August 5, 2022
The metal 3D printing business is expected to rise significantly throughout the forecast period due to several factors, including increasing demand for fast prototyping, according to a new report from StraitsResearch. Ease of production and extra benefits of 3D printing technology are significant factors driving the technology's rapid acceptance across various industrial sectors.
Improved Government Investments
Use of modern manufacturing methods is being disrupted in several nations throughout the world by digital technology. The U.S. Department of Defense budgeted money for this technology in 2018 as a capability. Industry leaders in computer software like Autodesk, Microsoft and HP have introduced additive and 3D printing manufacturing technologies.
For example, Chinese firms tend to invest in the research and development of this technology because they perceive it as both a risk and an opportunity for the Chinese industrial economy. India, on the other hand, is eagerly anticipating this technology as a chance to boost its position as a global manufacturing competitor. Active government programs like the “Make in India” Initiative help to support the Indian market.
Korea has developed a roadmap for 3D printing metal technology's research and development. To promote the adoption of this technology, the Korean government is speeding industry regulatory agreements and giving financial incentives. The UK government has created a stand-alone 3D technology strategy. Since Germany has an established Industry 4.0 infrastructure, it is projected that Germany will develop new strategies for the technology.
Creating Market Opportunities
The transition from quick prototyping to production sing 3D printing is expected to open up new opportunities for market participants. According to a recent survey of 3D hubs, more than half of enterprises use 3D printing to manufacture functional end-use products. In recent years, automotive, transportation, and biotechnology industries have seen an increase in the use of 3D printing.
North America dominated the global 3D printing metal market, accounting for more than 30% of worldwide revenue in 2021, owing to the region's widespread adoption of additive manufacturing. North American countries such as the United States and Canada have used these technologies early in various manufacturing processes. The regional market provides potential for metal 3D printing in multiple applications.
The Asia-Pacific 3D printing metals market is projected to grow at the highest CAGR during the forecast period. This rapid acceptance of metal 3D printing in Asia can be linked to innovations and upgrades in the region's manufacturing industry. In addition, Asia-Pacific is rising as a manufacturing powerhouse for the automobile and healthcare industries. A grip on consumer electronics manufacture, combined with increased urbanization, contributes to the region's growing need for three-dimensional printing.
Sources: Press materials received from the company and additional information gleaned from the company’s website.