The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Additive Manufacturing with Metal Powders Market.
It was estimated prior to this unanticipated outbreak that the Additive Manufacturing with Metal Powders Market was expected to grow at a CAGR of 18% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Additive manufacturing processes are extremely specific and need different printers, powders, and processes depending upon the application. They are the industrial version for 3D printing technology, which are used to build 3D objects with the help of 3D modelling software, machine equipment and layering material, and are widely used in the production of preproduction visualization models.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the manufacturing technique type, the market is segmented as powder bed, blown powder, and others. Blown powder technique is expected to register high growth during the forecast periods. It can be used in both, freeform & cladding manufacturing, and is predominantly recognized as laser-based additive manufacturing, attributed to its complex chemical metallurgical nature and non-equilibrium physical properties. Blown powder includes different techniques such as direct metal deposition and laser engineering net shapes, which are used for repairing or adding volume to pre-existing metal objects and manufacturing of new objects, which in turn, enhances the demand for technology in the aerospace sector, to fuel the growth of the market during the forecast period.
Based on the application type, the market is segmented as aerospace, automotive, medical, oil & gas, energy, and others. Automotive applications are estimated to cross over 240 million by the forecast period. Automotive sector uses additive manufacturing for rapid prototyping and production of auto parts owing to the decrease in emission of carbon, design freedom and lightweight & energy efficient components. Furthermore, the increase in automotive demand for improvement of the overall performance of vehicle accompanied by increase in need of light vehicles for lower carbon footprints is expected to fuel the additive manufacturing with metal powders market demand during the forecast period.
In terms of regions, Europe is estimated to account for more than 20% share of the market during the forecast period. Directive measures taken by the EU commission on reducing vehicular weight to enhance fuel efficiency and control of carbon emission are likely to boost the growth of the additive manufacturing with metal powders market. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
Some of the key players in the additive manufacturing with metal powders market are-