The 3D printing industry has been gaining ground in the manufacturing industry, with its application ranging from manufacturing personal protective equipment due to outbreak of COVID-19, bio-implants, surgical tools, nozzles for aircraft engines, and automotive parts, among other application areas.
One of the latest evidence, for instance, supporting the observation is the partnership between Ascent Aerospace and Titomic, which is expected to push the use of titanium metal in the aerospace industry. It is commonly known that Titanium superalloys material aids in the manufacturing of fuel-efficient planes for the aerospace industry. In early 2018, Additive Rocket Corp. also ventured into developing next-generation rocket engines by using 3D printing technology.
In addition, metal 3D printers are also deployed to develop unique metal parts for various equipment required by the Australian Army. These printers have been set up to overcome the current supply chain's challenges in delivering the required parts. Also, the United States Air Force installed a highly advanced machine learning software to assist its multi-laser metal 3D printing setup.
Based on these developments across the metal 3D printing market, analysts at BIS Research present the following insights on the impact of COVID-19 pandemic on the 3D printing market.
Impact of COVID-19 on the 3D Printing Market
Nationwide lockdowns across countries have been implemented to contain the impact of COVID-19. Consequently, this led to the disruption of the logistics and supply chain systems globally, also affecting the supply of materials for the 3D printing market. For instance, as per the import data 2018, the U.S. and Germany have been importing approximately 16.22% and 3.42%, respectively, of their total automotive parts from China and several other countries across the globe. As a result, the manufacturing and assembly process in the U.S. and Germany is threatened to be dampened, which hampers the metal 3D printing market in these two countries.
The metal 3D printing market is expected to witness sharp changes post the novel coronavirus pandemic, especially for end-use industries such as healthcare, automotive, and aerospace & defense. In some areas, the adoption rate is expected to decrease, while it is expected to increase in others. For instance, in the automotive industry, certain countries that were earlier dependent on others for several automotive parts can now develop their own with the help of metal 3D printing technology to sustain the demand for vehicles and their spare parts.
According to the recently published market intelligence on the global metal 3D printing market by BIS Research, the market is projected to grow at a CAGR of 24.41% during the forecast period from 2020 to 2025.
There are possibilities for several opportunities for companies operating in this market. For example, the requirement for high-quality products and an increasing number of applications across industries are some of the areas that can create business opportunities for the companies operating in the market.
Also, due to the inconsistent supply chain system, the delivery of raw materials and final spare parts, among others, is getting affected. Thus, more and more countries are expected to invest heavily in metal 3D printing solutions to boost the in-house production of parts required.
Besides, metal 3D printing technology offers several benefits, including custom designing, flexibility in the manufacturing process, reduction in production cost, and wastage. The custom designing of aspect is highly beneficial, especially in intricate and complex designs for parts being used for automotive and aerospace & defense industries.
Further, this technology's market growth is not just limited to one of two industries, but across industries wherever, metal parts are being used, including the healthcare industry. Thus, making this technology highly disruptive and beneficial both in present pandemic situations and post as well.