Selbyville, Delaware, April 06, 2022 (GLOBE NEWSWIRE) — According to the recent report by Global Market Insights Inc., the Additive manufacturing with metal powders market was estimated at USD 345 million in 2021 and is expected to be valued at over $1,825 million by 2030, progressing to a 21% CAGR from 2022 to 2028. The report provides a detailed analysis of the competitive scenario, major investment pockets, top winning strategies, market size and estimates, hesitant market trends, and drivers and opportunities.
Additive manufacturing uses metal powders to print particles of non-metallic or metallic products that are laser fused or sintered together to make a component. The process creates components with complex and unusual shapes and generates less waste than other manufacturing methods. It can be used to combine assembly and manufacturing into one process and offers new designs to improve efficiency in new and existing applications. Rising usage of the products in various industries including automotive, aerospace, oil & gas, medical, etc. is expected to facilitate market growth throughout the forecast period.
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Stainless steel is stain and corrosion resistant and requires little maintenance. These characteristics make it suitable for use in the aerospace, automotive, and oil and gas industries. Austenitic steel is widely used in medical, aerospace, and heavy industries like oil and gas due to its excellent formability and corrosion resistance, which should favor the prospects of the product. In 2021, the stainless steel materials segment generated a valuation of approximately USD 67.5 million and is expected to witness notable growth at a rate of over 27.5% over the assessment period due to high adoption products in various verticals.
Meanwhile, the metal powder additive manufacturing industry size of other manufacturing techniques segment surpassed USD 9.5 million revenue in 2021 and is expected to grow around 8.5% CAGR during the examination period. The binder jetting process is used for printing on sand, ceramics and metals with faster processing time and is a cost effective production process. Other additive manufacturing techniques like binder jetting process would see widespread demand, which is expected to drive segmental growth in the coming years.
The main reasons for additive manufacturing with metal powders market growth:
- Significant adoption in the oil and gas industry.
- Increasing use in the aerospace sector.
- Increasing use in automotive applications.
- Growing adoption in the manufacture of medical implants.
The 2030 forecasts show that the “medical” segment retains its dominance:
In terms of application, the medical segment surpassed a valuation of USD 64 million in 2021 and is expected to grow significantly at a growth rate of nearly 21.5% over the study period. Healthcare experts are increasingly focusing on additive manufacturing for implants used as medical devices that are manufactured by conventional methods, which are expensive and require complex and time-consuming manufacturing techniques. The increasing production of medical devices, such as cranial implants, orthopedic implants and dental restorations such as external prostheses, onlays and inlays, crowns and surgical instruments, is poised to bolster segmental development in the coming years. .
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Asia-Pacific to maintain its leading status in terms of revenues:
In the regional landscape, the Asia Pacific additive manufacturing market with metal powders was valued at over USD 62.5 million in 2021 and is expected to grow at a CAGR of around 21.5% over the forecast period. The expansion of the automotive sector in the region, stimulated by the growing number of government initiatives, coupled with the significant use of additive manufacturing in human cells for the treatment of incurable diseases in Japan and China, is on the verge. to support the growth of the regional market in the future.
Impact of the COVID-19 pandemic on Additive manufacturing market with metal powders:
The COVID-19 pandemic has negatively impacted various industries and global production due to supply chain disruptions, shortages of raw materials and labor, and strict lockdown restrictions imposed by the government. The subsequent decline in demand has hampered business growth in key regions of the world. However, the government’s strong focus on economic recovery and widespread vaccination campaigns have enabled many industries to resume operations, helping the market regain its pre-COVID momentum in recent years.
Main market players:
The main companies operating in the additive manufacturing with the metal powder industry are Matsuura Machinery, Arcam, Optomec, Concept Laser, Renishaw, EOS, Progold MTU, ExOne, Ping, 3D systems, Phenix Systems, Plunkett Associates, Trumpf, Pratt & Whitney, Metalysis, GE and Puris, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and advisory services. Offering syndicated and custom research reports, growth advisory and business intelligence services, Global Market Insights Inc. aims to help clients with penetrating insights and actionable market data that facilitates strategic decision-making.