According to estimates by a Global Market Insights Inc. report, the global additive manufacturing with metal powders market size is expected generate USD 2066.295 million valuation by the year 2030.
Flourishing automotive industry coupled with growing demand for fuel efficient and lightweight automobiles, impelling the additive manufacturing with metal powders market growth, especially in Asia-Pacific where consumer are more focused on fuel efficiency.
This technique additive manufacturing with metal powders offers low-cost properties as compared to traditional machining methods. Adding to this, there has been an upsurge in demand for metal powders in additive manufacturing processes in medical industry due to its capabilities of producing dental restorations and orthopedic implants. Consequently, rising adoption of metal powders in additive manufacturing processes in order to develop personalized prosthetics is further aiding the market expansion.
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Principal growth drivers
Rising implementation of prototyping activities has led to quick development and validation of design which in turn is facilitating the reduction in production time and cost of manufacturing processes.
This factor along with shifting focus towards efficient oil recovery processes and increasing oil & gas exploration and drilling activities are fostering the demand for additive manufacturing with metal powders.
A glimpse into the technique and material trends driving the market
Speaking of technique, the powder bed technique segment is expected to register substantial growth during the forecast period. This technique offers an assorted range of material selection as well as cheaper production capabilities. Moreover, the powder bed technique also offers powder recycling and low cost benefits. Thus, rising adoption of powder bed technique in PBF processes are facilitating the business scenario.
As per material type, titanium alloy segment is presumed to expand significantly during the estimated timeframe. This type of material provides toughness, ductility and superior temperature strength as compared to its counterparts. Increasing application of such material in the development of aerospace and automotive parts is contributing towards popularity of titanium alloys across the globe.
Automotive applications to fuel the industry trends
Elaborating on the application spectrum, additive manufacturing with metal powders market from automotive application segment is predicted to acquire substantial growth in the subsequent years. This technique allows automakers to design complex automobile parts and develop them quickly and efficiently.
Moreover, metal powders in additive manufacturing processes not only helps in reducing production costs but also aids in mitigating CO2 emissions. The technique also offers maximum freedom while designing and helps in development of energy efficient and lightweight automobile components.
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An insight into the regional market trends
Considering the geographical landscape, the Europe additive manufacturing with metal powders market is likely to witness lucrative growth during the projected timeframe. The proliferating automotive industry in Europe which is focusing on emission control and optimizing fuel efficiency are favoring the market outlook.
Moreover, technological advancements pertaining to additive manufacturing with metal powders has enabled for safe, lightweight, cleaner, and innovative products which in turn is augmenting the regional demand. On the other hand, flourishing healthcare industry and increasing awareness pertaining to advantages of additive manufacturing with metal powders in Latin America will drive the global market.
Notably, some of the prominent companies operating in the additive manufacturing with metal powders market are Cerevo, Arcam AB, Airbus SE, Additive Industries, and 3D Systems among others. These market majors are concentrating on R&D activities in order to develop innovative techniques as well as to gain a competitive edge in healthcare and automotive industries.
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