One of the recent developments in the additive manufacturing with metal powders market comprises the strengthened partnership between the Fraunhofer Institute for Manufacturing Technology and Advanced Materials and the ExOne Company. The deal, which was inked in September 2021, was mainly focused on binder and materials development projects.
An increase in the adoption of such initiatives by major industry players comprising Ping, 3D Systems, Phenix Systems, Trumpf, Plunkett Associates, Renishaw, Optomec, Matsuura Machinery, and others is anticipated to impel the business growth over the forthcoming years.
As per the latest research conducted by Global Market Insights Inc., the global
size is estimated to surpass USD 1,825 million by 2030. Some of the prominent steps taken by industry contenders include mergers, acquisitions, and product developments. Many companies are also participating in trade conferences for enhancing their business prospects.
Here are some of the key trends that are slated to drive industry expansion over the ensuing years:
1# Launch of various programs
Several companies are launching programs and initiatives for strengthening their industry foothold. Considering an instance, in May 2022, GE Additive announced the membership of Kennametal Inc., in its Beta Partner Program. Through this program, Kennametal would advance its Binder Jet printing capabilities in cemented tungsten carbide to continue scaling its metal additive manufacturing solutions.
2# Increase in research activities in the APAC region
Asia Pacific additive manufacturing with metal powders market share surpassed USD 62.5 million in 2021 and is estimated to expand at a CAGR of 21.5% through 2028. The upsurge can be credited to an increase in research activities by various organizations.
Quoting an instance, in April 2022, a research team at the Indian Institute of Science (IISc) identified an alternative technique for the production of metal powders. The method is anticipated to have interesting implications for additive manufacturing processes in general, comprising areas like manufacturing of biomedical implants.
3# Escalation in aerospace innovation
The increasing adoption of various agreements in the aerospace sector by several market players is expected to accelerate additive manufacturing industry expansion. Citing an instance, in March 2022, 6K Additive and Morf3D announced their collaboration for the qualification of metal powders for additive manufacturing.
The partnership will facilitate the approval of 6K Additive’s metal powders for usage by Morf3D’s aerospace and defense applications. An escalation in such initiatives is slated to drive industry expansion.
The forthcoming years are anticipated to register an increase in product demand owing to a rise in healthcare spending, expanding medical sector, and escalating vehicle production. An increase in technological advancements will allow the production of high-quality solutions with new ingredients such as organic materials, metals, ceramic, and plastics. Additional factors impelling additive manufacturing with metal powders market growth comprise the increasing tooth replacement demand and the rising number of dental injuries on account of road accidents.