Additive Manufacturing Market in Aerospace Industry 2018 Global Emerging Players: Stratasys, EOS, GE Additive, 3D System, ExOne, Arcam AB, ATI, CRS Holdings Inc., Concept Laser, CRP Technology S.R.L, SLM Solutions, and Optomec

Market Snapshot

The technological affinity of additive manufacturing (AM) has grown beyond all expectations, successfully capturing an important position in one of the largest manufacturing domain – aerospace. AM has gained considerable traction in the aerospace sector and is likely to find more application opportunities in the future. The global market for aerospace additive manufacturing is expected to soar at a compound annual growth rate of 20.24% between 2018 and 2023.

The aerospace sector continues to seek manufacturing solutions that can address the issues arising from a combination of factors, which include new environmental polies, increased air travel and focus towards improving modern aircraft structures. Aircraft manufacturers are striving to develop lighter aircraft components without compromising on durability, which remains a critical aspect. This is where AM becomes an important asset as it facilitates manufacturing of complex aerospace parts that were previously difficult to conceptualize. The aerospace sector shows massive interest in additive manufacturing and aims to leverage the technology to create value across all its sub-sectors.

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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.),
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) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global aerospace additive manufacturing market.

In 2017, the global aerospace additive manufacturing market was valued at USD 733.1 Mn and is anticipated to display a CAGR of 20.24% during the forecast period of 2018 to 2023. This projects substantial, and rapid growth over the assessment period and the market is expected to reach an estimated value of USD 2,202.1 Mn by the end of 2023.

Global concern for the environment is growing and has impacted the growth of various industries in an effort to reduce harmful effects to the environment. Modern aircraft design requires weight reduction to reduce fuel consumption and CO2 emissions. The aerospace industry is consistently looking to implement manufacturing methods which increase the efficiency of aircraft function while reducing fuel consumption, and pollution; this reduces operating costs and allows for an increase in profit margins, thus driving the demand for additive manufacturing processes. Additive manufacturing (AM) is utilized for making prototypes and parts at lower costs while keeping efficiency and lightweight features in mind. Additionally, AM processes are highly convenient as it offers the possibility to manufacture on-site based on a requirement which simplifies and streamlines the supply chain. The process contributes to the reduction or elimination of assembly lines, tools and the need to keep a large inventory of the finished product. For instance, GE now additively manufactures some of the hollows fuel nozzles for aircraft that it previously manufactured in pieces and assembled later. This process has thus reduced the product's supply chain for GE. The high efficiency and potential that AM processes offer are expected to drive the market with significant growth during the assessment period.

Regional Analysis

North America accounts for the largest share of the global market and is projected to grow at a rapid pace to experience the highest regional CAGR during the assessment period. The region has a strong presence of multiple leading market players who are pivotal in the development of the market and the associated technologies. The U.S leads the region's growth and has one of the highest production and sales of industrial AM machinery. The players in this region drive R&D activities which have been vital in the development of innovative AM technology and have increased the adoption of AM.

Europe accounts for the second largest market across the globe and is one of the leading markets for AM technology. The EU & member governments are highly supportive of the development of the AM sector in the region, and considerable efforts have been made towards the same. Subsidies and research & development activities are expected to help the region gain an edge over other regions in terms of technology in the aerospace industry during the assessment period.

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