The global 3D printing metal market is expected to reach USD 2.36 billion by 2028, expanding at a CAGR of 25.7% over the forecast period. The market growth is attributable to the cost-effectiveness of 3D printed parts, reduced lead times, and the development of complex parts during production. In November 2018, Lockheed Martin, a U.S.-based global aerospace & defense company, announced that due to 3-dimensional printed parts, there was a reduction in the price of its F-35 Full Mission Simulator unit and led to the savings of nearly USD 45 million. Various venture-backed companies are working on developing low-cost production techniques and affordable 3-dimensional printing applications. The rising number of small-scale companies along with the increasing adoption of 3D printed parts by OEMs is projected to play a crucial role in the market growth. In terms of revenue, the medical & dental application segment is projected to grow at the fastest CAGR from 2021 to 2028. Rising awareness about health, the development of new alloys for medical applications, and the ability of 3-dimensional printing to customize the parts are projected to be the key factors driving the growth of this segment.

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