COVID-19 drastically changed the scenario for economies around the globe, as evidenced by the year-over-year decline in exports all over the world. As the market is recovering, there will be an urgent need for healthcare, ICT, and Chemical Industries, resulting in a large scope of the market for 3D printing metals.
The need for 3D printing materials in various sectors like the healthcare industry, automotive, and others, will increase the 3D printing and production market growth around the world over the forecast period.
Titanium powder is a widely utilized material in metal 3D printers. It has many advantages over other materials, which make it ideal for use in metal 3D printing. Such as:
- lightweight
- doesn’t produce strong fumes
- has a brilliant white colour that gives a high-quality finish to its projects
Titanium alloys are widely used in the medical, aerospace, automotive, dental, and consumer products industries.
The titanium powder used in 3D metal printing is a metal that has a great resistance against heat, corrosion, and galvanic reactions. It is used for laser cutting, material processing, and biomedical applications.
3D Printing Market trend
The 3D printing services market growth will be driven by the rising customization across various industries. According to Technavio (a leading global technology research and advisory company), about one-fourth of online shoppers sought customized products in the US in 2021. This increase in consumer interest will fuel the growth of the global 3D printing services market during the forecast period.
The 3D printing services market is predicted to grow by USD 8.77 billion from 2021 to 2026 at a CAGR of 17.45% as per the latest market report by Technavio. The titanium material piece will probably register around a CAGR of 28.42%. Aluminium and Nickel materials are also likely to be projected to see incredible development due to the never-ending demands in the aerospace and automotive trades respectively.
Region-wise trend
The 3D Metal Printing market can be divided into regions like North America, Europe, Asia-Pacific, and the rest of the world. The requirement for 3D printing metals in Asia-Pacific is comparatively higher compared to other areas. About 60% of the market’s growth will originate from APAC during the forecast period. China, Japan, India and South Korea are the key markets for 3D printing services in APAC.
Growing investments in the building & construction, healthcare, manufacturing and consumer electronics industries in the region are expected to give a head start to the expansion of the 3D Printing market during the forecast period. China is one of the most important consumers and producers of 3D printing metals altogether.
Challenges faced by the 3D Printing Market
The major challenges faced by the global 3D printing services market growth are the high cost of industrial 3D metal printers and operating industrial 3D printers.
There are also other costs associated with 3D printing. The cost of the raw materials used in 3D Printing is high, and their availability is scarce. For example, the cost of titanium powder which is used as a raw material cost about USD 1,000 per pound. The high cost of 3D printers and their operations will stop many potential companies from adopting the 3D printing technology. This will deter the growth of the 3D printing services during the forecast period.
3D Printing Market in INDIA
3D printing in India isn’t a widely used industry. But, in the last few years, many innovative 3D printers have been introduced in the Indian market to increase their popularity and market among people. Several government initiatives were launched to encourage young entrepreneurs and innovators to embrace additive manufacturing technology.
According to reports, the 3D Printing India market is growing at 20% every year. It is predicted that the 3D metal printing market will increase from $12.6 billion (in 2020) to $37.2 billion in 2026. Some of the important industries that will use this technology to its biggest advantage are automotive, electronics, healthcare, and aerospace.
In 2022 and beyond, we will see more applications of metal 3D printing in the automotive, aerospace, and healthcare industries. It will open up a wide range of new sets of opportunities to build and create prototypes, rapid tooling, functional parts manufacturing, etc. A good deal of large-scale steel and aluminium manufacturing companies are using services from 3d printing companies to stay competitive in the global markets.
To sum it up
The titanium 3D printing market is full of potential and projected growth in the near future. With a wide variety of emerging industries where 3D printing is applicable. There will surely be a big surge in the application of 3D printing in industries not only in India but throughout the world.
About Objectify Technologies
Objectify Technologies has grown by leaps and bounds within the last three years and has become one of India’s forerunners in the field of Additive Manufacturing/3D printing/ Rapid Prototyping in polymers as well as in metals. Objectify offers 3D Printing solutions that give customers a competitive edge in their markets. In the rapidly growing 3D printing industry, they are a one-stop solution for all needs, from fully functional prototypes to production parts.
(c) Article & picture: Objectify Technologies
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