Additive manufacturing with metal powders market 2019 And Their Impact on Global Industry 2024

Additive manufacturing with metal powders market is forecast to generate a valuation of more than USD 1.1 billion by the end of 2024. The rising popularity of 3D printing and prototype practices for efficient and cost-effective product development will fuel additive manufacturing with metal powders industry share. Many of the companies have changed their design perspective for faster production and validation with the help of prototypes.

 Currently, most of the companies across myriad end-use domains have adopted this technology on large scale, which will serve to further impel additive manufacturing with metal powders industry outlook. The ongoing technological advancements in the 3D printing arena are also slated to have a considerable impact on product demand.

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The application landscape of additives manufacturing with metal powders industry primarily comprises the automotive, aerospace, medical, and oil & gas sectors. Owing to the growing deployment of the additive manufacturing technology for manufacturing complex parts such as pipeline rings, gears, nozzles for downhole cleanout tools, impellers, sealing accessories, and control valves, additive manufacturing with metal powders market is poised to collect a revenue of more than USD 45 million from the oil & gas sector by 2024. The surging demand for emission reduction, cost-cutting, and improved performance across the oil & gas domain is likely to boost industry trends over the years ahead.

The aerospace sector is one of the most prominent application segments of additive manufacturing with metal powders market. Close to 20% of the aerospace companies use the additive manufacturing technology for developing turbine parts, engines, and interior components. With the help of effective designs, aerospace engineering companies are looking forward to manufacturing lightweight aircrafts by using metals such as copper, aluminum, and titanium. The increasing popularity of 3D printing and prototype technologies among aircraft production firms will also augment additive manufacturing with metal powders industry size over the years ahead.

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Aluminum is one of the most extensively used materials in the additive manufacturing process deployed across the automotive sector. Additive manufacturing with metal powders market size from aluminum is forecast to register a CAGR of more than 27% over the coming timeframe, owing to the material's durability, weldability, and corrosion resistance, pertaining to which it is increasingly used for lightweight component production.

Regionally, UK additive manufacturing with metal powders industry will record an annual growth rate of more than 25% over 2017-2024, pertaining to the shifting trends toward adoption of 3D printing technology across the rapidly growing automotive sector. In fact, Electron Beam Melting (EBM) and Laser Engineering Net Shape technologies are prominently used across this region for developing complex geometrical parts of aircraft and automobiles. 

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Strategic partnerships and joint ventures will continue to remain principal growth tactics for most of the players in additive manufacturing with metal powders market. Leading giants such as Renishaw, 3D Systems, Trumpf, Pratt & Whitney, GE, ExOne, Optomec, EOS, and Arcam have been striving to extend their business reach across numerous geographies, augmenting additive manufacturing with metal powders industry.

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