- Surge in penetration of bio-based materials and technological advancements drive the growth of the global 3D printing metal market
PORTLAND, Oregon, March 24, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "3D Printing Metal Market by type (Steel, Titanium, Aluminum, Nickel and Others), Form (Powder and Filament) and End-Use (Consumer Products, Aerospace & Defense And Defense, Automotive, Healthcare, And Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global 3D printing metal industry generated $147.2 million in 2018, and is estimated to reach $796.3 million by 2026, witnessing a CAGR of 23.5% from 2019 to 2026.
Prime determinants of growth
Surge in penetration of bio-based materials and technological advancements drive the growth of the global 3D printing metal market. However, high costs related to raw materials and techniques hinder the market growth. On the other hand, rapidly growing industries including healthcare, automotive, and aerospace & defense create new opportunities in coming years.
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The aluminum segment to maintain its leadership status throughout the forecast period
Based on type, the aluminum segment accounted for the largest market share in the global 3D printing metal market in 2019, contributing to around half of the total share, and is estimated to maintain its leadership status throughout the forecast period. This is due to surge in usage in automotive industry with its characteristics such as strength, lightweight, and precision. However, the steel segment is estimated to grow with a CAGR of 24.2% from 2019 to 2026.
The powder segment to maintain its highest share by 2026
Based on form, the powder segment accounted for nearly three-fourths of the total share of the global 3D printing metal market in 2019, and is expected to maintain its highest share by 2026. This is due to surge in utilization in applications such as medical, aerospace, and rapid tooling areas. However, the filament segment is expected to portray the highest CAGR of 24.1% from 2019 to 2026, owing to increase in usage of metal, laywood, paper, and others that available in the form of filaments.
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North America to maintain its lead position during the forecast period
Based on region, North America accounted for the largest market share, contributing to more than two-fifths of the global 3D printing metal market in 2019, and is estimated to maintain its lead position during the forecast period. This is due to rise in application of 3D printing metal in medical sector along with utilization for developing lightweight parts and instruments in the aerospace and automobile industry in the region. However, Asia-Pacific would grow at the fastest CAGR of 24.2% from 2019 to 2026. This is owing to surge in investment by market players including Stratasys, EOS GmbH, 3D Systems, and Arkema along with collaborations.
Leading market players
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