Additive Manufacturing (AM) with Metal Powders Market to Exceed Valuation of USD 72.44 Billion by 2030
Market Overview:
The market for additive
manufacturing with metal powders had a value of USD 42.52 billion in 2021
and is projected to achieve a revenue compound annual growth rate (CAGR) of
6.0% during the forecast period. The growth of the market is primarily driven
by factors such as increasing demand from the aerospace and automation
industries and a growing focus on technological advancements in the medical
industry. Additive manufacturing, also known as 3D printing, is an industrial
version of this technology that uses 3D modeling software, machinery, and
layering material to produce 3D objects. Metal additive manufacturing involves
adding material throughout the production process to create metallic
components, typically layer by layer. This technology has experienced
significant growth, particularly in the aerospace industry, due to its
potential for commercial and performance benefits. The advantages of metal
additive manufacturing in aerospace applications include cost and lead-time
savings, the ability to use novel materials and innovative design approaches,
mass reduction through lightweight designs, and the consolidation of multiple
components for improved performance or risk management. Various high-profile
aerospace applications, such as liquid-fuel rocket engines, propellant tanks,
satellite components, heat exchangers, turbomachinery, valves, and maintenance
of existing systems, are already leveraging these opportunities.
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Emerging Trends: One of the recent trends in the market is
the increasing use of Electron Beam Melting (EBM), which is a distinctive
additive manufacturing process. EBM technology has been widely adopted for
producing complex aerospace and automotive parts, such as turbocharger wheels,
pump impellers, and turbine blades. It is also expected to gain significant
popularity in the aerospace and healthcare sectors. Another emerging trend is
the use of Direct Metal Laser Sintering (DMLS), which is a recent technology in
metal manufacturing. DMLS enables the creation of cost-effective, high-quality,
and versatile products to meet the evolving needs of consumers. Additionally,
many companies in the metal powder additive manufacturing market are focused on
reducing product cycle times to improve the development process. Direct metal
procurement is currently being utilized by the majority of aircraft industries.
Market Dynamics: Driver: The increasing adoption of
automation in production processes is a key factor driving the growth of the
market. Additive manufacturing provides a disruptive strategy that reduces
manufacturing time, enhances operational flexibility, and enables the
production of customized auto parts and vehicle products on demand. This
technology gives businesses in the automation sector, including robotics and
automobiles, a significant competitive advantage. Additive manufacturing
accelerates innovation and time to market as it requires minimal setup and
eliminates the need for tooling when producing prototypes and small quantities
of goods. By utilizing additive manufacturing to produce spare parts and tools,
facilities can reduce storage space requirements and administrative support,
leading to lower overhead and ongoing resource costs. Additionally, additive
manufacturing only uses the materials necessary to construct the desired shape,
unlike subtractive manufacturing, where producers have to pay for raw materials
that are later discarded.
Restraint: The market growth is hindered by technological
limitations, post-processing requirements, and time constraints.
Post-processing is necessary in additive manufacturing to address surface
finish and dimensional accuracy issues that may be inferior to those achieved
through conventional manufacturing processes. Despite additive manufacturing
technology being available since the 1980s, it is still considered a
specialized technique due to its relatively slow build rates and limited
scalability for producing large quantities of parts. Manufacturing a shape that
could be produced in seconds using conventional techniques can take several
hours with additive manufacturing, depending on the desired final output.
Achieving economies of scale is also challenging with additive manufacturing.
Product Insights: The global additive manufacturing with
metal powders market is segmented based on product into plastic, metal, and
alloy.
Additive Manufacturing
(AM) with Metal Powders Market: Drive factors
The additive manufacturing with metal powders market is
driven by several key factors. Here are some of the main drivers:
1. Rising demand from the aerospace
industry: The aerospace industry has been a significant driver of the additive
manufacturing with metal powders market. The aerospace sector requires
lightweight, durable, and complex components, which can be efficiently produced
using metal additive manufacturing. This technology allows for the production
of intricate designs with reduced weight, improved performance, and cost
savings. The aerospace industry's focus on commercial and performance gains has
propelled the adoption of metal additive manufacturing.
2. Growing focus on technological
advancements in the medical industry: The medical industry is increasingly
adopting metal additive manufacturing for the production of customized medical
implants, prosthetics, and surgical instruments. Metal additive manufacturing
enables the production of patient-specific implants, improving the fit and
functionality of medical devices. The ability to create complex geometries and
intricate structures with biocompatible materials has opened up new
possibilities in the medical field.
3. Increasing instances of automation
production: The trend of automation in various industries, including robotics
and automotive, is driving the demand for additive manufacturing with metal
powders. Additive manufacturing offers advantages such as reduced manufacturing
time, increased operational flexibility, and the ability to produce
custom-designed vehicle products on demand. This disruptive technology gives
businesses in the automation sector a competitive advantage by speeding up
innovation, reducing setup time, and eliminating the need for tooling in
prototyping and small-batch production.
Overall, the demand for additive manufacturing with metal
powders is driven by the need for advanced, lightweight, and cost-effective
solutions in industries such as aerospace, medical, automotive, and automation.
The continuous advancements in technology and the ability to produce complex
designs are further fueling the market growth.
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