The global metal 3D printing market recorded a value of $378.0 million in 2019 and is projected to reach $738.8 million by 2025, registering a CAGR of 24.41% (value) during the forecast period 2020-2025. The growth in the global metal 3D printing market is attributable to the high adoption of technology in the aerospace and medical sectors. The metal 3D printing market has been segmented into type, application, and region. This research also analyzes the adoption of metal 3D printing in different regions and countries and comparative analysis of alternatives available.
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The aerospace and defense sectors have been adopting the metal 3D printing with great vigor as the technology is capable of producing highly complex aerospace parts in quick time with less material wastage. The dominance of this application can be attributed to the high adoption of this technology in the market of U.S. where the aerospace and aviation giants are actively using this technology for the manufacturing of various structural and engine components of the aircrafts. For instance, GENERAL ELECTRIC has been using 3D printed cobalt-chrome fuel nozzles for its Leading Edge Aviation Propulsion (LEAP) engines which are considered to be five times stronger than those produced through conventional manufacturing techniques, are 25% lighter and are economical, saving billions of dollars for the company. As a result, this application sector is expected to dominate the metal 3D printing market during the forecast period (2020-2025).
The demand for metal 3D printing varies across various geographical regions holding a prominent market share in North America, Europe, Asia-Pacific Japan (APJ), China, and the U.K. North America, Europe, and Asia-Pacific Japan (APJ) hold significant shares in the global metal 3D printing market. In terms of revenue generation for this market, North America has been dominating as the region consisting of U.S. possesses a very healthy business ecosystem of this technology. The country is well-equipped with ample amount of market players in each stage of the supply chain and has also been actively investing towards the new innovations and research and developments (R&Ds).
There has been high adoption of this manufacturing technique in aerospace, defense, and military applications with great sums of investments. As a result, the region of North America is expected to dominate the metal 3D printing market during the forecast period (2020-2025).
Europe is the second-largest market globally mainly due to the healthy adoption of metal 3D printing in aerospace and healthcare sectors in Germany, Italy, and France. Some of the countries of this region have developed national strategies for strengthening the market of metal 3D printing within themselves.
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The competitive landscape of the metal 3D printing market consists of different business and corporate strategies undertaken by the major players across the entire value chain to gain market presence. Some of the business strategies adopted by the market players of the metal 3D printing market are product developments and market developments, while the corporate strategies adopted are mergers and acquisitions, partnerships, collaborations, and joint ventures. Among all the strategies adopted, partnerships, collaborations and joint ventures have dominated the competitive landscape between 2017 and 2020, accounting for 44.65% of the share. Carpenter Technology Corporation, DMG MORI Materialise, Oerlikon, Renishaw plc, SLM Solutions and 3D Systems, Inc., among others, are some of the leading players in the global metal 3D printing market.
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