Aerospace 3D Printing Market to Grow at Significant Rate until 2024
Posted by Robson Tolson on December 8th, 2021
Global aerospace 3D printing market was valued at around USD1411 million in 2019 and is poised to grow at CAGR of more than 15% by 2026 on account of traditional materials getting replaced with new high strength materials and lightweight, which is an effective way of meeting the goal of decreasing emissions, reducing material usage and increasing fuel efficiency. Additionally, increasing demand for reducing the overall weight of the aircraft to improve the fuel consumption is further fueling growth in the market. Moreover, 3D printing can be used to customize components and parts used in the aircraft industry by efficient use of the overall raw material with high accuracy, thereby promoting growth of 3D printing market. Complicated components can be easily made with the 3D printing technology with reduced errors. Growth of lightweight and fuel-efficient components has led to rise in engine application under material application segment, which is further anticipated to increase in the coming years.
Global aerospace 3D printing market can be segmented based on vertical, industry, material, printer technology and material application. In terms of vertical, the market can be bifurcated into printers and material. Material segment is anticipated to hold a major share of around 60% owing to increasing demand for materials possessing high strength to weight ratio for 3D printing technology. Based on the material application, 3D printing finds application in all the components and parts including engine, structural and space components. However, on account of increasing focus of companies on manufacturing engine components, the segment is posed to grow at impressive rate until 2026.
Regionally, the market for aerospace 3D printing is gaining traction and expanding to various regions including North America, North America, Europe, South America and Middle East & Africa. Among these regions, North America is the largest market of aerospace 3D printing. The growth of North America market is attributed to high adoption rate of 3D printing technology in aerospace industry. Presence of regional and leading players in the region backed by approval from Federal Aviation Administration (FAA) for the use of 3D printed parts in commercial aircraft, the market of North America is anticipated to grow at substantial rate through 2026.
Major players operating in the aerospace 3D printing market include Stratasys Ltd., The Exone Company, Materialise NV, Aerojet Rocketdyne, Ultimaker B.V., GE Additive (Arcam), MTU Aero Engines AG, Höganäs AB, 3D Systems Corporation, Envisiontec GmbH, EOS GmbH, Sandvik, etc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. Lockheed Martin Corp and Arconic entered into a two-year developmental agreement in order to develop customized lightweight material systems.
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About the AuthorRobson Tolson
Joined: February 21st, 2017
Articles Posted: 620
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