3D printing metal market worth US$ 2.36 billion by 2028

The global 3D printing metal market size is expected to reach US$ 2.36 billion by 2028, according to a new report by Grand View Research, Inc., expanding at a CAGR of 25.7% over the forecast period. Market growth is attributable to the cost-effectiveness of 3D printed parts, reduced lead times and the development of complex parts during production.

“Potential cost savings is a significant factor stimulating the growth of the market in the aerospace & defence end-use sector. Metal 3D printing offers the ability to fabricate lightweight but strong structures, produce complex designs and maintain small volumes. These factors extend its application scope in various end-use industries such as medical, aerospace, automotive and consumer products. However, challenges include consistency of quality; limited multi-material printing capabilities; the narrow range of materials; high material costs; size and scalability,” commented the report.

The aviation industry is witnessing growth due to an increase in the number of frequent fliers and new fliers. It has adopted 3D technology to meet increasing demand, with metals such as Nickel and Inconel (with excellent strength and fatigue resistance).

According to the report, in terms of revenue, Asia Pacific is projected to remain the second-largest regional market over the forecast period. The rising number of small-scale companies, along with the increasing adoption of 3D printed parts by OEMs, is projected to play a crucial role in the market growth. Titanium accounted for the highest revenue share of more than 41% in 2020.

“Until very recently, the complexity and high cost of metal 3D printers limited the usage of additive manufacturing to high-volume and low-value parts. They also require carefully controlled environments and highly skilled workers. However, this market has witnessed several investments in the recent past. Various venture-backed companies are working on developing low-cost production techniques and affordable 3D printing applications,” said the report.