The additive manufacturing technology has gained high traction to initiate a revolution in the aviation industry. The major aviation and aerospace companies such as Boeing and Lockheed Martin have invested heavily through early-stage ventures for leveraging the benefits of additive manufacturing hardware, software, and materials. Large-scale additive manufacturing machines capable of printing mission-critical metal components through part consolidation of new-generation aircraft will offer remunerative opportunities for the market growth.
According to a recent report published by Allied Market Research, titled, “Aerospace 3D Printing Market by Printing Technology, Platform, Application, Delivery, and Offering: Global Opportunity Analysis and Industry Forecast, 2020–2030,” the global aerospace 3D printing market was valued at $1.38 billion in 2020, and is projected to reach $6.80 billion by 2030, registering a CAGR of 18.4% from 2021 to 2030.
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Asia-Pacific dominates the market, followed by North America, Europe and LAMEA. U.S. dominated the global aerospace 3D printing market share in 2020, whereas China is expected to grow at a significant rate in the aerospace 3D printing market during the forecast period.
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 industry size. 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.
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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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
The software segment is expected to have a notable market share overcoming yours through recognition of new revenue streams. Predictive modeling, which can be leveraged through comprehensive software platforms enables OEM to ensure first-time quality and scale, eliminating manufacturing errors and last-minute design changes. The recognition of this methodology has led to the establishment of several software-based companies for additive manufacturing processes.
By printing technology, the aerospace 3D printing market is segmented into selective laser sintering (SLS), selective laser melting (SLM), binder jetting, fused deposition modeling (FDM), stereolithography (SLA), and others. The binder jetting segment is expected to witness the highest growth potential over the coming year, due to its vast scope of binder jetting technology in the aviation and space industry. On the basis of platform, the market is categorized into aircraft, unmanned aerial vehicles (UAV), and spacecraft. The aircraft segment will witness the highest market share during the forecast timeframe, due to the maturity of the industry vertical.