The Aerospace 3D Printing Market: Highlights
The Aerospace 3D Printing Market is projected to grow at an impressive CAGR of 22.3% during the forecast period. The aerospace industry has been witnessing a quantum of change in the technologies targeting lightweight products, high-quality products, low part cycle time, and to address supply chain bottlenecks. 3D printing is one of the most promising technologies, which efficaciously addresses most of these areas with minimal waste and at a reduced time. The process further has environmentally friendly attributes and solves the supply chain complexity efficiently.
Aerospace 3D Printing Market - Insights by Vertical Type:
The aerospace 3D printing market is segmented based on the vertical type as Materials and Printers. The materials segment is expected to witness a higher growth in the aerospace 3D printing market during the forecast period, owing to the usage of a wide range of materials to print engine and structural components. Furthermore, development of new materials to 3D print components to withstand high temperature and extreme environment is also likely to boost the growth of material segment in the years to come. Major aircraft manufacturers, such as Boeing and Airbus, are expediting the adoption of this technology to achieve faster production process, reduce wastage, and shorten supply chain.
Aerospace 3D Printing Market - Insights by Industry Type:
Aircraft segment is expected to be the growth engine of the 3D printing market during the forecast period. GE Aviation is one the major companie which has already started producing engine components in mass volumes using the 3D printing technology. Rolls-Royce is another engine manufacturer that has started making 3D-printed parts for its engines including Trent. Other major engine OEMs are also on the same path and have been working hard for the development of 3D-printed parts. Furthermore, increasing passenger traffic is creating a higher demand for new aircraft. Airlines are demanding lightweight aircraft in order to enhance their profitability. Major airframers are increasingly working for the development of advanced technologies including 3D printing to develop lightweight parts at a faster rate.
Aerospace 3D Printing Market - Insights by Application Type:
All three applications in the aerospace 3D printing market are expected to expand with significant CAGR over the next five years, owing to increasing aircraft deliveries coupled with growing penetration of lightweight materials and development of parts with high precision at reduced time. However, engine components segment is likely to witness the highest growth during the same period, driven by high focus of major engine manufacturers including GE and Rolls-Royce to develop engine parts of turbofan engines.
Aerospace 3D Printing Market - Insights by Region:
North America is expected to remain the largest market for aerospace 3D printing during the forecast period. The region is the world’s manufacturing capital of the aerospace industry with the presence of many large-to small-sized OEMs, tier players, 3D printers, and raw material suppliers. Major 3D printer manufacturers are also located in the region to cater to the growing regional demand for 3D printers as well as materials. Asia-Pacific is estimated to be the fastest-growing aerospace 3D printing market in the same period, primarily driven by increasing presence of OEMs and tier players to tap the growing demand from emerging economies such as China and India.
The supply chain of this market comprises raw material suppliers, 3D printer manufacturers, tier players, engine and aircraft OEMs, and end-users. The key players in the aerospace 3D printing market are MTU Aero Engines AG, Stratasys Ltd. , Ultimaker B. V. , 3D Systems Corporation. New product development, regional expansion, and long-term relation with customers are some of the key strategies adopted by the major players to gain a competitive edge in the market.