PUNE, India, 23 March 2016. The global 3D printing metals market is projected to reach $776.8 million by 2020, growing at a compound annual growth rate (CAGR) of 31.5 percent annually. The impressive growth is being driven by 3D printing in aerospace and defense, including the manufacture of aircraft engines and components and the expiration of various technology patents, according to MarketsandMarkets analysts.
The aerospace and defense application segment accounted for the largest share of the 3D printing metals market in 2014. It is also estimated to be the fastest-growing market during the forecast period of 2015 to 2020.
3D printing technology has the ability to bring revolution in manufacturing. Factors, such as rapid technological developments, rising demand from end-user industries, along with the expiry of patents will contribute to the growth of global 3D printing metals market, analysts say.
North America was the major market for 3D printing metals in 2015. Product innovations, new research and development projects, and increasing demand from the aerospace and defense community have fueled the demand for metal 3D printing in North America.
The 3D printing metals market in Asia-Pacific region is estimated to be the fastest-growing market between 2015 and 2020. Metal powder and printer manufacturers in Europe are expanding their business in Asia-Pacific region and there is a huge knowledge transfer taking place between developed and emerging countries through active engagements in different forums, analysts add. Rising demand from end-user industries and new investments from engineering and manufacturing companies will drive growth in this region.
MarketandMarket’s report on the 3D printing metals market provides a review of major market drivers, restraints, opportunities, challenges, and regulations.
Leading producers of 3D metal printers and raw material manufacturers include: 3D Systems Corporation (U.S.), Renishaw Plc. (U.K.), Arcam AB (Sweden), Carpenter Technology Corporation (U.S.), GKN Plc (U.K.), Sandvik AB (Sweden), and LPW Technology (U.K.).
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