The global Metal 3D Printing Market is estimated to reach USD 14.56 billion by 2027, according to the new report by Grand View Research, Inc. The market is expected to register a CAGR of 19.2% from 2020 to 2027. Metal 3D printing is also referred to as Additive Manufacturing (AM) as it involves the successive addition of layers of materials in various 2D shapes using an additive process. These layered 2D shapes are built upon one another to form a three-dimensional object. The process is different from the subtractive method of production, which begins with a block of metal and the unnecessary metal is ground out to obtain the desired object.
The metal
3D printing industry is estimated to exhibit significant growth throughout the
forecast period owing to a combination of numerous factors such as growing
demand for rapid prototyping, which allows the manufacturers to design and
develop better products and systems. Additionally, the ease of manufacturing
and added benefits offered by the 3D printing technology are the major factors
behind the greater adoption of the technology across various industry
verticals.
Metal 3D
printing is widely adopted in the industrial sector owing to the growing need
for enhanced product manufacturing and a shorter time to market. The automotive
vertical happens to be the most significant adopter of the metal 3D printing
technology and eventually leading to the largest market share of metal 3D
printers for industrial applications over the forecast period. Additive
manufacturing is anticipated to evolve over the forecast period.
The market
is subject to witness a considerable economical appearance rather than being just
a labor-intensive industrial manufacturing technique. Particularly in
developing economies, such as Brazil, South Africa, and India, machining shops
have managed to adopt alternative business models by installing 3D printers and
offer related services, such as 3D printing materials, filaments, 3D
modeling, and 3D printer software.
The metal
3D printing technology happens to be capital-intensive technology. At the same
time, manufacturers are holding to their misconceptions about prototyping
rather than realizing the advantages associated with metal 3D printing.
Moreover, the market lacks the standard process controls and a skilled
workforce required for metal 3D printing. These are some of the factors that
are expected to restrain market growth. However, government initiatives aimed
at increasing awareness and promoting the benefits of adopting metal 3D
printers are expected to help in countering the market restraints.
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Metal 3D
Printing Market Report Highlights
- North America accounted for the largest
market share in 2019 owing to the early adoption of the technology s
- The U.S. being the highest revenue generating
country in 2019 in the North America regional market, the region is
predicted to exhibit steady growth over the forecast period
- Increasing adoption of metal 3D printers
in the healthcare, automotive, and consumer electronics verticals is
likely to drive the market growth significantly
- The Asia Pacific regional market, which
is emerging as a manufacturing hub for several industry verticals, is
forecast to grow significantly in future as the continued urbanization
triggers the need for infrastructure and prompts the automotive, consumer
electronics, aerospace and defense, and healthcare verticals to adopt
metal 3D printing, particularly in countries, including China, Japan, and
South Korea.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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