The global aerospace 3D printing market size stood at USD 2.66 billion in 2021. The market is anticipated to rise from USD 2.94 billion in 2022 to USD 8.35 billion in 2029, at a 16.07% CAGR during the forecasted period. Fortune Business Insights™ has deep-dived these inputs in its latest research report, titled, “Aerospace 3D Printing Market, 2022-2029.”
According to the study, surging demand for low-weight components will drive innovations across emerging and advanced economies. For instance, carbon fiber materials and shape memory alloys have become trendier to minimize aircraft’s weight. With the need for fuel-saving gaining prominence, industry players will continue to invest in the portfolio.
Plunge in Aircraft Manufacturing Challenged Industry Growth
End-users strived to overcome challenges emanating from the COVID-19 pandemic, largely due to a shortage of raw materials and a dip in aircraft manufacturing. Although companies, such as Stratasys, contemplated producing medical equipment for hospitals, the customer base grappled with boosting the financial commitment. Meanwhile, robust government policies and investment in cutting-edge R&D could play a pivotal role in surmounting complexities stemming from the pandemic.
The report offers a comprehensive perspective of the market size, share, revenue and volume. It has deep-dived into SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the market. The primary interviews validate assumptions, findings and the prevailing business scenarios. The report also includes secondary resources, such as annual reports, press releases, white papers and journals.
Material Segment to Gain Traction from Rising Demand for High strength-to-weight Ratio Materials
In terms of vertical, the market is segregated into material and printer. The material segment could account for the highest share of the global market. The growth is partly attributed to the strong demand for high strength-to-weight ratio materials.
Aircraft to Exhibit Profound Demand Due to Rising Footfall of 3D printed Parts
With respect to industry, the market is segmented into spacecraft, aircraft and UAV. The aircraft segment will contribute a significant CAGR towards the global market, partly due to the need for equipment deliveries and the demand for 3D printed parts.
Space Component to Depict Strong Demand Due to Rising Number of 3D Printer Deliveries
On the basis of application, the market is classified into space component, engine component and structural components. Stakeholders expect the space component segment to boost industry growth in the wake of a surging number of aerospace 3D printer deliveries for space components.
Fused Deposition Modeling (FDM) to be Sought-after for Efficiency
Based on the printer technology, the industry is divided into Fused Deposition Modeling (FDM), Stereolithography (SLA), Direct Metal Laser Sintering (DMLS), Continuous Liquid Interface Production (CLIP), Selective Laser Sintering (SLS) and others. The fused deposition modeling segment will grow due to increased efficiency and money-saving attributes.
Drivers and Restraints
Strong Demand for Composite Materials to Boost Industry Growth
Aerospace 3D printing market growth will be pronounced during the forecast period, largely due to bullish demand from composite materials. Expanding applications, such as wing assemblies, beech starship, propellers and helicopter rotor blades, will augur well for the industry growth. Besides, additive manufacturing will gain impetus in space applications. An upsurge in research and development activities will encourage investments in the ensuing period. Prominently, the European Space Agency (ESA) is contemplating 3D printing their base on the moon, auguring well for the industry outlook. However, increased time consumption and the high cost of parts could dent the industry growth.
North America to Provide Lucrative Opportunities with Bullish Adoption of Additive Manufacturing
The trend for additive manufacturing will continue to receive traction across the U.S. and Canada over the next few years. The growth mainly attributes to the rising demand for space exploration and aircraft programs. North America market size stood at USD 1.17 billion in 2021 and will witness a similar trend on the back of the strong adoption of aerospace 3D printers across the region.
Asia Pacific aerospace 3D printing market share will be robust against the backdrop of increased adoption of aerospace 3D printers across Japan, China and India. Moreover, leading players will continue to exhibit an exponential demand for small components in space and aircraft systems.
Industry participants expect Europe to contribute notably toward the global market in the wake of the rollout of advanced technologies across the region. Advanced economies are poised to invest in aircraft programs to boost their portfolios across untapped areas.
Stakeholders Prioritize Strategic Approaches to Boost Penetration
Prominent players could inject funds into mergers & acquisitions, product rollouts, technological advancements and R&D activities. Besides, major companies could invest in innovations and product offerings in the ensuing period.
Notable Industry Development
- March 2022 – Relativity Space Inc is gearing up to build an entire rocket using state-of-the-art 3D printing technology.
Major Players Profiled in the Market Report:
- 3D Systems (U.S.)
- Stratasys (Israel)
- Materialise (Belgium)
- EOS GmbH (Germany)
- General Electric Company (U.S.)
- CleanGreen3D (Mcor Technologies Limited) (U.S.)
- Ultimaker BV (Netherlands)
- Proto Labs, Inc. (U.S.)
- Relativity Space (U.S.)
- The ExOne Company (U.S.)
- Voxeljet AG (Germany)
- Velo 3D (U.S.)
- SLM Solutions Group AG (Germany)
- EnvisionTEC (U.S.)
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –
Mahalunge Road, Baner, Pune-411045,
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: [email protected]