Aerospace 3D Printing Market Expected to Reach $6.80 Billion by 2030-Allied Market Research

According to a recent report published by Allied Market Research, titled, “Aerospace 3D Printing Market by Printing Technology, Platform, Application, Delivery, and Offering: Global Opportunity Analysis and Industry Forecast, 2020–2030,” the global aerospace 3D printing market was valued at $1.38 billion in 2020, and is projected to reach $6.80 billion by 2030, registering a CAGR of 18.4% from 2021 to 2030.

Asia-Pacific dominates the market, followed by North America, Europe and LAMEA. U.S. dominated the global aerospace 3D printing market share in 2020, whereas China is expected to grow at a significant rate in the aerospace 3D printing market during the forecast period.

The growth of the global aerospace 3D printing market is driven by factors such as an increase in demand for lightweight & durable components in the aerospace industry, simplification of complex designs, ease of prototyping, and rapid customization among others. However, high initial investment and unstable regulatory framework are key factors limiting the business opportunities. These challenges are expected to dilute by 2025. Thus, industry stakeholders are engaged in developing new operational strategies to counter costing challenges. Cloud production and shared production space are expected to emerge as an additive manufacturing trend within the forecast timeframe. The design methodologies of engineers are expected to shift from Design from Additive Manufacturing (DFAM) to embracing design freedom and producing highly complex single-piece components, supporting the business trend.

The additive manufacturing technology has gained high traction to initiate a revolution in the aviation industry. The major aviation and aerospace companies such as Boeing and Lockheed Martin have invested heavily through early-stage ventures for leveraging the benefits of additive manufacturing hardware, software, and materials. Large-scale additive manufacturing machines capable of printing mission-critical metal components through part consolidation of new-generation aircraft will offer remunerative opportunities for the market growth.

The software segment is expected to have a notable market share overcoming yours through recognition of new revenue streams. Predictive modeling, which can be leveraged through comprehensive software platforms enables OEM to ensure first-time quality and scale, eliminating manufacturing errors and last-minute design changes. The recognition of this methodology has led to the establishment of several software-based companies for additive manufacturing processes.

By printing technology, the aerospace 3D printing market is segmented into selective laser sintering (SLS), selective laser melting (SLM), binder jetting, fused deposition modeling (FDM), stereolithography (SLA), and others. The binder jetting segment is expected to witness the highest growth potential over the coming year, due to its vast scope of binder jetting technology in the aviation and space industry. On the basis of platform, the market is categorized into aircraft, unmanned aerial vehicles (UAV), and spacecraft. The aircraft segment will witness the highest market share during the forecast timeframe, due to the maturity of the industry vertical.

Key Findings Of The Study

• By printing technology, the binder jetting segment is expected to lead the market during the forecast period.
• On the basis of platform, the UAV segment is likely to dominate the market.
• Depending on application, the product segment is expected to grow at a lucrative growth rate  from 2021 to 2030).
• As per delivery type, the service segment is expected to exhibit the highest growth.
• By offering, the material segment is likely to dominate during the forecast period.
• Asia-Pacific is anticipated to exhibit the highest CAGR in the coming future.

The key players operating in this market are Markforged, Liebherr, Stratasys Ltd., Materialise NV, EOS GmbH, 3D Systems Corporation, Honeywell. General Electric, Exone, Norsk Titanium, Renishaw PLC, TrumpF, SLM Solutions, Envisiontec, Inc., Prodways, and Hoganas AB