3D-printed metal parts market to surge at US$ 43.9B by 2028

Source：Stratview Researc Release Date：2024-01-09 541

MetalworkingMetal Materials Market Snapshot

According to Stratview Research, the market for 3D-printed metal parts is projected to experience a compound annual growth rate (CAGR) of 30.2% from 2023 to 2028. By the end of 2028, it is expected to reach a value of US$ 43.9 billion.

The 3D-Printed Metal Parts Market is likely to rise at a CAGR of 30.2% during 2023-2028, to reach US$ 43.9 billion in 2028, states Stratview Research.

Based on the metal type, the market is segmented into steel, nickel alloys, titanium alloys, aluminum alloys, cobalt alloys, and others. Titanium alloy held >30% of the market share in 2022 and its dominance is projected to continue in the forecasted period. Due to their lightweight, low thermal conductivity, high mechanical strength, and lower buy-to-fly ratio, they are preferred for the aerospace industry. Key applications for aerospace are airframes, wing structures, compressor blades, rotors, brackets, and other turbine engine components. Aluminum alloys, under the spotlight, are expected to record the highest growth during 2023-2028.

Based on end-user type - Among the end-use industry types, the market is segmented into aerospace & defense, medical, automotive, energy, and others. Aerospace & defense held >60% of the market share in 2022 and is expected to remain the largest and fastest-growing end-use industry type in the market during the forecast period, owing to the increasing demand from aerospace engine component manufacturers due to 3D printing's high precision, accuracy, and ability to print complex geometries. In the aerospace industry, metal 3D printing is used in a wide range of applications, from functional prototypes to tooling, replacement parts, and structural aircraft components.

Which Region Offers the Best Opportunity and Growth?

The report suggests that North America held > 40% of the market share in 2022 and is expected to remain the largest market for 3D-printed metal parts during the forecast period. This growth is majorly attributed to the following –

The USA had the world's largest 3D-printed metal parts market, followed by China and Germany in 2022.

Likewise, the Asia-Pacific is estimated to mark the highest growth during the forecast period. China is the dominant 3D printing market in the region, driven by the "Additive Manufacturing Industry Development Action Plan" by the Chinese government.