Metal 3D Printing Market Size, Share, Growth Analysis, By Component(Hardware, Software, and Services), By Technology(Selective Laser Sintering, Direct Metal Laser Sintering, Inkjet printing, Electron Beam Melting), By Software(Design Software, Inspection Software, Printer Software, and Scanning Software), By Application(Prototyping, Tooling, and Functional Parts), By Printer Type(Desktop Metal 3D Printer, and Industrial Metal 3D Printer), By Vertical(Desktop Vertical, and Industrial Vertical), By Region - Industry Forecast 2024-2031

Metal 3D Printing Market size was valued at USD 5.12 Billion in 2021 and is poised to grow from 6.36 billion in 2022 to 35.33 billion by 2030, growing at a CAGR of 24.2% during the forecast period (2023-2030).

Metal 3D printing is one such industry that the demand for quick prototyping and cutting-edge production methods has grown. The sector is anticipated to increase extraordinarily during the projection period as a result of the rising application of additive manufacturing across many different company sectors. The worldwide market is consolidating more and more as a means of staying ahead of the competition. One advantage of increased innovation, that is a significant growth factor for this market, is the usage of metal 3D printing in heavy industry applications.

A major growth-promoting aspect is the rising use of metal 3D printers for prototype and product design, together with their lower cost of production and high level of precision. The healthcare, automotive, & aerospace and defense industries are expected to generate the most of the market's high demand. The healthcare industry is evolving rapidly to address physical limitations and promote healthy living, which is encouraging it to adopt new cutting-edge techniques like 3D printing.

Furthermore, industries such as aerospace and automotive, where prototyping and design play a crucial part in research and development to attain perfection in their production, are leading to larger potential and increasing acceptance of the 3D printing technique.

However, the adoption of the technology of additive manufacturing is being hampered by the widespread misunderstandings small and medium-scale firms have about the prototype procedures. Instead of attempting to comprehend the benefits and benefits of prototyping, businesses involved in design, especially small and medium-sized organizations, are hesitating before considering expenditures in prototyping as responsible investments.

These businesses generally hold the belief that prototypes are only a costly stage before manufacturing. Such misconceptions about prototypes, in addition to a lack of technical expertise and an impending shortage of standardized process controls, are anticipated to restrain the market's expansion.

The COVID-19 pandemic outbreak has had a major effect on the world economy as a whole and, consequently, the 3D printing sector. In the beginning, Europe and Asia-Pacific were among the areas with the greatest number of COVID-19 patients worldwide. Additionally, things became worse over in the United States. The governments released an order for the total lockdown of some important cities due to the virus' quick spread.

Production in the 3D printing sector is affected by the lockout as a whole. This is attributable to the country's severe labor shortage and total disruption of logistics and production systems. The first & second quarters' total market growth were negatively impacted by the 3D printing industry's production standstill.

US Metal 3D Printing Market is poised to grow at a sustainable CAGR for the next forecast year.