Increase in demand for lightweight and durable aerospace components and simplification of intricate design with rapid prototyping and customization fuel the growth of the global aerospace 3D printing market.
PORTLAND, Ore., March 23, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Aerospace 3D Printing Market by Printing Technology (Selective Laser Sintering (SLS), Selective Laser Melting (SLM), Binder Jetting, Fused Deposition Modeling (FDM), Stereolithography (SLA), and Others), Platform (Aircraft, Unmanned Aerial Vehicle (UAV), and Spacecraft), Application (Production and Pre-production & Post-production), Delivery (Product and Service) and Offering (Hardware (Printer and Material (Metal & Ceramics (Titanium, Aluminum, Steel, and Others), Thermoplastics (Polycarbonate (PC), Acrylonitrile Butadiene Styrene (ABS), Nylon/Polyamide, Fiber, and Others))), and Software): Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global aerospace 3D printing industry was estimated at $1.38 billion in 2020, and is anticipated to hit $6.80 billion by 2030, registering a CAGR of 18.4% from 2021 to 2030.
Drivers, restraints, and opportunities-
Rise in demand for lightweight and durable aerospace components and simplification of complex design with rapid prototyping and customization drive the growth of the global aerospace 3D printing market. On the other hand, limited regulatory Infrastructure and high initial investment & peripheral costs restrain the growth to some extent. However, technological advancements & material innovation and growing demand for cloud based 3D printing services are anticipated to create lucrative opportunities in the industry.
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Covid-19 Pandemic-
- The outbreak of the pandemic gave way to significant drop in the global passenger traffic, and the demand for new air traffic also experienced a steep decline, especially during the initial period, thereby impacting the global aerospace 3D printing market negatively.
- However, the market is projected to get back on track soon.
The binder jetting segment to maintain the dominant share-
Based on printing technology, the binder jetting segment held the major share in 2020, generating more than one-fourth of the global aerospace 3D printing market. The same segment is also projected to cite the fastest CAGR of 19.9% during the forecast period, owing to its vast scope of application in the aviation and space industry.
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The production segment held the highest share in 2020-
Based on application, the production segment held the highest share in 2020, generating nearly three-fourths of the global aerospace 3D printing market. The same segment would also cite the fastest CAGR of 18.7% from 2021 to 2030. This is due to the technological advancement and process optimization practice in the aerospace additive manufacturing space, minimizing the need for other operations.
North America held the major share in 2020-
Based on region, the market across North America accounted for the major share in 2020, contributing to more than one-third of the global aerospace 3D printing market. Developing market with the established industry players boosts the market growth. Asia-Pacific, simultaneously, is expected to cite the fastest CAGR of 20.5% throughout the forecast period. Rising demand for aircrafts over the coming years and aggressive government initiatives to establish indigenous capabilities drive the market growth.
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Prominent market players-
- Liebherr
- Stratasys Ltd.
- Materialise NV
- EOS GmbH
- Markforged
- 3D Systems Corporation
- Hoganas AB
- Honeywell. General Electric
- Exone
- Renishaw PLC
- Norsk Titanium
- SLM Solution
- TrumpF,
- Envisiontec, Inc.
- Prodways
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