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(Medical-NewsWire.com, November 16, 2022 ) The technology of printing a three-dimensional object from a digital file using metals and alloys, such as titanium, aluminum, stainless steel, and nickel, is called 3D printing and the materials used are called 3D printing metals. Aerospace & defense, automotive, and medical & dental are some of the major end-use industries of 3D printing metals. The 3D Printing Metals Market is estimated to be USD 590.4 million in 2018 and is projected to reach USD 2,089.7 million by 2023, at a CAGR of 28.8% from 2018 to 2023. Rising demand for 3D printed parts in industries such as aerospace & defense and automotive is fueling the growth of the 3D printing metals market.
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By type, the titanium segment is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increased demand from industries such as aerospace & defense and medical & dental. Titanium offers excellent corrosion resistance and high strength, which are required for heavy engineering applications. Titanium alloys are mainly used in the aerospace industry due to their light weight and excellent heat resistance properties. The low level of electronic conductivity, the low ion-formation tendency in aqueous environments, and high corrosion resistance make titanium a suitable material for medical implants, such as bone plates and artificial knee joints.
By form, filament segment is projected to grow at a higher rate than the powder segment during the forecast period. This higher growth can be attributed to the increasing use of metal 3D printing filament in industries such as aerospace & defense, automotive, and medical & dental.
Aerospace & defense is estimated to be the fastest-growing end-use industry segment of the 3D printing metals market. The adoption rate for 3D printing is high in the aerospace & defense industry. Metal 3D printing is used to print fuel nozzles and other critical engine components that require high precision and accuracy. Aircraft engine manufacturers are planning to 3D print LEAP engines used in aircraft. These manufacturers are also investing in the R&D of new products and materials which can be used to build fuel-efficient aircraft. Metal 3D printing has substantial potential in the aerospace & defense industry, which is projected to register the highest growth rate as compared to the automotive and medical & dental segments.
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By region, the Asia Pacific 3D printing metals market is projected to grow at the highest CAGR during the forecast period. Currently, China is estimated to be the largest 3D printing metals market in the Asia Pacific region. Increasing awareness of 3D printed parts in countries such as Japan, China, and South Korea is fueling the market growth in this region. Established metal printer and powder manufacturers in Europe are further expanding their presence in Asia Pacific through joint ventures and strategic partnerships to tap the emerging opportunities in this region.
The major players active in the market are 3D Systems Corporation (US), Stratasys Ltd. (US), Renishaw plc (UK), General Electric Company (US), Carpenter Technology Corporation (US), Materialise NV (Belgium), Voxeljet AG (Germany), Sandvik AB (Sweden), EOS GmbH Electro Optical Systems (Germany), The ExOne Company (US), and Proto Labs, Inc. (US). These players are adopting the strategies of new product launches, expansions, and agreements to maintain their competitive position in the 3D printing metal market.
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