Global Metal Material based 3D Printing Market 2017-2021
About Metal Material Based 3D Printing
3D printing is a technique in which a scanned or digitally designed object is formed into a three-dimensional solid using an additive process. In this process, metal is applied in successive layers with very less wastage. 3D printing products are built from materials that are alternatives to conventional plastic and metals. The global metal material-based 3D printing market will grow at a rapid rate during the forecast period. The growth is attributed to the emerging demand from the aerospace and healthcare industry. 3D printing metals help in achieving complex geometries, extreme requirements, and weight reduction for the aerospace industry.
Technavio’s analysts forecast the global metal material based 3D printing market to grow at a CAGR of 10.16% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global metal material based 3D printing market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Metal Material Based 3D Printing Market 2017-2021
Technavio recognizes the following companies as the key players in the global metal material based 3D printing market: Arcam, EOS, Hoganas, Sandvik, and SLM Solutions.
Other Prominent Vendors in the market are: Concept Laser, ExOne, and Renishaw.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is increase in demand for aircraft engines from OEMs. Aircraft engine production and development is one of the largest market opportunities for the 3D printing materials industry, especially for metals. The advancements in CAD and additive technology are leading to an increase in the use of metal 3D printed parts for functional use in engines. 3D printing helps in reducing the weight of the engine and provides complex design capability for new objects.”
According to the report, one driver in market is prominence in industrial applications over plastics. Metal 3D printing is used in a wide range of industrial applications and is gaining market share over plastics. Metal 3D printing is widely adopted for prototyping processes because it can produce complex shapes in a shorter lead time. Some of the high valued and most advanced products from 3D printing are aircraft engines and turbine components. The industrial end-users are service bureaus, research institutions, and the aerospace industry. The aerospace industry for metal 3D printing is expected to grow at a rapid rate (CAGR of 25%-30%) based on the demand coming from engine and system components.
Further, the report states that one challenges in market is high cost of printers and materials leading to high production cost. 3D printing technology is more expensive than traditional manufacturing alternatives. Among different 3D printing machines, the metal producing machines are the most expensive. Machines specifically designed for the healthcare, aerospace, automotive, and industrial industries are much more expensive than printers for the consumer segment. High machine cost, expensive metal powders, and slower built rate makes metal 3D printing costlier than other materials. Metal 3D printing derives approximately 50% of its total revenue from machines while non-metal derives only 25%. Metal 3D printing is still in a nascent stage, with research institutions being the major consumers of these systems. This leads to less service and consumables demand. The metal 3D printing system’s unit price is approximately seven times higher than other materials. On an average, a metal 3D printing machine costs $400,000 to $500,000.
Arcam, EOS, Hoganas, Sandvik, SLM Solutions, Concept Laser, ExOne, and Renishaw.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook