The global metal additive manufacturing market size is expected to grow by USD 4.42 billion during 2020-2024, progressing at a CAGR of over 14% during the forecast period.
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Technavio has announced its latest market research report titled Global Metal Additive Manufacturing Market 2020-2024 (Graphic: Business Wire)
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The demand from the automobile industry is one of the major factors propelling market growth. However, factors such as high production costs will hamper market growth.
The manufacturing process of automobile components involves the use of metal additives for investment casting, customized tooling, and prototyping. Selective laser sintering, fused deposition, and selective laser melting are some of the technologies used in said manufacturing processes. Metal additive manufacturing is also used for the production of different automobile parts such as bumpers, windbreakers, pumps, valves, and cooling vents. Additionally, the demand for metal additive manufacturing for the production of components used in formula-one racecars and supercars is increasing at a rapid pace. Metal additive manufacturing allows the Formula One teams like Scuderia Ferrari, Williams Martini Racing, and Mercedes-AMG Petronas Motorsport, to build stronger and lighter parts within a shorter duration as compared to conventional manufacturing. Thus, the increasing demand from the automobile industry will drive the metal additive manufacturing market growth during the forecast period.
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Global Metal Additive Manufacturing Market: Application Landscape
Aerospace companies are integrating AM into their future production strategies for flexibility in engineering and design. Metal additive manufacturing is mainly used to produce different components such as engines, turbine parts, and interior cabin components. The cost-effectiveness and ease of manufacturing of functional components with complex geometries and defined aerodynamic properties drive the adoption of metal additive manufacturing by the aerospace segment. However, market growth in this segment will be slower than the growth of the market in the automobile segment.
Global Metal Additive Manufacturing Market: Geographic Landscape
North America was the largest metal additive manufacturing market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. An increase in the demand from the aerospace and healthcare industries and a rise in the need for dental implants in the healthcare industry will significantly drive metal additive manufacturing market growth in this region over the forecast period. Over 32% of the market's growth will originate from North America during the forecast period. The US is a crucial market for metal additive manufacturing in North America. Market growth in this region will be faster than the growth of the market in APAC, Europe, and South America.
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Companies Covered
- 3D Systems Corp.
- EOS GmbH Electro Optical Systems
- General Electric Co.
- Materialise NV
- Norsk Titanium AS
- Renishaw Plc
- SLM Solutions Group AG
- Stratasys Ltd.
- The ExOne Company
- TRUMPF GmbH Co. KG
What our reports offer:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers market data for 2019, 2020, till 2024
- Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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Metal Additive Manufacturing Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist in metal additive manufacturing market growth during the next five years
- Estimation of the metal additive manufacturing market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the metal additive manufacturing market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of metal additive manufacturing market, vendors
Table of Contents:
Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 2024
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Customer landscape
- Overview
Drivers, Challenges, and Trends
- Market drivers
- Volume driver Demand led growth
- Volume driver Supply led growth
- Volume driver External factors
- Volume driver Demand shift in adjacent markets
- Price driver Inflation
- Price driver Shift from lower to higher priced units
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- 3D Systems Corp.
- EOS GmbH Electro Optical Systems
- General Electric Co.
- Materialise NV
- Norsk Titanium AS
- Renishaw Plc
- SLM Solutions Group AG
- Stratasys Ltd.
- The ExOne Company
- TRUMPF GmbH Co. KG
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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