Aerospace 3D Printing Market at 22.3% CAGR during 2018 – 2023

Stratview Research has published a new research report on Aerospace 3D Printing Market. This extensive report by Stratview Research analyses the growth of Aerospace 3D Printing Market over the trend period of 2012 to 2017 and forecast period of 2018 to 2023 under the following segments -
● by vertical Type (material and printer)
● by Industry Type (aircraft, UAV, and Spacecraft)
● by Application Type (Engine Component, Structural Component,and Others)
● by Printer Technology Type (Stereolithography, Direct Metal Laser Sintering, and Others)
● and by Region (North America, Europe, Asia-Pacific, and RoW)

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Aerospace industry to witness a quantum change

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.

Currently, 3D printing accounts for a diminutive share in the total aerospace industry; however, it is expected to be the fastest-growing technology in the industry in the foreseen future. Both, aircraft manufacturers as well as engine manufacturers, have eagerly been relying on the technology in order to develop lightweight parts.

Materials segment to witness a higher growth

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.

Airlines are demanding lightweight aircraft

Based on the industry type, the aerospace 3D printing market is segmented into Aircraft, UAV, and Spacecraft. Aircraft segment is expected to be the growth engine of the 3D printing market during the forecast period. GE Aviation is one the major companies 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.

Increasing aircraft deliveries

Based on the application type, the market is segmented into Engine Components, Structural Components and Space Components. 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.

North America to remain the largest market

Based on regions, 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.

Top market players

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.

Why Stratview Research

Our report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
● Aerospace 3D Printing Market overview, industry life cycle analysis, supply chain analysis
● Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
● Market trend (2012 – 2017) and forecast analysis (2018-2023) of each segment.
● Competitors’ market share, product portfolio and new launches.
● Growth opportunities in each segment.
● Emerging trends which will decide the future course of development.
● Strategic growth opportunities for the existing and new players
● Key success factors.

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This release was published on openPR.