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What's driving the Additive Manufacturing with Metal Powders Market trends?
Additive Manufacturing with Metal Powders Market
Increase in trend towards adoption of prototype has led to the development and validation of design faster along with reduction in production time & cost in various industrial sectors which has stimulated additive manufacturing with metal powders market demand. Increasing E&P activities in oil & gas sector has forced manufacturers for various technological advancements in 3D printing for efficient oil recovery, thereby propagating metal additive manufacturing market growth.
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Additive Manufacturing with Metal Powders Market size is expected to cross USD 1.1 billion by 2024; according to a new research report by Global Market Insights, Inc.
Additive manufacturing with metal powders market size from oil & gas application is likely to be valued at over USD 45 million over the projected timespan. Prototyping and modelling for exploration and operational equipment, chemical injection stick tools, gears, impellers, pipeline rigs, nozzles for downhole cleanout tools, control valve components, large scale downhole tools and sealing accessories including O rings are produced through 3D printing which are used in the industry. Increased usage of these technologies in making complex components for oil & gas industries, while cutting costs, reducing emissions and boosting performance, should trigger additive manufacturing with metal powders demand.
Stainless steel, aluminum, cobalt, nickel and titanium powders are the prominent raw materials used in the additive manufacturing with metal powders method. Infringement law issues regarding the product and the technology along with volatility in regional raw material prices may impact demand supply gap and hinder industry profitability.
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Aluminum alloys from additive manufacturing with metal powders market demand should witness gains over 27% upto 2024. Components manufactured from aluminum powder have usage in automotive, motor racing and general engineering as it is light and rigid. Superior properties such as corrosion resistance, durability and welding properties make aluminum metal powders suitable for automotive industries, thus enhancing product demand.
PBF technology from additive manufacturing with metal powders demand would surpass USD 950 million up to 2024. This technique along with titanium powder is widely used to make orthopedic devices owing to cost-effectiveness and less lead time. DMLS technique from this particular technology is used in making prototypes and end products.
UK additive manufacturing with metal powders market demand should witness growth at over 25% during the forecast timeline. Laser Engineering Net Shape (LENS) and Electron Beam Melting (EBM) technique is widely used in making of complex geometrical structures for automotive and aerospace sectors. Increased production and sales of motor vehicles along with demand of lightweight vehicles in the region should favor industry growth.
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GE, 3D Systems, EOS, Pratt & Whitney, Optomec, Renishaw, Arcam, ExOne and Trumpf are the some of the industry participants in additive manufacturing with metal powders market. Manufacturers are engaging in partnerships and collaborations to strengthen their global presence along with increased investments in AM equipment and research to further develop the technology may drive metal 3D printing market demand.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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