LONDON--(BUSINESS WIRE)--The metal additive manufacturing market is expected to grow by USD 4.42 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
Metal additive manufacturing is increasingly becoming popular among automobile manufacturers across the world. This is because additive manufacturing helps automakers to build stronger and lighter parts within a short period. The technology is now widely adopted by various formula 1 teams, including Scuderia Ferrari, Williams Martini Racing, and Mercedes-AMG Petronas to produce lighter components such as rear wings, gearbox assemblies, and bodywork to improve the performance of their cars. Many supercar manufacturers are also adopting metal additive manufacturing to reduce overall cost, lead time, and weight. Therefore, the rising adoption of metal additive manufacturing in the automobile industry is expected to fuel the growth of the market during the forecast period.
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As per Technavio, the rise in R&D activities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Metal Additive Manufacturing Market: Rise in R&D Activities
The rising competition in the market is compelling market vendors to increase their R&D efforts to introduce new and innovative products. For instance, in October 2019, Stratasys launched durable temperature and chemical-resistant FDM thermoplastics. The company introduced new materials for use in the metal additive manufacturing process such as Antero 840CN03 for the Stratasys Fortus F900 3D printer and Diran 410MF07 and ABS-ESD7 for the Stratasys F370 3D printer. Such developments are expected to boost the growth of the global metal additive manufacturing market during the forecast period.
“Shift in preference for vertical integration and the increase in strategic alliances will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Metal Additive Manufacturing Market: Segmentation Analysis
This market research report segments the metal additive manufacturing market by application (aerospace, healthcare, tools and mold, automobile, and others) and geographic landscape (APAC, Europe, MEA, North America, and South America).
The North America region led the metal additive manufacturing market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the rising demand for dental implants in the healthcare industry in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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