Metal Additive Manufacturing Market size is set to grow by USD 7574.3 million from 2023-2027, increased preference for additive manufacturing boost the market- Technavio

NEW YORK, March 18, 2024 /PRNewswire/ -- The global metal additive manufacturing market size is estimated to grow by USD 7574.3 million from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 20.84% during the forecast period. Metal additive manufacturing refers to the production of metal components using powders, wire, or sheets through processes like laser or electron beam melting. This technology enables the creation of customized, complex products with fine details, reducing the need for tooling and minimizing waste generation. The fast-paced production process allows for the manufacture of metal prototypes and final parts with minimal requirements, making it an essential market for industries producing intricate engineering structures. Machineries used in metal additive manufacturing facilitate the transformation of digital CAD models into physical objects, driving innovation and improving existing process chains.

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Drivers

Metal Additive Manufacturing refers to the production of metal components using machineries like lasers or electron beams. This process involves melting and fusing metal powder, wire, or metal sheets to create objects directly from Computer-Aided Design (CAD) models. The absence of tooling requirements enables the manufacture of customized products with fine details and complex geometries. This method generates less waste compared to traditional manufacturing methods and facilitates fast-paced production of metal prototypes and components. Key technologies include laser and electron beam melting.

Challenges

Metal additive manufacturing involves creating metal components using powders, wire, or metal sheets through processes like laser or electron beam melting. This market is expanding in developing economies due to factors such as accessible raw materials, low transportation costs, and cost-effective labor. The growth of industries like aerospace, healthcare, consumer goods, and automobile in APAC and South America drives the demand for customized, fine-detailed, and complex metal products. Machineries used in additive manufacturing generate waste during production, necessitating fast-paced processes to minimize costs. Key technologies include laser and electron beam melting for creating metal prototypes and manufacturing fine details and complex products.

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 Market Segmentation

This Metal Additive Manufacturing Market report extensively covers market segmentation by Type (Selective laser melting, Electron beam melting) Application (Aerospace, Healthcare, Tools and mold, Automobile, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa)

Market Segmentation by Application

The global Metal Additive Manufacturing market significantly contributes to various industries, particularly the aerospace sector. This segment's growth is driven by the production of complex, lightweight components for aircraft, including engines, turbine parts, and cabin components. The technology's cost-effectiveness and ability to create functional components with defined aerodynamic properties make it an essential tool in the aerospace industry. The automotive sector also benefits from metal additive manufacturing, utilizing it for prototyping jobs. Major players like EOS GmbH dominate the market, offering metal materials such as nickel alloy. Global trade, population growth, and disposable income have fueled market expansion. However, the COVID-19 pandemic and subsequent lockdowns have temporarily disrupted production and supply chains. The healthcare sector is another potential application area for metal additive manufacturing, offering opportunities for innovation.

Geographic Landscape

The Metal Additive Manufacturing Market in North America is the largest, driven by significant contributions from the US, Canada, and Mexico. Key industries, including aerospace and healthcare, fuel demand. In healthcare, the US market particularly focuses on dental and implants. As a mature economy, North America's industries, such as automotive, chemical, and tools and molding, invest heavily. Asia-Pacific and LAMEA regions also show growth potential in this service & parts-intensive industry.

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio