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.
Some of the factors driving the market are listed below.
- Increasing 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 A320neo
- Growing satellite industry
- Increasing production of LEAP engines
- Exceptional benefits of 3D printing technologies across the supply chain of the aerospace industry
- Advancements in 3D printing technologies
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Aerospace 3D Printing Market Segment Insights:
By Vertical Type:
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.
By Industry Type:
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.
By Application Type:
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.
By Region:
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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- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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