COVID19 is causing worldwide economic recession and new developments in the markets. The economy is currently recovering from the effects of the pandemic, which means that the 3D printing market is also growing again. Indian company Objectify Technologies has published an analysis of the titanium 3D printing market.
The demand for 3D printing materials in various sectors like healthcare, automotive, etc. is expected to boost the growth of 3D printing and manufacturing market across the globe during the forecast period. Titanium powder is a common material used in metal 3D printers. It has many advantages compared to other materials. For example, titanium is lightweight, does not produce strong fumes during production and allows a high-quality finish,
Titanium alloys are widely used in the medical, aerospace, automotive, dental, and consumer goods industries.
Titanium powder used in metal 3D printing is highly resistant to heat, corrosion and galvanic reactions. It is also widely used in laser cutting, material processing, and biomedical applications.
3D printing market trend
The growth of the 3D printing services market is being driven by increasing personalization in various industries. According to Technavio, a global technology research and consulting firm, by 2021, a quarter of US online consumers will be searching for customized products. This rise in consumer interest will boost the growth of the global 3D printing services market during the forecast period.
According to Technavio’s latest market report, the 3D printing services market is expected to grow by $8.77 billion at a CAGR of 17.45% from 2021 to 2026. Titanium is expected to register a 28.42% annual growth. A good development is also expected in aluminum and nickel materials, as demand remains strong in the aerospace and automotive industries.
The metal 3D printing market can be segmented into regions such as North America, Europe, Asia Pacific, and the rest of the world. The demand for 3D printing of metals in Asia Pacific (APAC) is relatively higher than in other regions. 60% of the market growth will come from the Asia Pacific region during the forecast period. China, Japan, India and South Korea are the main markets for 3D printing services in the Asia Pacific region.
Increasing investments in the construction, healthcare, manufacturing and consumer electronics sectors in the region are expected to drive the expansion of the 3D printing market during the forecast period. China is one of the largest consumers and producers of metal 3D printing in general.
3D printing is not a prevalent industry in India. However, in recent years, several innovative 3D printers have been launched in the Indian market. Several government initiatives have been launched to encourage young entrepreneurs and innovators to switch to additive manufacturing technology.
Challenges in the 3D printing market
According to Objectify Technologies, the biggest challenges to the growth of the global 3D printing market are the high costs of industrial metal 3D printers and the operation of industrial 3D printers. Another cost factor is the materials used. The Indian company costs $1,000 per pound of titanium powder. The high cost and operation of 3D printers will discourage many potential companies from adopting 3D printing technology. This will curb the growth of 3D printing services during the forecast period.
Objectify Technologies assumes that titanium will play an important role in 3D printing not only in India but also globally in the future.