According to a report published by Global Market Insights Inc. additive manufacturing with metal powders market is predicted to showcase excellent growth numbers through 2030.
Additive manufacturing with metal powders market will witness substantial expansion owing to growing range of 3D printing-based applications across various industries including aerospace, medical, automotive and oil & gas. Additive manufacturing, also commonly known as 3D printing, is an industrial process for producing three-dimensional objects through the multi-layer deposition of materials.—
Increasing usage of blown powder manufacturing technique
Direct metal deposition and laser engineering net shapes are two types of blown powder techniques that are used in additive manufacturing. The direct metal deposition is poised to progress at a rapid rate over the projected timespan. Direct metal deposition is prominently used in the aerospace industry for repairing expensive and complex components. On the other hand, the laser engineering net shapes technique is anticipated to register a CAGR of around 20% over the forecast period.
In the meantime, selective laser melting, a powder bed technique, accounted for a revenue share of USD 22.7 million in 2020 and is predicted to register substantial growth in the years ahead. Another powder bed method, the electron beam melting, is touted to proliferate at a CAGR of over 11.5% through the study period. All these factors will have a significant impact on the expansion of the Additive manufacturing with metal powders market size.
Alloys like titanium are extensively used in the aerospace industry due to their ductility and toughness. Titanium is sub-classified into Ti6A14V, Ti6A14V (ELI), and others. Among these, Ti6A14V offers characteristics like good resistance to corrosion and strength to weight, thereby increasing its demand. Furthermore, Ti6A14V (ELI) held a revenue share of over USD 17.095 million and is predicted to exhibit robust growth in the years to come.
The additive manufacturing industry uses nickel-based alloys such as Hastelloy X, Inconel 718, and Inconel 625. The Hastelloy X alloy accounted for a revenue share of USD 0.850 million in 2020. Owing to high strength and corrosion resistance, the Inconel 718 alloy is used in space missions. Similarly, the Inconel 625 is resistant to corrosion and temperature, thereby finding applications across the automotive industry and possibly guiding the growth of the market.
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While on topic, austenitic steel, a type of stainless steel (SS), is widely used in the oil & gas industry owing to its resistance to corrosion and superior ductile nature. Likewise, duplex steel has good resistance and strength owing to which it is primarily used in the paper & pulp industry. The martensitic steel, another SS type, recorded a revenue share of USD 39.905 million in 2020 and will showcase similar industry growth trends through the study timeframe.
Application-wise, nuclear energy is touted to spectate high demand owing to additive manufacturing’s capability of producing complex parts, which is ideal for nuclear-based applications. 3D printing is used in manufacturing turbines that are required for generating wind energy owing to which the renewable application will record excellent growth numbers over the coming years.
On the regional front, Latin America Additive manufacturing with metal powders market held a revenue share of over USD 8.660 million in 2020 and will possibly showcase significant growth in the future. Also, the region of Middle East & Africa is estimated to proliferate at a CAGR of 17.3% over the projected timespan.
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 along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Name: Arun Hegde
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Organization: Global Market Insights Inc.
Release ID: 89038597