Business

In-Depth analysis of aerospace 3D printing market

3D printing of components has the potential to change how businesses create new goods, including components for the aerospace and defense industries. With a clear value proposition and the capacity to produce parts that are stronger and lighter than those manufactured using conventional manufacturing, the aerospace and defense sector is a wonderful illustration of the use of additive manufacturing (AM). 3D printing technology has advanced, and it is now capable of creating intricate components out of a number of materials, such as titanium, steel, aluminum, and many kinds of plastics.

The market for aerospace 3D printing will grow rapidly, with a CAGR of 20.23%, from its current value of $1.76 billion in 2021 to $9.23 billion by 2030.

The creation of end-use items and the lowering of warehouse space requirements are all achieved using 3D printing in aviation manufacturing. The technology is also being applied to aerospace 3D printing to cut down on emissions from commercial air travel.

Market Dynamics

Drivers

One of the key drivers for the Aerospace 3D Printing Market Forecast is the surge in air travel and the rising demand for popular aircraft like the B787 and A320. For instance, according to Captain Paolo La Cava, managing director of Etihad Aviation Training, air traffic is fast rising, and with it, so is the demand for pilots and aviation experts. Additionally, Etihad Airways in Abu Dhabi has seen tremendous development in its pilot training section due to the rising popularity of the A320 and B787 airbuses. The aforementioned key aspects will aid the expansion of the market. Additionally, the growth of the satellite business and technological developments in 3D printing will fuel the need for 3D printing in the aerospace sector.

Restraints

The primary obstacle to the aerospace 3D printing sector will be the cost of the components. Additionally, 3D printing is still not widely used to print using a variety of materials. Additionally, the majority of 3D printing materials are not biodegradable or safe for consumption.

Opportunities

Governments worldwide are increasing their funding for 3D printing in the aircraft industry to enable further developments of these technologies due to the high demand for different 3D printing technologies and their quicker production times. This, in turn, will create plenty of opportunities for overall market growth in the future.

Market Segmentation

Based on Offerings, the industry was ruled by the “Printers” category in 2020, which held a market share of about 39.23%. The global need for low-cost bespoke printing and production is what is causing this industry to grow at such a rapid rate.

In terms of technology, the Fusion Deposition Modeling (FDM) sector ruled the entire market in 2020. One of the key aspects driving the overall growth of this category is the capacity of this technology to make complicated structures with various textures, thicknesses, and colors.

By Platform, the ‘Aircraft’ category accounted for roughly 79.23% of the market in 2020, which was the greatest share. The overall expansion of this market is being driven by factors like the demand for lightweight, cost-effective aircraft and its quick fabrication of complicated parts.

According to End Products, the “Engine Components” category considerably dominated the market with the largest share in 2020. Enhanced strength, simplicity of designing, lightweight, strong endurance of the generated components, and cost-effectiveness are some of the key aspects that considerably propel the total expansion of the aerospace 3D printing industry.

Due to the increasing acceptance of 3D printers and improvements in 3D printing technology in manufacturing processes across industries globally, the “Functional Parts” segment held the highest share of the market.

Regional Analysis

By region, North America held the greatest market share in 2020, accounting for over 45.72% of the total market, with a total CAGR of 18.73% from 2020 to 2030. The aerospace industry’s primary manufacturing base is in the United States. A key factor fueling the market’s overall expansion in this region is the increasing use of 3D printing technology to produce intricate and lightweight 3D components.

Due to the increase in OEMs and Tier 1 players’ efforts to take market share away from nations like China and India, the Asia-Pacific (APAC) region experienced the quickest rate of growth over the course of the forecasted period.

Key Players

  • EOS GmbH
  • Norsk Titanium AS
  • Stratasys Ltd.
  • 3D Systems Corporation
  • Ultimaker B.V.
  • Arcam AB
  • EnvisionTEC GmbH
  • Aerojet Rocketdyne
  • The Exone Company
  • Safran S

The market for aerospace 3D printing will grow rapidly, with a CAGR of 20.23%, from its current value of $1.76 billion in 2021 to $9.23 billion by 2030. The demand for lightweight and durable components in the aircraft industry is rising. Other reasons driving the growth of the aerospace 3D printing market include the simplicity of complex designs, the ease of prototyping, and quick customization.

LEAVE A RESPONSE

Your email address will not be published. Required fields are marked *