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Aerospace 3D Printing Market Outlook, Market Share, Size, Growth Status And Forecast To 2033
Aerospace 3D Printing Market Outlook
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According to The Business Research Company's, The aerospace 3d printing market size has grown exponentially in recent years. It will grow from $2.43 billion in 2023 to $3.21 billion in 2024 at a compound annual growth rate (CAGR) of 31.9%. The growth in the historic period can be attributed to environmental concerns, demand for customized aerospace components , rise in aerospace industry, regulatory support, investment and funding.
The aerospace 3d printing market size is expected to see exponential growth in the next few years. It will grow to $9.29 billion in 2028 at a compound annual growth rate (CAGR) of 30.5%. The growth in the forecast period can be attributed to global market growth, rising focus on green aviation, rising demand for lightweight components, increasing space launch vehicles, need for cost savings. Major trends in the forecast period include metal additive manufacturing, advanced composite printing, in-flight 3d printing, ai and machine learning integration, sustainability and eco-friendly materials.
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Market Drivers and Trends:
The rising demand for lightweight parts and components from the aerospace industry is driving the growth of the aerospace 3D printing market. Lightweight design is a highly described and used concept in various industries, particularly in aerospace, and is related to the green aviation theory. 3D printing allows the creation and deployment of various lightweight prototypes, enabling designers to refine the form and fit of finished parts in the aerospace industry. For instance, a 20% weight reduction in a Boeing 787 is expected to generate a 10 to 12% improvement in fuel efficiency. In addition to a decrease in carbon footprint, lightweight parts also improve operational efficiency with such things as better acceleration, higher structural strength, and better protection performance. Therefore, the rising demand for lightweight parts and components from the aerospace industry is driving the growth of the aerospace 3D printing market.
Technological advancements are a key trend gaining popularity in the aerospace 3D printing market. Technological advancement is the discovery of knowledge that advances technology in developing new products. For instance, in May 2021, Belgium-based 3D printing company, Materialise, introduced flight-ready parts using laser sintering technology. Laser sintering uses a high-power laser to sinter small particles of polymer powder into a solid structure based on a 3D model. The company is using a flame-retardant polyamide (PA 2241 FR) to produce laser sintered parts under the Airbus Process Specification AIPS 03-07-022.
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Major Key Players of the Market:
Norsk Titanium AS, Materialise NV, EOS GmbH Electro Optical Systems, Arcam AB, 3D Systems Corporation, Ultimaker B.V., Stratasys Ltd., General Electric Company, Airbus SE, Safran SA, Raytheon Technologies Corporation, The ExOne Company, MTU Aero Engines AG, Höganäs AB, Oerlikon Group AG, Renishaw plc, TRUMPF GmbH + Co. KG, Made In Space Inc., Markforged Inc., Liebherr-International AG, EnvisionTEC GmbH, Optomec Inc., XYZprinting Inc., SLM Solutions Group AG, Concept Laser GmbH, Sciaky Inc., Additive Industries B.V., Carpenter Technology Corporation, GKN plc, Aerojet Rocketdyne Holdings Inc.
Aerospace 3D Printing Market 2024 Key Insights:
• The aerospace 3d printing market size is expected to see exponential growth in the next few years. It will grow to $9.29 billion in 2028 at a compound annual growth rate (CAGR) of 30.5%.
• The Aerospace Industry's Demand For Lightweight Parts Fueling Aerospace 3D Printing Market Growth
• Revolutionizing Aerospace 3D Printing With Technological Advancements
• North America was the largest region in the aerospace 3D printing market in 2023
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