Published Date : 12 Dec 2022
The global metal additive manufacturing market size accounted for USD 3 billion in 2022 and it is expected to hit around USD 11.45 billion by 2030 with a registered compound annual growth rate (CAGR) of 18.21% during the forecast period 2022 to 2030.
Buyers, or consumers, however, are predicting a weaker annual growth amounting to an overall market size of EUR 5.89 billion in 2024. The difference in predictions is justified by the overestimation of supply revenue by the service providers, mainly the PBF machine suppliers.
On the basis of the types, the selective laser melting segment will have a good amount of growth during the forecast period. This method uses a laser to fuse powdered materials into three-dimensional objects. This process can be performed with the use of metal powders and on so raisins. This process is great as it helps in creating high-resolution and low-volume parts.
The automotive industry will see a larger growth during the forecast. As this technique is used in the automotive industry to manufacture prototype components and parts which are extremely strong for testing purposes. It also helps in reducing the consumption of time and helps in offering superior quality products.
Metal Additive Manufacturing Market Report Scope
|Market Size In 2022||USD 3 Billion|
|Market Size By 2030||USD 11.45 Billion|
|Growth Rate from 2022 to 2030||CAGR of 18.21%|
|Forecast Period||2022 to 2030|
|Segments Covered||By Type, By Application|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
Germany was leading the market in the initial years after the formation of the metal additive manufacturing market in its region with its first steps in LB-PBF technology, EOS, REALIZER (now DMG MORI), CONCEPT LASER (now GE), and SLM SOLUTIONS. Thus, many aspiring users were existing in Germany and Europe.
The reduced prices of additive manufacturing-based appliances clubbed with increasing awareness among several end-user industries, has increased the availability of this advanced technology. Latest and advanced fused deposition modeling methods have encouraged the use of numerous materials, hence, boosting a widespread shift across various industries, over the past few years. Multiple sectors, including healthcare, automobile, aerospace, and defense, are facing significant production and business transformations in the major areas of their businesses, pertaining to the proven potential of additive technologies and material supply chains.
Additive manufacturing is a huge time-consuming and costly procedure in terms of initial investments when facts are concerned. Basically, a huge sum has to be invested with patience for a profitable outcome to be obtained. Moreover, the start-ups are seen to give it a secondary place before going for additive manufacturing pertaining to the high-risk factors associated with the supply and return chain is taken into consideration for the sustainable growth of the company. This factor is foreseen to restrain the additive manufacturing market in the forecast period.
Numerous professional additive manufacturing suppliers, makers, and designers in the industrial sector have begun to react to the COVID-19 pandemic, by volunteering their modern techniques to ease the burden on supply chains and governments. The process in printing components of the PPE, Ventilators, boots, masks, gloves, and other protective gear can prove to be essential support in fulfilling the need of protective gear for frontline healthcare workers, thus offering an expedited opportunity in the healthcare sector of the market. Interior aircraft parts, like vents, ducting, and airflow systems, that are made with additive manufacturing, encourage designers to trim the total weight of the aircraft, reduce the number of components in the assemblies, and adjust to tight cabin interiors. However, additive manufacturing offers design freedom to experiment with more impactful and efficient part designs, with fewer potential points of failure. These factors provide a bright opportunity to the developing market.
High energy consumption associated with the manufacturing process of metal additives will limit the growth of the market for metal additive manufacturing during the forecast period. On the other hand, the high cost of production imposes pressure on the final user of the products which again will hamper the growth of the market. Due to the high risk associated with the supply and earnings of this market, small-scale industries do not dare to make an entry into this market to avoid business uncertainties. These factors together pose a great challenge to the growth of the market during the forecast period.
Key Players in the Report
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