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Global 3D Printed Metals Market To Exceed US$2 Million By 2023

Global 3D Printed Metals Market To Exceed US$2 Million By 2023

Global 3D Printed Metals Market To Exceed US$2 Million By 2023

The 3D printing metals market is projected to grow from US$ 590.4 million in 2018 to US$ 2,089.7 million by 2023, at a CAGR of 28.8 percent from 2018 to 2023.

This can be attributed to an increasing application of 3D printing in the aerospace and defense industry, especially for the manufacturing of aircraft engines and components, as well as the expiry of various technology patents. Based on end-use industry, the aerospace and defense industries are the largest drivers of growth of 3D metal printing and will continue to grow the most during the forecast period. The industry’s specific requirement for lightweight and high strength components, with accurate and precise designs makes 3D printing an ideal technology to be implemented. Furthermore, metals like stainless steel, aluminum, and titanium are used extensively in this industry as they can withstand high temperatures and are resistant to wear and tear. This means that the demand for high strength materials to manufacture complex geometries is the specific factor driving the tremendous growth of the 3D printing metals market for the aerospace and defense end-use industry segment.

In terms of global growth, the Asia Pacific region is an emerging and lucrative market for 3D printing metals because of industrial development and improving economic conditions. Product innovations, novel R&D projects and the rising demand from the aerospace and defense industry have further spurred the growth of the market in this region and manufacturers of metal powders and printers in the US are entering the Asia Pacific market due to this.

However,  current limitations in 3D printing technologies also mean that the industry is limited by the size of the products that can be printed. And this limitation restrains the growth of the 3D printing metals market globally.

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