Metal 3D Printing Market Outlook 2031
The global metal 3D printing market size was valued at USD 4.23 Billion in 2022 and is likely reach to USD 23.17 Billion by 2031, expanding at a CAGR of 20.8% during the forecast period, 2023–2031. The growth of the market is attributed to increasing necessity of advanced manufacturing practices and rapid prototyping.
Rising acceptance of metal 3D printers for prototyping and designing of objects and products, combined with the decreased manufacturing cost and accuracy in the end-product is a key factor driving the market. However, the prevailing misconceptions in context of the prototyping processes by the medium-scale and small manufacturers are expected to affect the market.
The concept prevailing among companies is that prototyping is purely a costly phase before manufacturing. Such conceptions about prototyping, combined with the absence of technical excellence and absence of ideal process controls are affecting the market.
The Covid-19 pandemic affected the demand and supply of global metal 3D printing market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth.
Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- The market is inclined towards consolidation to stay in the competition which is further expected to boost the market.
- Increasing innovations are leading to several benefits through the acceptance of metal 3D printing in heavy industry applications which is estimated to drive the market.
- Misinterpretation related to the prototyping processes by the medium-scale and small manufacturers are expected to hamper the market.
- Rising application of additive manufacturing in several industry segments is expected to provide growth opportunities to the market.
Scope of Metal 3D Printing Market Report
The report on the global metal 3D printing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Metal 3D Printing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Components (Software, Hardware, and Services), Technology (Selective Laser Sintering, Direct Metal Laser Sintering, Inkjet Printing, Laser Metal Deposition, Electron Beam Melting, Electron Beam Freeform Fabrication, Laminated Object Manufacturing, and Selective Laser Melting), Software (Design Software, Inspection Software, Printer Software, and Scanning Software), Applications (Functional Parts, Tooling, and Prototyping), Verticals (Automotive, Aerospace & Defense, Healthcare, Consumer Electronics, Power & Energy, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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3D Systems, Inc.; Materialise NV; Autodesk Inc.; GE Additive; and Optomec, Inc.
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Metal 3D Printing Market Segment Insights
The hardware segment account for a key market share
Based on components, the global metal 3D printing market is bifurcated as software, hardware, and services. The hardware segment accounts for a key share of the market due to rising demand in the industrial 3D printing market; however, the services segment is expected to expand at a rapid pace during the forecast period owing to the benefits offered by the technology and improved prototyping.
The selective laser sintering segment is estimated to expand at a robust CAGR
Based on technology, the market is segregated into selective laser sintering, direct metal laser sintering, inkjet printing, laser metal deposition, electron beam melting, electron beam freeform fabrication, laminated object manufacturing, and selective laser melting.
The selective laser sintering segment is estimated to expand at a rapid pace owing to the ease of operations and advantages linked with the SLM technology are promoting the adoption of this technology.
The design software segment is projected to expand at a considerable CAGR
In terms of software, the global metal 3D printing market is fragmented into design software, inspection software, printer software, and scanning software. The design software segment is projected to expand at a substantial CAGR as this is widely used for aerospace & defense, automotive, and construction & engineering industries.
On the other hand, the scanning software segment accounts for a key market share due to growing trend of scanning the objects and storing the scanned documents.
The prototyping segment is attributed to hold a major market share
In terms of applications, the market is classified into functional parts, tooling, and prototyping. The prototyping segment is attributed to register a high CAGR due to rising adoption of the prototyping process in various industries. Moreover, the functional parts segment exhibit a high growth rate owing to growing demand for building and designing.
The automotive segment is anticipated to grow at a considerable rate
In terms of verticals, the market is categorized into automotive, aerospace & defense, healthcare, consumer electronics, power & energy, and others. The automotive segment is anticipated to grow at a considerable rate due to the active adoption of technology in various production processes.
Furthermore, the healthcare segment is projected to grow at a rapid rate due to rising adoption of metal 3D printing across the healthcare sector.
Metal 3D Printing Market Regional Outlook
North America is anticipated to dominate the market
In terms of regions, the global metal 3D printing market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
North America is anticipated to dominate the market owing to extensive adoption of additive manufacturing in the region. In addition, Europe is home to various additive manufacturing industry players, that holds strong technical excellence in additive manufacturing processes.
Segments
Components
- Software
- Hardware
- Services
Technology
- Selective Laser Sintering
- Direct Metal Laser Sintering
- Inkjet Printing
- Laser Metal Deposition
- Electron Beam Melting
- Electron Beam Freeform Fabrication
- Laminated Object Manufacturing
- Selective Laser Melting
Software
- Design Software
- Inspection Software
- Printer Software
- Scanning Software
Applications
- Functional Parts
- Tooling
- Prototyping
Verticals
- Automotive
- Aerospace & Defense
- Healthcare
- Consumer Electronics
- Power & Energy
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global metal 3D printing market include 3D Systems, Inc.; Materialise NV; Autodesk Inc.; GE Additive; and Optomec, Inc.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.
For instance, GE Additive (U.S.) purchased Arcam AB to increase the service as well as solution offerings to the customers In August 2017.
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