Metal Additive Manufacturing Market size to grow by USD 7,574.3 million from 2022 to 2027
The metal additive manufacturing market size is forecast to increase by USD 7,574.3 million from 2022 to 2027, at a CAGR of 20.84%, according to the recent market study by Technavio. The growth of the market will be driven by the increased preference for additive manufacturing, rise in demand from developing countries, and increase in demand from the automobile industry. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report.
Increased preference for additive manufacturing is notably driving the metal additive manufacturing market growth. The demand for additive manufacturing in the production of complex engineering structures is growing, and metal additive manufacturing is particularly favoured. This is because metal additive manufacturing is flexible and cost-effective, and it can directly create components from CAD models. This eliminates the need for tooling, which reduces waste, assembly time, and costs for intricate parts. Engineering-intensive industries such as aerospace, automotive, and medical are using additive manufacturing to expedite prototyping and explore new design features. This is because additive manufacturing allows for greater design freedom and flexibility, which can lead to new and innovative products. The rising need for flexible manufacturing processes, minimizing material waste and using fewer parts for complex component production, will drive the global metal additive manufacturing market's growth in the forecast period.
Advancements in new materials are a significant metal additive manufacturing market trend. The expanding applications of additive manufacturing in 2022 have driven the desire to push the boundaries of printable materials. This has led to the creation of new substances and improved qualities. 3D printed materials offer unique features, such as the ability to produce high-performance polymers with superior quality outcomes. These polymers are highly versatile and resistant to heat and stress, while also allowing for intricate geometries. Additive manufacturing is also valuable for using metals like steel and titanium to produce industrial parts. Additionally, ceramics like alumina and zirconia, which are typically challenging to make conventionally, can be successfully 3D printed. This advancement in materials aligns with environmental concerns, as additive manufacturing has the potential to create eco-friendly products. As a result, the global metal additive manufacturing market is expected to experience growth driven by advancements in new materials during the forecast period.
High production costs are one of the major challenges impeding the metal additive manufacturing market growth. The high cost of metal powders and machines is a major challenge for the metal additive manufacturing market. Metal powders used in additive manufacturing are more expensive than materials used in traditional manufacturing methods. For example, the price of stainless steel used in metal additive manufacturing is approximately USD 8 per sq. cm, which exceeds the cost of commercial-grade stainless steel used in conventional manufacturing. Additionally, the limited build envelopes of current technologies make it difficult to produce large components with additive manufacturing. This often requires additional processes such as mechanical joining and welding, which further increases the cost of production. The expensive raw materials associated with metal additive manufacturing are projected to hinder market growth throughout the forecast period.
Three of the biggest names in global technology have joined forces to highlight the ability of already-available 5G, artificial intelligence (AI) and automation solutions to transform manufacturing and improve productivity, efficiency, environmental impact and safety, while reducing costs.
Valmet will deliver key technologies, automation and services to Naini Papers’ cooking and fiberline rebuild and new specialty paper machine PM 3 at their mill in Kashipur, India. The delivery will increase the mill’s capacity and support meeting the market demand of specialty coated paper. The delivery is scheduled for the first quarter 2025.