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Global Aerospace 3D Printing Market 2021: By Material Type (Plastics, Metals, Ceramics, Others), By Form (Filament, Powder, Liquid), By Printer Technology (Stereolithography (SLA), Fusion Deposition Modelling (FDM), Direct Metal Laser Sintering (DMLS), Selective Laser Sintering (SLS), Continuous Liquid Interface Production (CLIP), Others), By Application (Engine, Structural, Space Components), By Vertical (Aircraft, UAV, Spacecraft)Global Aerospace 3D Printing Market Drivers, Trends, Industry Analysis, Applications, and Global Forecast 2019 to 2028 – is a recent detailed report created by Trusted Business Insights. The target market report has been divided on the basis of material type, form, printer technology, application, vertical, and region/ country.Request Covid - 19 Impact The Global Aerospace 3D Printing market size was valued at USD $1753.34 Million in 2020, USD $2188.17 Million in 2021, forecasted to reach USD $2730.84 Million in 2022, and is projected to reach USD $15850.69 Million by 2030, and is anticipated to expand at a CAGR of 24.8% over the forecast period from 2020 to 2030.
Aerospace 3D Printing: Overview3D printing, also known as additive manufacturing, is a process of creating 3D objects from a given digital file. The technology has made the manufacturing process faster, cheaper and simpler. Also, with the incorporation of all components into one structure, the need for external joints, fasteners or adhesives has been excluded.
Aerospace 3D Printing Market Growth Factors, Hindering Factors, and TrendsDevelopment of new-generation aircraft with higher fuel efficiency, lightweight and faster speed will require adoption of newer and enhanced technologies such as 3D printing. This is a key factor expected to drive market growth. In addition, various companies are investing and making strategic agreements in order to produce materials to make aerospace components. For instance, companies such as Lockheed Martin Corporation and Arconic have decided on a two-year joint development agreement (JDA) to develop next-generation materials. 3D printing enables efficient use of raw materials with higher production accuracy, which is another key factor fueling market growth. Rapidly growing aircraft production, commercial as well as defense aviation, is a supporting factor for the target market. Increasing military and defense spending by governments of various countries is expected to fuel demand for heavy and lightweight aircraft owing to rising political tension and conflicts, and military operations in various regions – especially in countries in the Middle East & Africa. Moreover, increasing number of space shuttle and satellite launches, coupled with the increasing number of private organizations foraying into the aerospace sector in order to increase brand image and expand market footprint and product portfolio. For instance, Airbus SE – a prominent manufacturer and distributor of aircraft – reported it received 1,109 orders for aircrafts in 2017, which is an increase of 1.9% as compared to that of 2010, wherein the company had bagged 574 orders. In addition, The Boeing Company – a prominent manufacturer and distributor of aircraft – reported it received 887 orders for aircrafts in 2017, which was an increase of over 1.6% as compared to that in 2010. Adoption of this technology is expected to be a boon for the aerospace industry which is facing certain challenges such as high cost of 3D printed manufacturing, robust competition along with environmental performance restrictions. These are factors that could hamper global market growth.
TrendMacro trend observed in the market is that the companies are adopting ULTEM materials for producing aerospace components, due to appropriate properties such as heat resistance and high strength. This FDA approved material can withstand high temperatures such as hot water and steam and can operate smoothly in high-temperature environments. Thus, such advancements like use of ULTEM materials is a factor that is anticipated to gain traction and provide future growth opportunities as well for major players in the market in the years to come.
Analysis by Regional MarketsCurrently, the Asia Pacific market records for the highest share in terms of value and aircraft production in the global market. Additionally, it is projected that the Asia Pacific market will continue to lead over the 10-year forecast period. The North America market and Europe market are expected to witness higher growth rates in the market over the 10-year period. Approval from Federal Aviation Administration (FAA) as well as the European Aviation Safety Agency (EASA) for using 3D printing commercial jet engines is a major supporting factor for the market in both the regions. For instance, US-based GE Aviation has already started 3D printing enabled production of engine components.
Below are the leading companies profiled in this Aerospace 3D Printing Market Report:
Chapter 1 Methodology and Scope