New Market Channel For Additive Manufacturing with Metal Powders to Exhibit a Moderate 22.3% CAGR Through 2028
Pune, Maharashtra, November 13, 2019 (Wired Release) Prudour Pvt. Ltd. Additive manufacturing, commonly known as 3D printing, is contrary to subtractive manufacturing – a traditional method of forming an object by removing material. Additive manufacturing includes rapid prototyping, 3d printing, direct digital manufacturing, layered manufacturing, as well as, additive fabrication. It adds layer upon layer of any material such as plastic, metal and so on. Additive manufacturing is a process by which digital design is converted into three-dimensional physical products. It is majorly used to produce customized parts and parts that cannot be produced by traditional methods used such as machining, casting etc. In additive manufacturing with metal powder, the powder is consolidated into solid components to create the final product. Metal powder is made either by plasma atomization or gas atomization, in which the latter is commonly used.
The global additive manufacturing with metal powders market is projected to be US$ 394.5 Mn in 2018 to reach US$ 2,954.7 Mn by 2028 at a CAGR of 22.3%.
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By using the additive manufacturing process, waste is reduced exorbitantly, as compared to traditional methods. This could help in attracting industries, and hence help in the augmentation of the manufacturing sector. This method builds objects from CAD model, and human intervention is not required, hence reducing workforce and saving cost. This is expected to boost the growth of the market. The field is growing at a solid pace, as heavy investments are being made in research and development projects to make use of this extensively. Complex objects can be formed by additive manufacturing, and as demand for customized products is on the rise, it is expected to impact the market positively. Growing end-use industries such as automotive, healthcare, aerospace etc. are anticipated to help in the market growth.
Increasing demand for light-weight products and parts from end-use industries such as automotive, aerospace, etc. and rising expenditure on research and development to develop the technology at its earliest. As applications of this technology are vast and increasing continuously, investments are increasing, which is projected to help in the market growth.
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A significant advantage over traditional manufacturing such as reduction of tooling costs, increased productivity, fast design duplication, lower weight of the final product, etc. are some critical factors that are expected to increase adoption of additive manufacturing techniques in various end-use industries such as aerospace, healthcare, automobile, fashion, etc.
Low adoption of additive manufacturing techniques, owing to the technology being at a niche stage, as compared to subtractive manufacturing, is likely to hamper the market growth to a certain extent.
On the basis of material type, the market is segmented into Alloy, Stainless Steel and Other Materials. Alloy accounts for the majority share in the global additive manufacturing with metal powders market.
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On the basis of region, the market is segmented into North America, Europe, APAC, South America and MEA. The North America accounts for the majority share in the global additive manufacturing with metal powders market, followed by APAC.
The research report on the global additive manufacturing with metal powders market includes profiles of some of major companies such as EOS GmbH, General Electric Company, SLM Solutions Group AG, 3D Systems Corporation, Renishaw plc, The ExOne Company, Wuhan Binhu Mechanical and Electrical Co. Ltd., Bright Laser Technologies LTD (BLT), Sandvik AB, Optomec, Inc. etc.