Revised: 3D Printing Metals Market to Experience Explosive 22.8% CAGR
The 3D printing industry is a rapidly expanding sector with enormous potential. The use of 3D printing in the manufacturing industry is rapidly gaining traction. One of the latest trends is the development of 3D printing of metals, which has become one of the fastest-growing segments in the 3D printing market.
According to a recent report, the 3D printing metals market is expected to grow at a CAGR of 22.8% between 2019 and 2029 and is projected to reach USD 15.81 billion by the year 2029. The increasing demand for aerospace, automotive, healthcare, and industrial manufacturing sectors is driving the growth of the 3D printing metals market.
Major Players in the 3D Printing Metals Market
Some of the leading players in the 3D printing metals market include Sandvik AB, Hoganas AB, Carpenter Technology Corporation, Voxeljet AG, and SLM Solutions Group AG. These key players specialize in offering a wide range of 3D printing metal products such as titanium, nickel alloys, copper, and stainless steel.
Sandvik AB, a Swedish engineering group, is a major player in the 3D printing metals market. The company has recently launched a new product, Titanium powder, which is used in the 3D printing of Titanium as a raw material.
Industry Drivers
The growth in the aerospace and aviation industry is one of the major factors driving the 3D printing metals market. The utilization of 3D printing metals in the components of airplanes and space vehicles provides an opportunity to create lightweight components with high strength-to-weight ratios.
Medical implants are another key driver of the 3D printing metals market. The 3D printing of complex shapes and designs, which would be impossible with traditional manufacturing methods, can be achieved with 3D printing. This enables the design and manufacture of customized and patient-specific medical implants.
Challenges Faced by the Market
The cost of production and the high initial investment required for 3D printing metal printers is a major challenge faced by the market. The development of new metal alloys suitable for 3D printing and the need for skilled technicians and engineers for operating the equipment are other challenges that manufacturers need to address.
Conclusion
The future looks bright for the 3D printing metals market, with the potential to transform the manufacturing industry and impact many other industries. However, there are significant challenges to be overcome. Manufacturers in the industry need to continue innovating to find ways to lower costs and improve efficiency, and further develop the capabilities of the technology.
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Summary: The 3D printing metals market is set to grow at a CAGR of 22.8% between 2019 and 2029, reaching USD 15.81 billion by 2029. The major factors driving the market include the growing demand from the aerospace, automotive, healthcare, and industrial manufacturing sectors. The market’s major players include Sandvik AB, Hoganas AB, Carpenter Technology Corporation, Voxeljet AG, and SLM Solutions Group AG, but challenges faced by the industry include the cost of production and the high initial investment required for 3D printing metal printers. #BUSINESS