Growing Demand in the Automobile Industry to Create Opportunities for the Global Metal Additive Manufacturing Market Through 2020, Reports Technavio
By Business Wire News
By Business Wire News
The research study covers the present scenario and growth prospects of the global metal additive manufacturing marketfor 2016-2020. The report also lists aerospace, healthcare, tools and mold, academic institutions, automotive and others as the major segments where metal additive manufacturing technology is used.
Technavio chemicals and materials analysts highlight the following four factors that are contributing to the growth of the global metal additive manufacturing market:
- Increase in use of metal additive manufacturing in industrial applications
- Rise in production of direct parts
- Growing demand in automobile industry
Increase in use of metal additive manufacturing in industrial applications
Metal additive manufacturing helps produce complex shapes at a shorter lead time. Therefore, it is widely employed for prototyping. Various industrial end-users are service bureaus, research institutions, and the aerospace industry. Some of the highly valued and advanced products from metal additive manufacturing are aero engines and turbine components. “The market in the aerospace segment is foreseen to grow significantly at a CAGR of over 29%, owing to the rising demand for engine and system components. In addition, the tool and mold making segment is also growing rapidly, contributing to the market growth during the forecast period,” says Chandrakumar Badala Jaganathan, a lead analyst at Technavio for additives, adhesives, and sealantsresearch.
Rise in production of direct parts
Direct parts accounted for approximately half of the total revenue generated by the metal additive manufacturing market in 2015. The sales of metal additive manufacturing systems are increasing due to the growth in direct parts production. These parts can be produced by powder bed fusion, directed energy deposition, binder jetting, and sheet lamination.
The production of direct parts is increasing as by using a complex single component, the number of items in a single assembly can be reduced. These parts need little or no tooling. In addition, they are light weight and reduce wastage of material as the parts are produced directly from CAD data. These direct parts are used by various industries, including aerospace, dental, and medical.
Manufacturers across various industries are focusing on providing customized products using innovative technologies. Metal additive manufacturing offers flexibility for producing complex structures and building metal objects directly, making it an efficient alternative to conventional processes such as casting and forging.
Additive manufacturing enables automobile manufacturers to distinctly design and customize cars. Ford allows its customers to choose certain aspects of a vehicle. BMW also provides an option of customizing metal accessories.
In the healthcare industry, metal additive manufacturing is used to customize implants and devices. For instance, Walter Reed National Military Medical Center uses additive manufacturing for producing customized cranial plates and cutting guides for bone drafts.
Growing demand in automobile industry
The global automobile industry is expected to grow at a rapid rate during the forecast period. Economic revival in the US and Europe has led to growth in the automobile market. This recovery has resulted in increased employment, higher per capita income, and easy credit facilities, which have, in turn, boosted consumer buying power and business sentiments. This will compel automotive manufacturers to increase their production capacities either by installing new capacity or by expanding the existing ones.
“The growing demand from consumers for lightweight, faster, and fuel-efficient vehicles will drive the demand for metal additive manufacturing, especially in countries such as Germany, Japan, China, and India,” says Chandrakumar.
Browse Related Reports:
- Global Aerospace Additive Manufacturing Market 2015-2019
- Global Lubricant Additives Market 2015-2019
- Global Abrasives Market 2016-2020
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Technaviois a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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