Metal 3D printing market projected to reach $5.4B in 2023 amid economic challenges, says AM Research

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The seventh edition of Additive Manufacturing Research’s “Metal AM Markets: 2023” report has forecasted that the metal 3D printing market will reach $5.4 billion in 2023, including $3.2 billion for contract services, $1.3 billion for hardware, and $920 million for materials.

According to the report, while there may be a contraction in hardware investments, it is expected to be offset by growth opportunities in materials and contract services. 

Unlike the overall AM market, which includes polymers and other materials, the study found that the metal 3D printing sector is expected to experience substantial growth in 2023, primarily driven by the actual application of metal AM processes, rather than research and development.

The report’s key findings also reveal that the metal additive manufacturing (AM) industry is experiencing steady growth rather than an acceleration in 3D printing and additive manufacturing. 

The report delves into two potential scenarios that could boost market momentum, namely increased Defence Spending and Industry Consolidation. 

In the first half of 2023, the AM powder market witnessed substantial growth, surging by 33 per cent year-over-year, with hardware sales increasing by 23 per cent, and services by 11 per cent. 

However, the report cautions that this rapid pace of hardware growth may not be sustained in the latter half of 2023. 

Furthermore, it is noteworthy that all major metal AM technologies, including Powder Bed Fusion, Directed Energy Deposition, Metal Binder Jetting, and Bound Metal, are projected to see growth rates in the range of 18 per cent to 24 per cent for the year 2023.

The report offered a long-term outlook for metal additive manufacturing markets, complete with market tracking and forecasting data covering hardware, materials, print services, and metal AM part production metrics. 

The data is segmented by vendor, geography, technology type, and applications, with forecasts extending to 2032.

The report profiles and considers various companies in the metal AM industry, including EOS, GE Additive, Velo3D, SLM Solutions, Trumpf, Farsoon, Renishaw, 3D Systems, EPlus3D, AddUp, Additive Industries, BLT, 6K Additive, IperionX, Carpenter, among others.