Aerospace 3D Printing Market Growth Analysis | 2021-2027

Market Insights

The Aerospace 3D Printing Market is estimated at US$ 1,480.4 million in 2020 and is expected to grow at a strong CAGR of 16.9% over the next five years to reach US$ 4,587.3 million in 2027.

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What is Aerospace 3D Printing?

Aerospace 3D printing, also known as additive manufacturing, is the utilization of three-dimensional printing technologies in the aerospace industry. It involves layer-by-layer construction of intricate designs using specialized machines and materials. This technology offers benefits such as the production of complex geometries, lightweight components, and rapid prototyping capabilities. Aerospace 3D printing enables cost savings through reduced material waste and on-demand production of spare parts. It has the potential to revolutionize the industry by enabling innovative designs, reducing costs, and improving the overall efficiency and performance of aerospace components and structures.

The history of 3D printing in the aerospace industry traces back to 1988 with some A&D companies beginning experimenting with the technology. Over the years, the adoption of 3D printing technology in the aerospace industry has increased owing to its benefits, such as the 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 the nascent stage (<1%) but is subjected to grow at the highest pace among all the technologies (3D printing, AFP, ATL, compression molding, casting, etc.) in the foreseen future, assisting the technology to gain a strong foothold in the aerospace industry.

Market Dynamics

The aerospace industry accounted for a share of 16.8% of the 3D-printing market in 2019 and is likely to grow at a fast rate in years to come, generating huge growth opportunities for market participants. Both aircraft, as well as engine manufacturers, have eagerly been relying on the technology to develop lightweight parts.

Some of the factors driving long-term growth in the market are listed below:

• Resumption of B737 Max,
• An expected recovery in production rates of the best-selling aircraft programs such as A320 and B787
• Introduction of fuel-efficient variants of aircraft programs such as B777x and E-2 jets.
• Growing global satellite industry
• An expected recovery in the production of LEAP engines.
• Exceptional benefits of 3D printing technologies across the supply chain of the aerospace industry
• Advancements in 3D printing technologies

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 on 3D printing manufacturing setups.

Segments Analysis

By Vertical Type

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 post-pandemic market developments, owing to the use of a wide range of materials to print engines and structural components. Furthermore, the development of new materials for 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 to achieve a faster production process, reduce wastage, and shorten the supply chain.

By Industry Type

Based on the industry type, the aerospace 3D printing market is segmented into Civil Aviation, Military Aircraft, and Spacecraft. Civil aviation was the worst-hit segment due to COVID-19 due to a massive decline in RPKs. However, the segment is expected to be the growth engine of the market during the forecast period, with an expected recovery in the civil aviation industry coupled with increasing demand for lightweight and complex aircraft parts with high-quality and shorter lead times. GE Aviation is a 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, an expected rise in air passenger traffic is likely to create a higher demand for new aircraft. After the pandemic, airlines will be back on track and again demanding lightweight aircraft to enhance their profitability. Major airframers are increasingly working on the development of advanced technologies including 3D printing to develop lightweight parts at a faster rate.

By Application Type

Based on the application type, the market is segmented into engine components, structural components, and space components. The engine components segment experienced a huge decline in the market in 2020 in the wake of the pandemic. However, all three applications are expected to expand with significant CAGRs over the next five years, owing to an expected recovery in aircraft deliveries coupled with growing penetration of lightweight materials and the development of parts with high precision at reduced time. The engine components segment is projected to witness the highest growth during the same period, driven by a high focus on major engine manufacturers including GE, Pratt & Whitney, and Rolls-Royce to develop engine parts for turbofan engines using 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 holds the preeminent position.

Regional Analysis

Despite there has been massive decline in the market across the world, North America is expected to remain the largest market for aerospace 3D printing till 2027. 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 expected to recover at the fastest pace, with impressive growth in the aerospace 3D printing market during the forecast period, primarily driven by an expected early recovery of emerging economies like China and an increasing presence of OEMs and tier players to tap the growing local demand from the key economies, such as China, Japan, and India.

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Covid-19 Impact

The global aerospace 3D printing market grew continuously in the trend period and was estimated to maintain its upward growth trajectory in 2020 as well. However, the rapid spread of COVID-19 ruined the market expectations. The pandemic exacerbated the existing challenges of the aerospace industry and weakened the industry sales to their lowest figure of the decade.

Disruptions in the supply chain and operating activities due to the lockdown in several countries have worsened the market conditions. As per the recent estimates of IATA, the airline industry is estimated to record a massive decline of -65.9% in RPKs in 2020 from 2019 amid the pandemic. As a result, the aerospace 3D printing market has shown a sharp decline in 2020, crushing the market sales near its 2018-market level.

Based on industry estimates by IATA and ICAO, the study of market recoveries in previous downturns (The Great Recession, SARS, etc.), and primary interviews with the key market stakeholders, Stratview estimates suggest that the market for aerospace 3D printing is likely to commence recovery from 2021 onwards, followed by maintaining sequential growth till 2027.

Strong fundamentals of the market, such as huge order backlogs of Boeing and Airbus (11,179 aircraft at the end of January 2021), an expected increase in the demand for narrow-body aircraft with the early resumption of domestic air travel, and market entry of new aircraft programs such as A321XLR, C919, and MC-21; and variants of existing aircraft programs such as B777X, are the factors that are asserting healthy long-term growth opportunities in the aerospace 3D printing market once the aftermath of the pandemic ends.

Key Players

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.
• 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.

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aerospace 3D printing market realities and future possibilities for the forecast period 2021 to 2027. The report segments and analyzes the market most comprehensively to provide a panoramic view of the market. The strategic report also studies and analyzes the impact of COVID-19 on the market and provides a detailed overview of the possible market recoveries in the long run. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of low-hanging fruits available as well as formulating growth strategies. This report offers high-quality insights and is the outcome of a 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 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We have conducted more than 15 detailed primary interviews with the market players across the value chain in all five regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. 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.

What Deliverables Will You Get in this Report?

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Market Segmentation

• Current market segmentation of any one of the applications by printer technology type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com