According to a study published by Insure Insights, the global aerospace 3D printing material is expected to grow at a CAGR of 23.5% during the forecast period. 3D printing is an additive manufacturing process in which a 3D printer receives a command from a software program creating a three-dimensional product. The 3D printer is employed in several industries such as aerospace, medical industry, manufacturing industry, and other .3D printing has multiple applications in the aerospace and defense industry. These include military aircraft, space technology, and commercial aerospace. Few commercial applications such as building 3D printed Parts Manufacturer Approval (PMA) replacements parts and designing and developing complex aerospace parts are some of the current applications.
Top Driver: Demand for Lightweight Parts and Components and Added Benefits
Aircraft weight is one of the crucial parameters while designing and developing an aircraft since lightweight aircraft requires less fuel consumption. Technologically advanced aircraft are highly fuel-efficient, owing to the use of 3D printed lightweight advanced material such as parts, components, and airframe, without compromising the strength and aerodynamics of an aircraft. Hence, it is expected to boost the market during the forecast period. Besides, the benefits of 3D printing can create free-form designs and build complex aircraft parts in a short period. Moreover, 3D printing provides the flexibility to design and test products multiple times, helping A&D companies reduce risks and uncertainties and improve product functionality at lower costs.
The Spacecraft Segment to Lead the Market Towards Growth
On the basis of end use the market is segmented into aircraft and spacecraft. The spacecraft segment is expected to drive the market immensely in the forecast period owing to the growing demand for the low volume parts that can be manufactured using 3-D printing technology. On the basis of material, the market is segmented into Plastic, Metals, Ceramic, Others. The metals segment is expected to contribute a wide share in the market. On the basis of application, the market is segmented into Rapid Prototyping, Tooling, Part production.
Rising Number Of Key Players to Benefit the North America Market
North America aerospace 3D printing materials market is anticipated to gain maximum shares during the forecast period. This owes to the presence of a robust aerospace sector in the region. Economical air travel rates and the presence of key aerospace market players such as Boeing and Lockheed Martin are anticipated to boost the market revenue. Further, the region has robust military and space industries that propel the consumption of these materials in fighter jets and spacecraft.
Players to Focus on Aerospace 3D Printing Material Market
The global market is expected to stay fragmented with the increase in the number of new entrants in the coming years. MTU Aero Engines AG, Stratasys Ltd., Ultimaker B.V., 3D Systems Corporation, Arcam AB, The Exone Company, Höganäs AB, EOS GmbH, Envisiontec GmbH, Norsk Titanium as, and Rocketdyne among others could be at the forefront of the competition in the global market.
Stratasys: In May 2019, Stratasys had announced the partnership with Solvay in order to expand its range of high-performance materials available for FDM technology. This would help the company to gain maximum shares in the forecast period.
MTU Aero Engines AG: In May 2018, the leading engine manufacturer, MTU Aero Engines AG (Munich, Germany) recently opened a new department to pool expertise and step up its efforts in the field of 3D printing. Experts estimate that by 2030, Additive Manufacturing will be used to produce 15% of the overall engine and this new department will help push the technology forward.
Scope of the Report
Key Reasons to Purchase this Report
Table of Content
Please fill out the form to receive sample pages of the report