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Metal Additive Manufacturing Market Innovations and Outlook 2024
Metal Additive Manufacturing Market
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According to The Business Research Company's, The metal additive manufacturing market size has grown rapidly in recent years. It will grow from $4.64 billion in 2023 to $5.36 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to global industrialization, increased adoption in the automotive sector, increased aerospace sector, growing healthcare sector, increased manufacturing sector.
The metal additive manufacturing market size is expected to see rapid growth in the next few years. It will grow to $9.74 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to growing dental industry, growing educational institutions, improved efficiency, increasing focus on reduced costs, increasing focus on reduced weight. Major trends in the forecast period include advancements in 3d printing, integration of automation and streamlined workflows, technological innovations, product innovations.
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Market Drivers and Trends:
The adoption of metal additive manufacturing technologies in the aerospace industry is expected to propel the growth of the metal additive manufacturing market going forward. The aerospace industry encompasses the design, development, production, operation, and maintenance of aircraft, spacecraft, satellites, and related components. In the aerospace sector, metal additive manufacturing is used to create lightweight components, reduce the weight of aircraft and spacecraft, improve fuel efficiency, and cut emissions. For instance, in November 2022, according to the Aerospace Industries Association, a US-based trade association representing manufacturers and suppliers, the American Aerospace & Defense industries generated $892 billion in combined sales in 2021, a 2.1% increase from 2020. Further, in 2021, Aerospace & Defense industry exports rose by 11.2% to a total value of $100.4 billion. Therefore, the adoption of metal additive manufacturing technologies in the aerospace industry is driving demand for the metal additive manufacturing market.
Integration of robots in additive manufacturing is the key trend gaining popularity in the metal additive manufacturing market. Major companies operating in the metal additive manufacturing market are focused on implementing robotics technologies to boost productivity and increase their market. For instance, in November 2022, ADDiTEC, a US-based provider of metal additive manufacturing (AM) solutions and applications, developed the AMRC-P (additive manufacturing robot cell-portable), a highly effective, fully automated robotic metal AM system. The AMRC-P can be modified with any industrial robot to meet the unique needs of a business. The device includes cutting-edge software tools to support intricate multi-axis geometries, making printing more straightforward and accessible for both seasoned users and beginners. The software is customizable, allowing customers to satisfy all their parameter requirements.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Trumpf Inc., Lincoln Electric Additive Solutions, DMG Mori Seiki Co. Ltd., Hoganas AB, EOS GmbH, Renishaw PLC, Stratasys Ltd., Materialise NV, Desktop Metal Inc., SLM Solutions Group AG, Markforged Inc., FormLabs Inc., The ExOne Co., AddUp Solutions SAS, Voxeljet AG, Optomec Inc., SISMA SpA, Additive Industries B.V., 3DEO Inc., GE Additive, Triditive SL, Farsoon Technologies Co. Ltd., XJet Ltd., Sciaky Inc., Norsk Titanium AS, Titomic Ltd., Wuhan Huake 3D Technology Co. Ltd., Xact Metal, XiAn Bright Laser Technologies Co. Ltd., 3D Systems Inc.
Metal Additive Manufacturing Market 2024 Key Insights:
• The metal additive manufacturing market size is expected to see rapid growth in the next few years. It will grow to $9.74 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%.
• Metal Additive Manufacturing Soars In Aerospace Industry, Fueling Market Growth
• Robotic Integration Revolutionizes Metal Additive Manufacturing
• North America was the largest region in the metal additive manufacturing market in 2023
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