The aviation sector continues to scale new heights in emerging markets in the Middle East and Asia, which characterizes the surge in aerospace manufacturing and the subsequent increase in demand for raw materials. The current trend in the aviation industry is proving to be favorable for novel manufacturing technologies such as the additive manufacturing. The aerospace industry has been the early adopters of various technologies that went on to become a standard in other manufacturing domains. A similar trend is being observed in additive manufacturing landscape, as the technology gains more ground in aerospace manufacturing. Market Research Future (MRFR)’s latest study reveals that the global aerospace additive manufacturing market is set to expand at 20.24% CAGR during the forecast period (2018-2023). The market is highly organized and well regulated in developed countries such as the U.S and the U.K.
Market for Aerospace Additive Manufacturing Market to Surpass a Valuation of USD 2,200 Mn By 2023 :
The global aerospace additive manufacturing market is likely to remain influenced by various factors during the forecast period. Some of these factors include the enforcement of stringent regulation to check aircraft carbon emission, increased stress on aircraft weight reduction, focus on green manufacturing and high efficiency of AM in the manufacturing of complex aerospace parts. Application opportunities for additive manufacturing or AM are limitless in the aerospace industry. However, the novelty of technology makes it cost intensive and thereby restricting its accessibility.
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Global Market for Aerospace Additive Manufacturing Market– Segmental Analysis
MRFR’s report offers a thorough segmental analysis of the market based on platform, application, material type, technology, and region. By platform, the market has been segmented into aircraft, unmanned aerial vehicle, and spacecraft. Among these, the aircraft segment currently accounts for the largest market share and is likely to remain highly lucrative throughout the assessment period. AM has become an important tool for various purposes such as design and production of complex parts in the aircraft industry. By application, the market has been segmented into engine, structural, and others. The engine segment accounts for the lion’s share of global aerospace additive manufacturing market and is expected to witness a healthy CAGR during the assessment period. By material type, the market has been segmented into metal alloy, plastic, rubber and others. Among these, the metal alloy segment is likely to retain its top position over 2023. Metal alloy additive manufacturing is primarily used in rocket and propulsion hardware, engine injector and fuel nozzles. By technology, the market has been segmented into 3D Printing, laser sintering, fused deposition modeling, electron beam melting and stereolithography. The 3D printing segment currently accounts for the largest market share and is expected to remain a prominent AM technology in the years to come.
Regional Outlook
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and Rest of the World (RoW). North America is home to some of the leading market players. As a result, the region leads in the production and sales of industrial grade additive manufacturing systems. Major additive manufacturing (AM) systems producers such as Stratasys and 3D Systems are based in the U.S., which is considered as a positive factor for the market in the region. Meanwhile, Europe and Asia Pacific are also expected to remain important growth pockets for the global aerospace additive manufacturing market during the forecast period. Both the regions collectively command for nearly 50% share of the global market. In Europe, the increased effort towards research initiatives is recognized as one of the key trends that will govern the market trends in the region in the forthcoming years.
Global Market for Aerospace Additive Manufacturing Market – Competitive Dashboard
Some of the key players profiled in the report include Stratasys, EOS, GE Additive, 3D System, ExOne, Arcam AB, ATI, CRS Holdings Inc., Concept Laser, CRP Technology S.R.L, SLM Solutions, and Optomec.
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