Metal 3D Printing is a laser-based technology that uses wired or powdered metals to selectively bind together particles while distributing even metal layers to create the structure. Currently, 3D printing has a small role in the metal industry, yet swiftly gaining momentum & expanding its applications across different verticals like aerospace & defense, medical & healthcare, automotive, construction, & general engineering, among others. The technology is used majorly to create complex & detailed products that require high accuracy & precision, designing & prototyping, making tools, mold, & inserts, etc.
The Global Metal 3D Printing Market is projected to grow at a CAGR of around 30% during the forecast period, i.e., 2021-26. The growth of the market is driven primarily by the growing need for prototyping & advanced manufacturing processes across different sectors like aerospace & defense, medical & healthcare, automotive, construction, general engineering, etc.
Additionally, the mounting need to speed up the designing cycle & reduce the time-to-market is also driving the metal 3D printing market. Besides, several manufacturing companies are actively adopting additive technology while taking R&D initiatives for metal 3D printing technology to bring precision, accuracy, & perfection to their production line.
The escalating demand for precise & accurate manufacturing of final products for applications like prototyping & designing is also stimulating the adoption of metal 3D printers worldwide. Furthermore, the medical & healthcare sector shall display lucrative growth opportunities for the leading players in the market owing to an accelerated need for metal 3D printing technology to create medical equipment & implants and curb physical disabilities in people.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy|
|Asia-Pacific: China, India, Japan, South Korea|
|South America: Brazil, and Argentina|
|Middle East & Africa: Saudi Arabia, South Africa|
|Key Companies Profiled||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|
|Unit Denominations||USD Million/Billion|
Impact of Covid-19 on the Global Metal 3D Printing Market
The Covid-19 pandemic in 2020 catastrophically impacted most industries worldwide, where the Global Metal 3D Printing Market was no exception. With the imposition of stringent restrictions & lockdowns by the governments of different countries worldwide to curb the spread of this dreadful disease. The global market witnessed several unprecedented challenges amidst the crisis, like disruptions in the supply chain that led to the shortage of raw materials & deliveries of pre-produced products across different regions. Additionally, shortage of labor & declining demand for metal 3D printers & products further led to the shutdown of production houses & facilities. It, in turn, resulted in massive financial loss to prominent leaders in the market.
However, with an escalating number of Covid-19 cases, the healthcare sector instigated the demand for these printers for deeper study & research, intending to find cures & vaccinations. As a result, the market witnessed a temporary upswing mid-while the crisis.
With the gradual decline in the number of Covid-19 cases, governments of different countries worldwide uplifted the restrictions & allowed the recommencement of business operations. It enabled market players to regain their production pace and recover from the losses.