CHICAGO, Sept. 30, 2019 (GLOBE NEWSWIRE) -- According to the new market research report "3D Printing Metals Market by Form (Powder and Filament), Type (Titanium, Nickel, Stainless Steel, Aluminum), End-Use Industry (Aerospace & Defense, Automotive, Medical & Dental), and Region (APAC, North America, Europe, MEA, SA) - Global Forecast to 2023" published by MarketsandMarkets™, The global 3D Printing Metals Market is projected to grow from USD 590.4 million in 2018 to USD 2,089.7 million by 2023, at a CAGR of 28.8% from 2018 to 2023. Technological advancements, capacity expansion, new product developments, and expiry of key patents for powder-based selective laser sintering are factors influencing the overall demand for 3D printing metals.
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The 3D printing metals market is estimated to be USD 590.4 million in 2018 and is projected to reach USD 2,089.7 million by 2023, at a CAGR of 28.8% from 2018 to 2023. The growing demand for metal powders in additive manufacturing and 3D printing has led to significant developments in the 3D printing metals market.
Stratasys Ltd. (US), 3D Systems Corporation (US), EOS GmbH (Germany), Materialise NV (Belgium), GE Additive (US), Renishaw plc (UK), voxeljet AG (Germany), 3D Systems, Inc. (US), Sandvik AB (Sweden), and Hoganas AB (Sweden) are among the key players in the 3D printing metals market. These companies are focused on investing in plant capacity expansions and acquisitions. They also have the potential to broaden their product portfolios and compete with other key market players.
3D Systems Corporation is a leading player in the 3D printing metals market. The company offers a wide range of metal powders as well as 3D metal printers. It also provides software solutions for 3D printing. The company serves a wide range of end-use industries, such as aerospace & defense and medical & dental. It has adopted the new product launch and expansion strategies to enhance its presence in the market. The company has effectively managed to develop/launch new products and acquire different facilities to expand its product portfolio, globally. It launched ProJet MJP 3600 and ProJet MJP 5500X in January 2016, consequently strengthening its 3D printing systems portfolio.
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Stratasys Ltd. (US) is one of the leading providers of 3D printing and additive manufacturing solutions for rapid prototyping and direct digital manufacturing (DDM). It also develops, manufactures, and markets materials for the metal 3D printing marketplace. The company is focused on the expansion of its Stratasys Direct Manufacturing (SDM) business by adopting inorganic growth strategies. The company’s products have a strong application base across various end-use industries, helping strengthen its position in the 3D printing metals market. Stratasys Ltd. is also strengthening its market presence through the partnership strategy. For instance, in January 2016, the company formed a partnership with DanaMed Inc. (US) to build metal tools for DanaMed’s Pathfinder ACL Guide, which is a biocompatible surgical device. The Pathfinders are 3D printed using Inconel 718 via the Direct Metal Laser Sintering (DMLS) technology. This partnership helped the company strengthen its position in the medical end-use industry segment of the 3D printing metals market.
The technology of printing a three-dimensional object from a digital file using metals and alloys, such as titanium, aluminum, stainless steel, and nickel, is called 3D printing and the materials used are called 3D printing metals. Aerospace & defense, automotive, and medical & dental are some of the major end-use industries of 3D printing metals. The 3D printing metals market is estimated to be USD 590.4 million in 2018 and is projected to reach USD 2,089.7 million by 2023, at a CAGR of 28.8% from 2018 to 2023. Rising demand for 3D printed parts in industries such as aerospace & defense and automotive is fueling the growth of the 3D printing metals market.
By type, the titanium segment is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increased demand from industries such as aerospace & defense and medical & dental. Titanium offers excellent corrosion resistance and high strength, which are required for heavy engineering applications. Titanium alloys are mainly used in the aerospace industry due to their light weight and excellent heat resistance properties. The low level of electronic conductivity, the low ion-formation tendency in aqueous environments, and high corrosion resistance make titanium a suitable material for medical implants, such as bone plates and artificial knee joints.
By form, filament segment is projected to grow at a higher rate than the powder segment during the forecast period. This higher growth can be attributed to the increasing use of metal 3D printing filament in industries such as aerospace & defense, automotive, and medical & dental.
Aerospace & defense is estimated to be the fastest-growing end-use industry segment of the 3D printing metals market. The adoption rate for 3D printing is high in the aerospace & defense industry. Metal 3D printing is used to print fuel nozzles and other critical engine components that require high precision and accuracy. Aircraft engine manufacturers are planning to 3D print LEAP engines used in aircraft. These manufacturers are also investing in the R&D of new products and materials which can be used to build fuel-efficient aircraft. Metal 3D printing has substantial potential in the aerospace & defense industry, which is projected to register the highest growth rate as compared to the automotive and medical & dental segments.
By region, the Asia Pacific 3D printing metals market is projected to grow at the highest CAGR during the forecast period. Currently, China is estimated to be the largest 3D printing metals market in the Asia Pacific region. Increasing awareness of 3D printed parts in countries such as Japan, China, and South Korea is fueling the market growth in this region. Established metal printer and powder manufacturers in Europe are further expanding their presence in Asia Pacific through joint ventures and strategic partnerships to tap the emerging opportunities in this region.
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