Additive Manufacturing (AM) with Metal Powders Market Size to...

Additive Manufacturing (AM) with Metal Powders Market Size to Surpass USD 5089.28million by 2032

Posted 2023-10-16 08:41:48

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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