Metal 3D Printing Market Set to Grow to $5.4B in 2023, Says AM Research Report
The seventh edition of the “Metal AM Markets: 2023” report from Additive Manufacturing Research (“AMR”, formerly SmarTech Analysis) indicates a strong future for the metal additive manufacturing (AM) sector despite economic headwinds. The study forecasts a growth to $5.4 billion in market size for 2023. This robust projection comprises $3.2 billion for contract services, $1.3 billion for hardware, and $920 million for materials.
The report emphasizes that the anticipated market growth will primarily be driven by actual metal AM processes rather than research and development. The contraction in hardware investments expected for the latter part of 2023 will likely be balanced out by expanding opportunities in materials and contract services.
In contrast to the overall AM market—which also includes polymers and other materials—metal 3D printing is expected to witness substantially higher growth rates. This trend is rooted in the increasing utilization of metal additive manufacturing technologies in various sectors such as aerospace, automotive, and healthcare.
While the first half of 2023 saw a 33% year-over-year growth in AM powder markets, hardware grew at 23%, and services at 11%. AM Research doesn’t expect hardware to maintain its growth rate in the second half of 2023.
All major technologies, including powder bed fusion, directed energy deposition, metal binder jetting, and bound metal, are expected to experience growth in 2023. The growth rates range from 18% to 24%, indicating a strong preference for metal AM technologies across various applications.
The report identifies two specific scenarios that could further fuel market momentum: defense spending and industry consolidation. Additionally, AM Research offers a long-term outlook stretching to 2032, reinforcing the sector’s promising prospects.
AM Research has profiled and considered companies such as EOS, GE Additive, Velo3D, SLM Solutions, Trumpf, Farsoon, Renishaw, 3D Systems, EPlus3D, AddUp, Additive Industries, BLT, 6K Additive, IperionX, and Carpenter among others, as key players in the industry.
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