Global Metal 3D Printing Market by Component (Services, Software, Hardware) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global metal 3D printing market was valued at USD 3.15 Billion in 2020. It is projected to grow at a compound annual rate (CAGR of 22.9%) between 2021 and 2028. Metal 3D printing is one market that has benefited greatly from the increasing need for rapid prototyping, advanced manufacturing practices, and a growing number of suppliers. Due to increasing use of additive production across various industry verticals, the industry is set to experience unprecedented growth in the future. To stay ahead of the competition, the global industrial printer market is consolidating. This market is experiencing significant growth due to the increasing adoption of metal 3D printers across heavy industrial applications.

The increasing use of metal 3D printers to design and prototype products and objects is a major market driver. High demand is expected to emerge from the aerospace, defense, healthcare and automotive sectors. The sector is seeing significant advancements in healthcare to reduce physical disabilities and promote healthy living. This sector is undergoing a boom and has begun to adopt innovative methods such as HTML3_ 3D printing HTML3_.

The aerospace and automotive sectors are also embracing 3D printing. They have greater potential and more adoption.

The adoption of additive manufacturing is being hampered by misconceptions about prototyping that are held by small- and medium-sized manufacturers. Prototyping is being considered as an accountable investment by design companies, especially small-scale and medium-sized enterprises. They are not trying to fully understand the benefits and advantages of prototyping. These companies believe prototyping is an expensive step before manufacturing. These perceptions about prototyping, combined with a lack of technical knowledge, and a lack of standard process control, will likely hinder market growth.

COVID-19 Impact Analysis

The COVID-19 outbreak had an initial negative impact on 3D printing worldwide, just like in other markets. Due to disruptions in the supply chain, metal 3D printer manufacturers had to temporarily close their operations. This resulted in slow production. The overall market growth for 2020 was negatively affected by this. The market demand has remained buoyant due to the increased use of 3D printing for healthcare in order to solve the shortage of Personal Protective Equipment, (PPE), as well as other medical devices.

Technology Insights

Selective laser melting (SLM) was the largest segment of metal 3D printing and accounted more than 24% of global revenue in 2020. The advantages of the SLM technology make it attractive, as well as the ease of operation. However, technological advances and the aggressive research and development efforts undertaken by industry experts and researchers are creating opportunities for other reliable and efficient technologies. Other 3D printing technologies for metal include Selective Laser Sintering, Direct Metal Laser Sintering and Inkjet printing.

EBM will also account for a significant revenue share in 2020 due to widespread adoption of the technology in various metal 3DP processes. Due to their use in specialized additive manufacturing processes, DMLS, EBF3, SLS will also see high adoption during the forecast period. These technologies would be more attractive to the aerospace, defense, healthcare and automotive verticals.

Software Insights

Design software accounted for 36% of global revenue in 2020. Software used to design the objects to be printed. This is especially true in aerospace, defense and construction, as well as engineering and engineering verticals. The software is used to connect the objects to print and the hardware of the printer.

Due to the increasing adoption of scanners, the scanners software segment will experience rapid growth and significant revenue generation over the forecast period. From 2021 to 2028, the market is expected to grow at a highest CAGR of 21.7%. The growing demand for scanning software will drive this market. The ability to store scanned images of objects regardless of their dimensions or size for 3-dimensional printing is expected to drive the scanner software market's growth over the forecast period.

Application Insights

Prototyping dominated the market, accounting for more than 55% of global revenue in 2020. This is due to widespread adoption of prototyping across many industry verticals. Prototyping is used by the aerospace, defense, and automotive industries to precisely design and develop complex parts and components. The prototyping process allows manufacturers to develop high-quality products and achieve greater accuracy. Prototyping will continue to dominate the market during the forecast period.

Functional parts are smaller joints that connect to other metal hardware components. When designing machinery and systems, it is crucial to accurately and precisely size these functional parts. In line with increasing demand for functional parts design and construction, the functional parts segment will grow at a significant CAGR (24.1%) between 2021 and 2028.

Component Insights

The market leader in hardware accounted for 64% of global revenue in 2020. It is expected that the hardware segment will continue to lead the market over the forecast period. Technology and application are the two main categories of metal 3D printing hardware components. The software segment can also be divided by design software and inspection software.

From 2021 to 2028, the services segment will grow at a significant CAGR (24.9%) Metal 3D printing services allow manufacturers to create complex and delicate functional parts more easily and accurately by adopting the methodology. The technology's enhanced prototyping capabilities and other benefits have helped to reduce production costs. The benefits and advantages that 3D printing offers are being recognized by players in a variety of industries.

Vertical Insights

The market's largest segment, the automotive sector, accounted for over 23% of global revenue in 2020. Others include aerospace and defense and healthcare, consumer electronics and industrial, power and energy. Due to active adoption of technology in the various production processes, the aerospace, defense, and automotive verticals will contribute significantly to the growth of metal 3D printing during the forecast period.

From 2021 to 2028, the healthcare sector is expected to grow at a 23.2% CAGR. Additive manufacturing is used to create artificial tissues and muscles in healthcare. These tissues can be used for replacement surgeries. These capabilities will drive the adoption of metal 3D printers across the healthcare sector and significantly contribute to the growth of industrial segments.

Regional Insights

North America was the dominant market, accounting for more than 35% of global revenue in 2020. This is due to its extensive adoption of additive production. North American countries such as Canada and the United States have been early adopters of additive manufacturing technologies in different manufacturing processes. There are many lucrative opportunities available for metal 3D printing in various applications. Europe is the most populous region by geographical area. Many players in the additive manufacturing industry are based there. They have strong technical knowledge about additive manufacturing processes. Europe is therefore the second largest regional market.

Asia Pacific is expected to experience remarkable growth and expand at the highest rate of CAGR during the forecast period. The rapid adoption of metal 3D printers in Asia Pacific is due to improvements and upgrades within the regional manufacturing industry. The Asia Pacific region is becoming a manufacturing hub for healthcare and automotive industries. The region's stronghold in electronics production and rapid urbanization are contributing to the rising demand for 3-D printing.

Market Share Insights & Key Companies

Market players continue to improve the technology in response to growing demand for metal 3D printer applications from the aerospace, defense, and healthcare verticals. Many key players are increasingly merging and buying new companies to increase their market presence and take advantage of the growing market potential. To expand its service and solution offerings, GE Additive (U.S.), an additive manufacturing company, bought Arcam AB in Sweden in August 2017. The following are some of the major players in the global metal 3D printing industry:

• Materialise NV

• 3D Systems, Inc.

• GE Additive

• Autodesk Inc.

• Optomec, Inc.

Up Market Research published a new report titled “Metal 3D Printing Market research report which is segmented by Component (Services, Software, Hardware), By Players/Companies GE Additive, Autodesk Inc, Optomec Inc, 3D Systems Inc, Materialise NV”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Metal 3D Printing Market Report Segments:

The market is segmented by Component (Services, Software, Hardware).

Metal 3D Printing Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Metal 3D Printing Market

Overview of the regional outlook of the Metal 3D Printing Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Metal 3D Printing Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Metal 3D Printing Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Services

                2. Software

                3. Hardware

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Metal 3D Printing Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Metal 3D Printing Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.