The global Metal 3D Printing Market size is expected to reach
USD 22.60 billion by 2030, according to a new report by Grand View Research,
Inc. The market is expected to expand at a CAGR of 23.9% from 2022 to 2030.
Metal 3D printing is also referred to as Additive Manufacturing (AM)
as it involves successive addition of layers of materials in various 2D shapes
using an additive process. These layered 2D shapes build 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 the 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 again 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.
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 a
capital-intensive technology. At the same time, manufacturers are holding
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.
Related Press Release@ Metal 3D Printing Market Report
Metal 3D Printing Market Report
Highlights
- North America accounted for the largest revenue share in 2021 owing
to the technology’s early and greater adoption rate. The region is
predicted to witness steady growth over the forecast period as the U.S.
emerged as the highest revenue generating country in 2021
- Increasing adoption of metal 3D printers in the healthcare,
automotive, and consumer electronics verticals is likely to drive the
market significantly
- Asia Pacific, which is emerging as a manufacturing hub for several
industry verticals, is expected to grow significantly 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
About Us:
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.
Contact:
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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