The Market for Additive Manufacturing with Metal Powders to Surpass $1.1 Billion by 2024
The market for additive manufacturing with metal powders is expected to cross $1.1 billion by 2024, according to a new research report by Global Market Insights Inc.
The report says growth will be driven by the aerospace industry's increased use of the technology in making engine turbine parts and interiors.
More than 20% of aerospace engineering companies are using this technology to make tooling components. The industry is constantly putting effort to minimize aircraft weight by using lightweight metals such as stainless steel, titanium, aluminum, and copper. Growing trust for these technologies in aerospace firms should minimize costs for developing models and prototypes, resulting in additive manufacturing with metal powders market growth.
The trend towards adoption of prototypes has led to the development and validation of faster design, along with reduction in production time and cost in various industrial sectors which has stimulated additive manufacturing with metal powders market demand. Increasing E&P activities in the oil and gas sector has forced manufacturers for various technological advancements in 3D printing for efficient oil recovery, thereby propagating metal additive manufacturing market growth.
Additive manufacturing with metal powders market size from oil and gas application is likely to be valued at over $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 and gas industries, while cutting costs, reducing emissions and boosting performance, should trigger additive manufacturing with metal powders demand.
The U.S. additive manufacturing with metal powders market size may exceed $400 million during the forecast timeframe. Growing health concerns, ageing population and long track of chronic disease coupled with strong regulatory regimes regarding the medical device industry should propel regional demand. Improvement in long-term patient outcomes for surgeries and treatment along with growing oral rehabilitation demand should increase technology growth in the region.
Stainless steel, aluminum, cobalt, nickel and titanium powders are the prominent raw materials used in the additive manufacturing with metal powders. 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.
Aluminum alloys from additive manufacturing with metal powders market demand should witness gains over 27% up to 2024. Components manufactured from aluminum powder are used in automotive, motor racing and general engineering, due to its light weight and rigidity. 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 $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.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. 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.