The metal additive manufacturing (AM) sector is poised for a successful future, despite facing economic challenges. This is according to the seventh edition of the “Metal AM Markets: 2023” report from Additive Manufacturing Research (AMR), formerly known as SmarTech Analysis. The report predicts that the market size for metal AM will reach $5.4 billion by 2023.
The projected growth includes an estimated $3.2 billion for contract services, $1.3 billion for hardware, and $920 million for materials. However, the report emphasizes that the main driver of this market growth will be actual metal AM processes rather than research and development. As we move into the latter part of 2023, there may be a contraction in hardware investments, but this is expected to be offset by expanding opportunities in materials and contract services.
Metal 3D printing is expected to experience significantly higher growth rates compared to other AM markets, such as polymers and other materials. This is due to the increasing utilization of metal AM technologies in sectors such as aerospace, automotive, and healthcare. In fact, the first half of 2023 already saw a 33% year-over-year growth in AM powder markets, while hardware grew at 23% and services at 11%.
However, AM Research does not anticipate hardware to maintain its growth rate in the second half of 2023. Instead, all major technologies, including powder bed fusion, directed energy deposition, metal binder jetting, and bound metal, are expected to experience growth rates ranging from 18% to 24%. This indicates a strong preference for metal AM technologies across various applications.
The report also highlights two specific scenarios that could further fuel market momentum: defense spending and industry consolidation. If these factors come into play, they could significantly drive the growth of the metal AM sector.
Looking towards the long-term future, AM Research offers an outlook that stretches to 2032, reinforcing the promising prospects of the metal AM sector. This indicates that the growth and success of this industry will likely continue beyond 2023.
Key players in the metal AM industry, such as EOS, GE Additive, Velo3D, SLM Solutions, Trumpf, Farsoon, Renishaw, 3D Systems, EPlus3D, AddUp, Additive Industries, BLT, 6K Additive, IperionX, and Carpenter, have been profiled and considered in the report.
To stay updated on the latest news from the 3D printing industry and receive information and offers from third-party vendors, be sure to follow AM Research closely.
“Why did the 3D printer go to therapy? Because it had too many layers of unresolved issues!”
0 Comments