Healthcare Industry to Contribute the Maximum Revenue to Metal 3D Printing Application Market
Over the years, manufacturing processes have undergone a drastic transition. Even the requirements for machining parts have changed from simple to complex, resulting in a substantial change in the manufacturing processes and the materials used. However, with the increase in demand for more complicated and intricate machine tooling and other parts, the cost remained a major bone of contention, hindering the growth of the market.
With the initiation of additive manufacturing, the manufacturers were able to produce innovative designs that are also cost-effective. The use of metal 3D printing in manufacturing parts and components especially has resulted in huge cost savings for the companies along with reduced emissions in the environment, thus making this technology innovative and slightly more sustainable, as metals can be recycled.
Based on the market intelligence in the global metal 3D printing report, the global metal 3D printing market accounted for $378.0 million in 2019 and is projected to grow at a CAGR of 24.41% during the forecast period from 2020 to 2025. The market is expected to reach $738.8 million by 2025.
Among various application areas of metal 3D printing, the aerospace and defense section contributed the maximum revenue among all other application segments in 2019. This contribution can be attributed to the development of highly complex geometries through metal 3D printing technology and is unviable via the conventional manufacturing processes.
Factors that contribute to the growth of metal 3D printing market in the aerospace and defense industry include the short period in which complex parts are being developed, capability to design complex metal parts, reduction in assembly time and cost by the consolidation of design, in-house development of spare parts, reduction in weight of parts being designed and manufactured, thus increasing efficiency, and quality monitoring during the manufacturing process.
The study has also revealed that in the coming years, the applications for the healthcare industry are expected to grow, leading to an overall increase in the contribution of the segment in the application market. Metal 3D printing can be used for developing essential medical equipment for the healthcare industry, including dental frameworks, surgical tools, and bio-implants, among others. Some of the most common materials that are being used for metal 3D printing include Cobalt Chrome, Titanium, and Stainless Steel for different applications.
Even the automotive industry has witnessed a growth in the demand for metal 3D printing technology. Companies such as BUGATTI AUTOMOBILES S.A.S. are producing titanium brake caliper for Veyron and Chiron segments. This has led to a considerable reduction in the weight of the vehicle and has improved the turn-around time for adding different parts to the vehicle resulting in benefits for the customers. The quick in-house production of parts is one of the major reasons for the increasing adoption of metal 3D printing technology in the automotive industry.
Lastly, the metal 3D printing market for other industries is also expected to witness growth in the coming years, owing to the diversity provided by the technology for printing different complex objects and structures.
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