Additive Manufacturing with Metal Powders Market will surpass USD 1.1 Billion by 2024.Increasing application scope for additive manufacturing with metal powders in fabricating end-use products in automotive, oil & gas, aerospace, medical implants and dental restoration application should stimulate product demand. Rising importance towards functional and light weight integrated parts in aerospace & automobile industry to reduce emissions should drive industry growth.
Additive manufacturing is an automated technology to create functional end-use parts and rapid prototypes. It takes virtual designs from Computer Aided Design (CAD) software which transforms into virtual layer-wise horizontal cross section to form the model. High adoption rate of this technology in government/military, medical, motor vehicle, academic, aerospace and consumer product industry should propel technology demand.
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Powder bed fusion technology from metal additive manufacturing process should expect growth at over 27% during forecast timeframe. PBF employs laser or electron beam to melt and fuse metal powder together. This technology is widely popular in creating prosthetics and dental restorations propagating favorable industry growth.
Continuous improving technology, government support for adoption, rapid product development, reduction in fabricating time, low cost, large application scope and ease of developing new product should strengthen technology demand. Additive manufacturing also offers new possibilities in design along with freedom to choose of materials. Wide range of alloys can be processed under this technology, thus stimulating industry growth.
Key metals and alloys operable in this technology include nickel, titanium, aluminum, copper and cobalt in machining components like impellers, valves, ports, ducts and other small & complex structures applicable in oil & gas, aerospace and automotive industry. High price trends and risk of procurement relative to these metal powders along with intellectual property issues of manufactured product and uniformity limitations might challenge additive manufacturing with metal powders market growth.
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Metal additive manufacturing market from aerospace application should witness gains at over 28% during projected timeframe. This growth in technology demand can be attributed to current industry standards of producing lightweight components or parts along with reducing cost and increasing efficiency.
China additive manufacturing with metal powder market is expected to show significant gains surpassing USD 75 million by 2024. This growth in technology adoption can be ascribed to robust government initiatives to initiate national 3D printing labs using regional advantage of sourcing low cost material should bolster regional industry growth.
Global additive manufacturing with metal powders market share is moderately consolidated with key industry players including 3D System Corp., Aubert & Duval S.A, Aerojet Rocketdyne, APWorks, Arcam AB, Bright Laser Technology and EOS GmbH.
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Companies are increasingly investing on R&D to expand its application scope along with ability to manufacture wide range of metal powders. Market is expected to witness consolidation on account of expanding technology landscape and regional presence through companies adopting mergers & acquisition, strategies.