DUBLIN, October 15, 2021--(BUSINESS WIRE)--The "Global Metal 3D Printing Market Research Report: Forecast (2021-2026)" report has been added to ResearchAndMarkets.com's offering.
According to the report, the market is likely to grow at a CAGR of around 30% during 2021-2026, due to the surging demand for advanced and green technologies. In addition to this, the wide-range application of 3D printing in prototyping, architecture, design visualization, and healthcare fuels the market growth.
Further, the mounting number of 3D printing startups, rising government initiatives to promote the adoption of 3D printing, and increasing demand for 3D printers across various end-users, including aerospace, automotive, and medical industries, are crucial factors propelling the growth of Metal 3D Printing Market across the globe.
Mounting Applications in Various End-user Sectors to Boost Market Growth
The demand for metal 3D printing is increasing significantly due to its capability to create products with complicated geometries & superior physical characteristics. Additionally, its ability to make high-precision engine parts with complex architectures is another critical factor fueling the demand for metal 3D printing. Moreover, the availability of raw materials, surging demand for prosthetic & dental implants, and snowballing investments for new product development are other vital factors propelling the overall market growth.
Impact of COVID-19
Due to the sudden outbreak of the COVID-19 pandemic, the Global Metal 3D Printing Market has witnessed a substantial decline in its growth, primarily due to a downfall in the production capacity of 3D printing materials & printers, low demand, supply chain disruptions.
Additionally, the declining number of working employees and the operational expenditure by companies are other factors that negatively affected the market. However, the surging usage of 3D printing for producing medical devices shall provide new opportunities for the market. Thus, the Metal 3D Printing market shall regain its pace and grow exponentially in the coming future.
Powder-based Raw Materials Accounted for the Largest Market Share
Based on Raw Material, the market bifurcates into Powder-Based Raw Material, Resin-Based Raw Material, Lamina-Based Raw Material, and Filament/Wire-Based Raw Material. Among these sectors, Powder-Based Raw Materials acquired the largest share in the Global Metal 3D Printing Market in the previous few years.
The Powder-Based Raw Material helps produce high-density products with complex structures, which are further beneficial for manufacturing engine parts and other automotive components. The powder form enhances the mechanical properties of the final product and guarantees the consistency of layers. Thus, the surging demand for 3D printed products with high density and strength aids the need for powder-based raw material.
Titanium and Its Alloys Segment Attained the Highest Market Share
Based on the Metal & Alloys Type, the market bifurcates into Titanium & its alloys, Aluminum & its alloys, Steels, and Nickel & its alloys. Out of these, the Titanium & Its Alloys segment captured a significant share in the Global Metal 3D Printing Market in the previous few years.
The segment growth is due to the burgeoning use of Titanium & its alloys in the aerospace industry for printing equipment prototypes. Further, titanium-based products exhibit properties, such as lightweight, non-corrosive, and high strength, thereby fueling the demand for Titanium & its alloys.
North America Registers the Fastest Growth
Globally, the North American region is likely to be the fastest-growing region in the Global Metal 3D Printing Market in the past few years. It owes to the abundant presence of leading market players and end-user segments in North America. Further, the rapidly expanding tech industry in most North American countries is another crucial factor likely to drive the market in the coming years.
Key Questions Answered
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Prominent Companies Profiled
Carpenter Technology Corporation
Intech Additive Solutions Pvt. Ltd.
3D Systems Inc.
Trumpf GmbH + Co. KG
For more information about this report visit https://www.researchandmarkets.com/r/m7zjbz
View source version on businesswire.com: https://www.businesswire.com/news/home/20211015005474/en/
Laura Wood, Senior Press Manager
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