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Aerospace 3D Printing Market | Covid-19 Impact Analysis
Aerospace 3D Printing Market is Segmented by Industry Type (Civil Aviation, Military Aircraft, and Spacecraft), by Vertical Type (Hardware, Software, Material, and Services), by Material in Application Type (Engine Components, Structural Components, and Space Components), by Printer Technology Type (SLA, SLS, EB-PBF, L-PBF, FDM, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The history of 3D printing in the aerospace industry traces back to 1988 with some A&D companies beginning experimentation with the technology. Over the years, the adoption of 3D printing technology in the aerospace industry has increased owing to its benefits such as fabrication of parts with complex geometries, reduced weight, less scrap, and on-site part fabrication. Currently, the penetration of the 3D-printing technology in the aerospace industry is at nascent stage (<1%) but is subjected to grow at the highest rate among all the technologies (3D printing, AFP, ATL, compression molding, casting, etc.) in the foreseen future, assisting the technology to gain strong foothold in the aerospace industry.
The aerospace industry currently accounts for a share of 16.8% of the 3D-printing market and is likely to grow at a fast rate in years to come, generating huge growth opportunities for the market participants. Both aircraft as well as engine manufacturers, have eagerly been relying on the technology in order to develop lightweight parts.
The aerospace 3D printing market is estimated at US$ 1,860.1 million in 2019 and is expected to grow at an impressive CAGR of 16.9% over the next five years to reach US$ 6,717.4 million in 2027.
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Some of the factors driving the market are listed below.
In the industry, a handful of players are proactively ramping up their capabilities to leverage 3D printing in mainstream applications among which GE leads the pack. Most of the tier players are waiting on the sidelines as they are still hammering hard for the development of technological know-how and capabilities. They are looking for some real-world case studies and mainstream applications before committing to capitalize 3D printing manufacturing setups.
The market is witnessing a consequential number of strategic collaborations/partnerships to develop mainstream applications. For instance, Norsk Titanium, a Norway-based company, has collaborated with NDTL, Pratt & Whitney, and TURBOCAM International to develop and test integrally bladed rotor (IBR) via 3D printing to be used within turbine engines. Similarly, Boeing in collaboration with Norsk Titanium is working on titanium structural components for its 787 Dreamliner jet.
The aerospace 3D printing market is segmented based on the vertical type as hardware, software, material, and services. The services segment is expected to witness the highest growth in the aerospace 3D printing market during the forecast period, owing to the use of a wide range of materials to print engine and structural components. Furthermore, the development of new materials to 3D print components to withstand high temperatures and extreme environment is likely to boost the demand for 3D-printing materials in the years to come. Major aircraft manufacturers, such as Boeing and Airbus, are expediting the adoption of this technology in order to achieve the faster production process, to reduce the wastage, and to shorten the supply chain.
Based on the industry type, the aerospace 3D printing market is segmented into Civil Aviation, Military Aircraft, and Spacecraft. Civil aviation is expected to be the growth engine of the market during the forecast period. GE Aviation is the major company that has already started producing engine components in mass-volume using 3D printing technology. Rolls-Royce is another engine manufacturer that 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 in order to develop lightweight parts at a faster rate.
Based on the application type, the market is segmented into engine components, structural components, and space components. All three applications are expected to expand with a significant CAGRs over the next five years, owing to increasing aircraft deliveries coupled with growing penetration of lightweight materials and the development of parts with high precision at reduced time. However, engine components are estimated to witness the highest growth during the same period, driven by a high focus of major engine manufacturers including GE, Pratt & Whitney, and Rolls-Royce to develop engine parts of turbofan engines using the 3D printing technology. GE Additive and Pratt & Whitney prove to be the game changers in the aerospace 3D-printing engine segment in which GE Additive to hold the preeminent position.
In terms of 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, 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 an increasing presence of OEMs and tier players to tap the growing demand from the key economies such as China, Japan, and India.
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The supply chain of this market comprises raw material suppliers, 3D printer manufacturers, tier players, engine and aircraft OEMs, and airlines. The key players in the aerospace 3D printing market are 3D Systems Corporation, EnvisionTEC GmbH, EOS GmbH, GE Aviation, Hoganas AB, Materialise NV, Oerlikon Group, Renishaw plc, Stratasys Ltd., and The Trumpf Group. 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.
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles, have been leveraged to gather the data. We have conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
This report, from Stratview Research, studies the aerospace 3D printing market over the trend period of 2014 to 2019 and the forecast period of 2020 to 2027. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
This 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 into 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:
The aerospace 3D printing market is segmented into the following categories.
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The aerospace 3D printing market is estimated at US$ 1,860.1 million in 2019 and is expected to grow at an strong CAGR of 16.9% over the next five years to reach US$ 6,717.4 million in 2027.
North America is the most dominant region in terms of market size for aerospace 3D printing. US is the leading demand generator in North America.
Some of the key players in the aerospace 3D printing market are 3D Systems Corporation, EnvisionTEC GmbH, EOS GmbH, GE Aviation, Hoganas AB, Materialise NV, Oerlikon Group, Renishaw plc, Stratasys Ltd., and The Trumpf Group.
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