Global Additive Manufacturing with Metal Powders Market Revenue to index a CAGR of 22.3% Over Next 10 Years – Market.us
Market.us announces publication of its most recently generated research report titled, “Global Additive Manufacturing with Metal Powders Market by Material Type (Alloy, Stainless Steel, Other Materials), By Application (Automotive Industry, Aerospace Industry, Healthcare and Dental Industry, Academic Institutes, Other Applications), and by Region – Global Forecast to 2028.”, Which offers a holistic view of the global additive manufacturing with metal powders market through systematic segmentation that covers every aspect of the target market.
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%.
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.
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.
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Other factors such as rising expenditure on R&D for improved technology and the increase in demand for lightweight parts from aerospace and automotive industries. There are several advantages the additive manufacturing process has over the traditional method – increased productivity, lower weight of the final product, reduction of tooling costs, etc.
The market report has been segmented based on material type, and application. In terms of material type, the market is segregated into stainless steel, alloys, other materials. The alloy segment accounted for a majority revenue share in 2018.
With respect to application, the market is segmented into automotive, aerospace, healthcare & dental industries and academic institutions.
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.
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 global additive manufacturing with metal powders market research report includes company profiles of major players/ companies such as EOS GmbH, General Electric Company, SLM Solutions Group AG, 3D Systems Corporation, Renishaw plc, The ExOne Company, Wuhan Binhu Mechanical & Electrical Co. Ltd., Bright Laser Technologies LTD (BLT), Sandvik AB, Optomec Inc., etc.