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.
Subscribe to Our Email Newsletter
Stay up-to-date on all the latest news from the 3D printing industry and receive information and offers from third party vendors.
You May Also Like
Further Understanding of 3D Printing Design at ADDITIV Design World
ADDITIV is back once again! This time, the virtual platform for additive manufacturing will be holding the first-ever edition of ADDITIV Design World on May 23rd from 9:00 AM –...
3D Printer Maker EVO-tech Reborn as NEVO3D — Once More With Feeling
EVO-tech was a 3D printing service and original equipment manufacturer established in 2013 and based in Schörfling am Attersee, Austria. The company produced high-quality material extrusion systems featuring linear bearings,...
3D Systems Brings 3D Printed PEEK Cranial Implant to the U.S. with FDA Clearance
For more than 10 years, 3D Systems (NYSE:DDD) has worked hand-in-hand with surgeons to plan over 150,000 patient-specific cases, and develop more than two million instruments and implants from its...
CDFAM Returns to Berlin for Second Annual Symposium
The second CDFAM Computational Design Symposium is scheduled for May 7-8, 2024, in Berlin, and will convene leading experts in computational design across all scales. Building upon the first event...
