A new study by market research firm AM Research paints a positive future for metal 3D printing. Despite economic weakness, the market is expected to grow to $5.4 billion by 2023.
According to the analysis, growth will be driven primarily by increasing use in industrial manufacturing. While investments in hardware are expected to decline, services and materials will expand. The study forecasts the market volume to grow to $5.4 billion by 2023. This robust forecast includes $3.2 billion for contract services, $1.3 billion for hardware and $920 million for materials.
Compared to the overall additive manufacturing market, metal 3D printing is expected to grow much faster. Drivers include aerospace, automotive and medical. All common processes from powder bed fusion to binder jetting are seeing increases between 18 and 24 percent.
The study sees possible catalysts in higher defense budgets and industry consolidation. In the long term, the growth potential is intact.
AM Research counts EOS, GE Additive, Velo3D and SLM Solutions among the most important players. Despite economic risks, metal 3D printing thus appears to remain a growth market.