace, healthcare among others. It is expected that the global 3D printing metal market will advance with higher growth rate as compared to previous years. However the current challenge for the market is the fluctuating prices of raw materials.
On the basis of application, aerospace & defense leads the market in all the major regions across the globe. The share owes to the growing demand for lightweight and strengthened printing materials. It also used heavily in orthopedic and dental applications for artificial knee & hip replacement. On the basis of material, titanium accounts for largest market due to its high durability, speed, accessibility, and affordability across all applications.
On the basis of region, North America takes the lead as the largest market. However APAC accounts for the fastest growing market due to the changing urbanization scenario along with industrialization. This calls for better printing technology across all the industries. The growth of automotive industry due to increased demand for automobiles in the region has fueled the demand for printing technology in the automotive sector as well.
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