Additive Manufacturing With Metal Powders Market to Garner $2,000 Million by 2030, Says Global Market Insights Inc.
New design production flexibility provides opportunities to the manufacturers to add improved functionalities and custom features, which should raise the additive manufacturing with metal powders demand from the automotive industry, says this report.
SELBYVILLE, Del., March 11, 2021 (Newswire.com) - Based on Global Market Insights Inc.'s report, the global Additive Manufacturing with Metal Powders Market was estimated at $340 million in 2020 and is slated to surpass $2,000 million by 2030, registering a CAGR of 21.5% from 2021 to 2030, owing to the ability to manufacture complex parts and devices, which has raised product demand from the medical and aerospace sector. The report provides a comprehensive analysis of the top winning strategies, wavering industry trends, drivers & opportunities, top investment avenues, competitive scenarios, market estimations & size.
The additive manufacturing with metal powder market for the blown powder manufacturing technique should grow at a CAGR over 20% by 2030, owing to its ability to produce large machines parts with a direct metal deposition process.
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The stainless-steel material surpassed USD 64 million in 2020, pertaining to its ability to offer toughness, ductility and resistance to acids which enhances its application in energy, automotive, medical and shipbuilding. On the other hand, the renewable energy application segment surpassed over USD 11.110 million in 2020 which shows an opportunity for additive manufacturing with metal powders' market growth in coming years.
Aerospace application of additive manufacturing with metal powder is likely to surpass USD 840 million by 2030, owing to its extensive usage of the product in the production of various complex parts and machines of aircraft.
The automotive application segment should surpass USD 535 million by 2030. The technology has provided an opportunity for the automotive industry to manufacture new designs which are lighter, cleaner, safe and are produced in less time. New developments in the additive manufacturing process along with innovations in advanced material should benefit automotive industry production and represents ample growth opportunities for additive manufacturing in the metal powders market. Furthermore, the technology can be used to produce more efficient vehicles which are faster, safer and lighter.
Europe's additive manufacturing with metal powder market is expected to rise by a CAGR of over 22.8% by the end of 2030, owing to a rising focus on metal-based products for aerospace and defense application. Rapid innovation and on-demand productions are part of the new era therefore critical sectors including healthcare, telecommunication and energy adopted efficient and on-demand solutions such as additive manufacturing technology which should boost the business growth in the region.
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Strong application of the product in automotive, oil and gas should boost regional product market growth. The rising number of patent applications in the European region, along with the rapid rise of digital technologies, is expected to accelerate the regional product market growth in the projected timespan.
The additive manufacturing with metal powders industry share is fragmented and includes key players such as 3D System Corp, Additive Industries, SLM Solutions Group AG, Stratasys Ltd., Airbus SE, AP Works, The ExOne Company and Fonon Technologies. Companies are focusing on strategic acquisitions to expand production capacity and distribution networks.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision-making.
GMIPulse, our business analytics platform, offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company-level and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Source: Global Market Insights Inc.
