The Global Metal 3D Printing Market is projected to grow at a CAGR of 30% in the forecast period of 2023-28, reveals MarkNtel Advisors in their recent research report. The market is driven by the rapidly increasing adoption of metal 3D printers across multiple verticals like aerospace, defense, medical & healthcare, automotive, construction, etc., for designing & prototyping products, coupled with the mounting demand for precise & accurate manufacturing.
Additionally, the growing focus of the healthcare sector to curb physical disabilities and deliver a healthy life to patients is another crucial aspect augmenting the demand for metal 3D printing technology and driving the global market.
On the other hand, the defense & aerospace sector is using these technologies, majorly for applications like prototyping & designing, and also in research & development activities to bring precision, accuracy, and perfection in the production of the defense system, aircraft, and other products. It, in turn, is further generating substantial growth opportunities for the leading players & stimulating the overall market growth through 2028, further states the research report, “Global Metal 3D Printing Market Analysis, 2023.”
Titanium & its Alloys to Dominate the Metal 3D Printing Market through 2028
The burgeoning demand for titanium-based metal 3D printed products across the aerospace, defense, & automotive sectors owing to its properties like high impact & temperature resistance are the prime factors driving the demand for Titanium & its Alloys in the global market.
These metals are used extensively in medical & dental applications to manufacturing orthopedic & dental implants, knee & hip replacements, etc. Besides, properties like the non-corrosive & resistance against changing weather are other crucial aspects instigating the demand for titanium metals for 3D printing products across several industries and, in turn, boosting the global market.
With Rapid Inclination toward Industry 4.0, Europe to Contribute Significantly to the Market Growth through 2028
Geographically, Europe is most likely to observe the fastest growth of the Metal 3D Printing Market during 2023-28. It owes primarily to the surging focus of several European countries toward Industry 4.0, i.e., soaring the demand for metal 3D printing for intelligent production where machines & networks can trade information & respond to the production management systems.
In Europe, the aerospace, defense, & automotive industries across countries like the UK, France, & Italy are anticipated to generate remunerative growth opportunities for the regional market over the forecast years, reveals MarkNtel Advisors in their research report.
Leading Companies in the Market
According to MarkNtel Advisors, the leading players in the Metal 3D Printing Market are Carpenter Technology Corporation, Sandvik AB, Linde, Renishaw plc., Materialise, SLM Solutions, Intech Additive Solutions Pvt. Ltd., 3D Systems, Inc., Trumpf GmbH + Co. Kg, & STRATASYS LTD.
Key Questions Answered in the Study