The global metal additive manufacturing (AM) market is expected to post a CAGR of more than 21 percent during the period 2018 to 2022, according to the latest market research report by London-based Technavio.
A key factor driving the growth of this market is the increase in demand from the automobile industry. The short lead times, access to new materials, and customizable finishes have encouraged automobile manufacturers to integrate 3-D printing processes in their production strategies. 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 process. Metal AM also is used for the production of different automobile parts such as bumpers, windbreakers, pumps, valves, and cooling vents.
In the report, Technavio highlights the rise in R&D activities as one of the key emerging trends in the global metal AM market. The increase in innovation and product developments in metal AM is expected to foster the demand during the forecast period. Players in the market have increased their R&D activities to produce metal AM systems. In developed countries such as the U.S., Germany, France, and the U.K., the rise in innovation is expected to drive the market growth.
The report segments the market by application (aerospace, healthcare, tools and mold, and automobiles) and geographical regions (APAC, EMEA, and the Americas).
The aerospace segment held the largest market share in 2017, accounting for nearly 28 percent of the market. This application segment is expected to continue dominating the global market through the forecast period. The Americas led the market in 2017 with a share of nearly 44 percent. This region is expected to dominate the market through 2022 as well. However, there will be a decrease in its market share by nearly 2 percent.
For more information, visit https://www.technavio.com/report/global-metal-additive-manufacturing-market-analysis-share-2018?utm_source=t9discount&utm_medium=bw_wk36&utm_campaign=businesswire.
