Additive Manufacturing Market in Aerospace Industry Gaining Prominence | Leading Players: 3D Systems, EOS, ExOne, Stratasys, Carpenter Technology, Concept laser and Optomec

Market Highlights:

Additive manufacturing is a process that can build a three-dimensional object based on a CAD digital model. AM uses an 'additive' process, where an object is built by applying materials in successive layers as per the CAD design. Unlike the conventional manufacturing, which involves 'subtractive' process (e.g., cutting, drilling, milling) and forming (bending, shaping), the AM process requires minimum or no tooling to build the finished product.

The global aerospace additive manufacturing market is anticipated to expand at a 20% CAGR from 2017 to 2023 (forecast period), according to a report by Market Research Future (MRFR). Additive manufacturing (AM) or 3D printing refers to process or processes used in manufacturing three-dimensional objects. Demand for economically-priced materials to combat the expensive nature of raw materials used in producing components is expected to drive market growth during the forecast period.

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Major Key Players

3D Systems (U.S.),
Arcam AB (Sweden),
EOS (Germany),
ExOne (U.S.),
Stratasys (U.S.),
ATI (U.S.), and Carpenter Technology (U.S.),
Concept laser (U.S.),
CRP Technology (Italy),
Optomec (U.S.),
Proto Labs (U.S.), Renishaw Plc. (U.K.), SLM Solutions (Germany), and Voxeljet (Germany) are among others.

Metal Additive Manufacturing Gaining Prominence

Metal additive manufacturing is attracting the attention of various industry leaders owing to its capacity to produce various components with functional use. Government agencies are adopting the technology to reduce their dependence on raw material suppliers. For instance, the U.S. Airforce has commenced research into 3D printing for producing metal replacement parts for legacy aircraft. It has also invited suggestions from industry leaders such as the Northrop Grumman Corporation

Weight reduction is a key necessity in modern aircraft design as it helps to reduce fuel consumption and CO2 emissions. AM can create parts that are lightweight while also reducing the consumption of materials used, in comparison to the conventional manufacturing techniques. AM provides with the possibility to manufacture on-site, as and when required. It simplifies and shortens the manufacturing supply chain. AM also contributes to reduce or eliminate tooling, welding, inventory and entire assembly lines. AM also provides with the ease of manufacturing for complex parts and increased design freedoms. Increased utilization and acceptance of AM in the aerospace industry has further accelerate the growth of the market.

Segmentation
For the convenience of the report and enhanced understanding; The Aerospace Additive Manufacturing Market is segmented in to 2 key dynamics
Segmentation by Technology: 3D Printing, Laser Sintering, Stereo Lithography, Fused Deposition Modeling, and Electron Beam Melting.
Segmentation by Regions: Comprises Geographical regions - Americas (North & Latin)
, Europe, APAC and Middle East & Africa.

Region Analysis
The US is the single largest market for AM industry worldwide. The US leads in production and sales of industrial grade AM machines. Major AM systems producers such as Stratasys and 3D Systems are also based in the US, which have pushed the innovation in AM technology and have helped to increase the adoption of AM.

US also has an advanced aerospace manufacturing base and spends a substantial amount on large R&D projects. However, the traditional manufacturing base are slowly shifting towards the APAC region, because of competitive and low-cost manufacturing capability in APAC. AM provides an important opportunity to the US to develop the high-tech manufacturing capability, and revive the competitiveness and market potential of the US manufacturing industry. Despite the current limitations of AM in terms of large scale production capability, AM provides unique opportunities to the aerospace sector, mainly to produce low-volume, and highly complex products.

Many companies have realized the superior benefits of AM in comparison to the conventional manufacturing, and have employed AM to achieve supply chain efficiencies, and reduced time-to-market. As a result, AM has received the much needed attention in policy as well as manufacturing circles in the US.

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This release was published on openPR.