Metal Additive Manufacturing Market

Market Overview

The global metal additive manufacturing market size was valued at USD 2.81 billion in 2022 and is projected to reach USD 11.9 billion by 2031, registering a CAGR of 17.39% during the forecast period (2023-2031). The increased use of new products and acceptance of metal additive manufacturing technologies in various industries, such as the aerospace, healthcare, dental, automotive, and academic industries, stimulates market growth.

Metal additive manufacturing, or metal 3D printing, is a sophisticated manufacturing technology that makes three-dimensional things by layering material. This method is used to manufacture intricate and complex metal components.

The metal additive manufacturing market share is predicted to develop at a 19.21% CAGR due to the increased use of new products and acceptance of metal additive manufacturing technologies in various industries such as the aerospace, healthcare, dental, automotive, and academic industries. Metal additive manufacturing is becoming more popular in areas other than aerospace and healthcare. This technology is increasingly used in the automotive, energy, and consumer goods industries.

Market Dynamics

Market Drivers

Growing Demand for Additive Manufacturing

The rising popularity of additive manufacturing, notably metal additive manufacturing, is a key driver fueling the market's expansion. This preference arises from the distinct advantages of additive manufacturing methods, causing industries to embrace these technologies. Aside from aerospace, industries such as automotive, healthcare, energy, and consumer products have recognized the potential of additive manufacturing. The capacity to design customized, sophisticated, and lightweight components meets modern design and manufacturing requirements. Continuous improvements in metal materials for additive manufacturing, such as new alloys and composites, have propelled this technology's popularity. The flexibility to select materials with precise qualities contributes to additive manufacturing's appeal. Because of the technology's capacity to offer customization, decreased waste, faster production, and design complexity, the rising demand for additive manufacturing, notably metal additive manufacturing, is a significant market driver. These elements have the potential to have a favorable impact on the metal additive manufacturing market trend. Metal additive manufacturing usage will likely accelerate further as companies recognize these benefits.

Market Restraints

High Cost

The high initial investment costs involved with acquiring and setting up metal 3D printing equipment are one of the primary limitations in the metal additive manufacturing market. These expenses may include the purchase of the 3D printer itself, supplementary equipment (such as powder handling systems and post-processing machines), facility changes, and people training. According to a study conducted by AMPOWER, a consulting organization specializing in additive manufacturing, the total cost of ownership (TCO) for metal 3D printers might be significant. The total cost of ownership (TCO) comprises the printer purchase price and expenditures for supplies, post-processing, labor, and facility fees.

 While larger organizations and industries with specific needs can justify the initial expenditure, SMEs may struggle to dedicate the necessary resources to adopt metal additive manufacturing technology.

Market Opportunities

Industry Adoption Beyond Aerospace and Healthcare

Metal additive manufacturing has the potential to expand its presence beyond the aerospace and healthcare industries because of its versatility and application to a wide range of industries. Metal additive manufacturing is increasingly used in the automotive industry for various purposes. Car manufacturers, for example, use metal 3D printing to create lightweight components such as engine parts, brackets, and specialized exhaust systems. These components contribute to improved fuel efficiency and vehicle performance. The well-known sports car maker Porsche has embraced metal 3D printing to create lightweight pistons. These 3D-printed pistons are lighter than typical forged pistons and have better cooling qualities, which helps to increase engine performance and efficiency.

Furthermore, Siemens Energy has used metal additive manufacturing to create gas turbine components such as burner nozzles. The 3D-printed nozzles provide better performance and lower emissions. This technique enables more complicated geometries to be used to optimize combustion processes. Hence, it can foster the metal additive manufacturing market growth.

Regional Analysis

The global metal additive manufacturing market analysis is conducted in North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

North America holds a sizeable global market share during the forecast period. The North American market is expected to have the biggest market share during the projected period. The United States, Canada, and Mexico account for the majority of revenue in the North American market. An increase in demand for metal additive manufacturing is predicted to be driven by an increase in demand from the aerospace and healthcare industries in these regions and an increase in demand for dental and implants in the healthcare business in the United States. Furthermore, increased demand for metal additive manufacturing for the production of aerospace components is likely to drive market expansion throughout the forecast period.

North America's aerospace industry has been at the forefront of using metal additive manufacturing for various applications, including aircraft engine components and lightweight structural elements. GE Aviation, a famous aerospace firm, has used metal additive manufacturing to make complex components for jet engines. They used 3D printing to create gasoline nozzles, lowering weight and increasing fuel efficiency. According to the FAA, the utilization of additive manufacturing technology in the aerospace sector in North America has increased dramatically, with many companies incorporating 3D printing into their production processes. The requirement for precision and patient-specific solutions drives the North American healthcare industry's use of metal additive manufacturing for medical devices and implants. Thus, the metal additive manufacturing market trend is projected to continue.

Asia-Pacific is predicted to rise at a substantial CAGR of % throughout the forecast period. The Asia-Pacific market is expected to develop significantly in terms of revenue. The market is predicted to rise due to increased industrialization and demand for automotive industries in Japan, China, India, and South Korea. The regional market's expansion can be traced partly to the ongoing improvements and upgrades sought by the region's manufacturing industry incumbents. Asia-Pacific is establishing itself as a manufacturing center for the automotive, healthcare, and consumer electronics industries. Rapid urbanization is also predicted to significantly influence three-dimensional printing usage across the area over the forecast period.

In recent years, the Asia-Pacific market has grown dramatically. The presence of major manufacturing hubs, the use of modern technology, and the rising demand for bespoke products all contribute to its rise. China's manufacturing industry has used metal additive manufacturing for various applications, including aerospace, automotive, and healthcare. The metal additive manufacturing market has grown significantly in China, in particular. It has built several 3D printing research centers and technology parks.

Furthermore, Japanese aerospace firms like Mitsubishi Heavy Industries have investigated metal additive manufacturing for airplane components. They concentrate on reducing weight and increasing fuel efficiency. The region is positioned for continuing growth and innovation in metal additive manufacturing thanks to major research, development, and technology adoption expenditures.

The European market is the world's third largest for metal additive manufacturing. Some economics could be particularly favorable to the growth of the international metal additive manufacturing market. Europe has a robust aerospace industry; metal additive manufacturing is critical in producing lightweight, high-performance components. Airbus, one of the world's largest aerospace corporations, uses metal additive printing to produce airplane components such as fuel nozzles and brackets to reduce weight and improve fuel efficiency. Europe's aerospace industry has been at the forefront of adopting metal additive manufacturing technology, considerably contributing to market growth.

Latin America is also predicted to be the world's fastest-expanding market for metal additive manufacturing. The Latin American market is expanding due to rising industrialization, increased acceptance of sophisticated technologies, and increased interest in additive manufacturing applications.

Segmental Analysis

The global metal additive manufacturing market is segmented based on type, component, end-user, and region.

The type is further segmented into Powder Bed Fusion, Binder Jetting, Direct Energy Deposition, Bound Powder Extrusion, and Others.

Powder Bed Fusion influenced the market growth. Powder bed fusion is a popular metal additive manufacturing technology that uses a high-energy source, such as a laser or electron beam, to melt selectively or sinter metal powder layer by layer to create the finished object. The deposition of a metal feedstock material, often powder or wire, into a molten pool generated by a high-energy source is known as direct energy deposition. This method is frequently used to repair or add material to existing components.

The market is segmented into Systems, Materials, Services, and parts by component.

Systems are the largest contributor to the market. The hardware and equipment utilized in metal additive manufacturing are referred to in the Systems category. This comprises the actual 3D printers, their associated control systems, and auxiliary printing equipment. The component section "Materials" contains the numerous metal materials used as feedstock in metal additive manufacturing. These materials could be powders, wires, or other acceptable formats.

The segment can be further bifurcated by end-users into Aerospace, Automotive, Healthcare, and Others.

Aerospace is expected to grow significantly based on Metal additive manufacturing market insights. Aerospace firms and organizations are involved in designing, manufacturing, and maintaining airplanes, spacecraft, and associated components. Metal additive manufacturing is especially useful for making lightweight, complicated, high-performance components in the aircraft industry. Automotive includes manufacturers, suppliers, passenger cars, commercial vehicles, and electric vehicles (EVs). In this industry, metal additive manufacturing creates lightweight parts, custom components, and prototypes.

Recent Developments

• August 2023- EOS North America introduced 'AM Turnkey' to Help Tier One Organizations Reduce Time-to-Production.
• June 2023- EOS, Tecomet, Inc., Precision ADM, and OIC joined forces to Provide End-To-End Medical Device Additive Manufacturing Solutions.
• November 2022- Shell and GE 3D printed an oxygen-hydrogen micromixer in additive metal at the Amsterdam Energy Transition Campus.