The global 3D Printing Metals market size was estimated at USD 1.85 billion in 2023 and is projected to reach USD 12.6 billion in 2030 at a CAGR of 27.1% during the forecast period 2023-2030.
The process of developing a three-dimensional object from a computer-aided design (CAD) model is commonly referred to as 3D printing. This production method involves the incremental addition of material, also known as additive manufacturing. The metals utilized for 3D printing are classified as 3D printing metals. Solid objects are created by utilizing a variety of materials, including plastics, metals, ceramics, and other substances. These materials are commonly employed by professionals such as designers, engineers, architects, surgeons, and others to create representative models for clients and students.
The increase in demand for 3D printing metals across various verticals, such as healthcare, automotive, and other industries, can be attributed to two major factors: the physical properties of 3D printing metals, including low manufacturing cost and reduced lead times, and the rising penetration of 3D printing metals, which offer a wide range of benefits. Furthermore, the extensive use of 3D printing metals in high-temperature engineering applications will contribute to the growth of the 3D printing metals market. Additionally, the adoption of additive manufacturing technology will create promising market growth opportunities.
On the other hand, high costs of metals and 3D printers may hamper the market growth to some extent.
The outbreak of the COVID-19 pandemic has significantly impacted the overall global economy and, subsequently, the 3D printing industry. Initially, Europe and Asia Pacific were one of the worst affected regions in terms of the number of COVID-19 patients across the globe. Further, the situation worsened in the U.S. as well. Due to the rapid spread of the virus, the governments issued an order for the complete lockdown of some key cities.
The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. The burgeoning necessity for rapid prototyping and advanced manufacturing practices has greatly benefited the 3D printing Metal market. This industry is projected to experience unprecedented growth in the forecast period due to the rising applications of additive manufacturing in various industry verticals. A crucial factor that propels the market's growth is the increasing adoption of metal 3D printers for designing and prototyping products and objects, along with reduced manufacturing expenditure and greater accuracy in the final product. Prominent demand for this market is expected to arise from the healthcare, automotive, and aerospace & defense sectors. The healthcare sector's growing advancements in curbing physical disabilities and ensuring healthy living are inducing it to flourish and adopt new, innovative methodologies such as 3D printing. Furthermore, the automotive and aerospace sectors, where prototyping and designing play a pivotal role in research & development to achieve production perfection, are leading to greater opportunities and increasing adoption of the 3D printing process. These factors have led to the expansion of the market and increased demand for 3D Printing Metals solutions.
North America to Dominate the Market
