ID: MRFR/A&D/1022-CR | 134 Pages | Published By Sejal Akre on February 2021
Aerospace Additive Manufacturing Market Size is expected to reach USD 31.837 Billion by 2030, registering a CAGR of 20.24% during 2020-2030.
Aerospace Additive Manufacturing Market Overview
Aerospace Additive Manufacturing Market is estimated to meet the market value of USD 31.837 billion by the end of 2030. Further, the global market has aimed to grow at 20.24% CAGR 2020-2030.Additive manufacturing (AM) works as the building three-dimensional objects process based on a cad digital model. In this addictive manufacturing process, the object is designed with successive layers based on the cad design. The additive manufacturing process does not require advanced tooling to finish the product; it contains minimum tools. Moreover, the am process is different from conventional manufacturing. Usually, conventional manufacturing involves forming like shaping and bending; and a subtractive process like milling, cutting, and drilling.
The global aerospace additive manufacturing global market is expected to boost its growth due to the technological advances in am materials. The unmanned aerial vehicle segment is driving its growth due to the increasing additive manufacturing adoption for developing larger drones and uavs. Moreover, the engine segment is driving the market growth due to the increasing usages of 3d printing technology among various aviation companies to design aircraft engines.
In 2018, the 3d printing segment was leading the global market and was projected to register the highest aerospace additive manufacturing market growth for the research timeframe. The 3d printing technology is widely used in aircraft parts manufacturing because it is lightweight and helps reduce material consumption in the manufacturing process. Likely, this segment is showing the high growth potential for the assessment period of 2021 to 2030.
In the aerospace additive manufacturing market, the demand for the alloy, a mixture of metals, is increasing. In aerospace additive manufacturing, the widely used metal alloys are titanium alloys, stainless steel, copper alloys, aluminum, and nickel-based superalloys. Moreover, metal alloys are extensively used in the manufacturing process of engine injectors and their fuel nozzles, rocket and propulsion hardware, and others.
Covid-19 Impact Analysis
As per the aerospace additive manufacturing global market analysis, the present covid-19 pandemic has negatively affected the growth of the global market like any other marketing sector. The manufacturing process and supply chain were disrupted during this period, which brought a huge loss for the global market. Along with that, aerospace additive manufacturing has experienced a lack of investors, workforce, transportations, and others.
However, the key players are doing new product launches and promotions and adopting various safety measures to thrive the aerospace additive manufacturing market demand for the forecast period.
The global aerospace additive manufacturing global market has more growth driving factors such as the increasing demand for green manufacturing and increasing concern for decreasing carbon footprint through the help of aircraft weight reduction. Another major growth driving factor for the global market is the enhanced efficiency provided by additive manufacturing in manufacturing critical aerospace parts.
In 2018, the aerospace industry contributed nearly $151 billion to the u.s. Economy in export sales. Hence, the aerospace additive manufacturing market forecast report explains that the u.s. Region is driving the market growth for the research period.
Additive manufacturing has many advantages like flexible design, a faster production cycle, a slower resource requirement, and substantial savings on tooling over the previous manufacturing technologies like vacuum casting, computer numerical control (cnc) machining, and injection molding. This is generating the high value and more interest of the industries.
Hence, the global aerospace additive manufacturing market will bring several growth opportunities due to the increasing demand for modern aircraft and growing air passenger traffic.
The global aerospace additive manufacturing global market has had high potential growth in the research period. Still, the high costs associated with am materials and the high cost of installation might hamper the growth of the global market.
According to the aerospace additive manufacturing market analysis report, the manufacturers and key players observe these market restraints to combat the situation.
The global aerospace additive manufacturing global market has also driven challenges along with growth opportunities. The high cost and safety issues of aerospace additive manufacturing might bring challenges for the global market.
However, the market players are analyzing the current challenges to bring the appropriate solutions to the issues of safety and price. Further, the key players have the motto to achieve the higher aerospace additive manufacturing global market revenue for the assessment period.
Segmentation of the Global Aerospace Additive Manufacturing Market
Cumulative growth analysis
Additive manufacturing represents all the additive technologies, processes, applications, and systems. This wide representation is increasing the global market demand for the aerospace additive manufacturing market forecast period.
Moreover, the regional market growth of north america, europe, and others have witnessed the significant aerospace additive manufacturing market size for the assessment period. Further, more research and development is getting involved to thrive the market growth.
Market Segment Overview
The global aerospace additive manufacturing global market has been segmented into structural, engine, and others based on the application segment.
Among all segments, the engine segment has generated the higher aerospace additive manufacturing market size for 2018. Further, this segment has predicted to generate the highest cagr for the review period.
The platform segment has been classified into spacecraft, aircraft, and uncrewed aerial vehicles in the global aerospace additive manufacturing market.
Further, the aircraft segment has been sub-classified into rotary-wing and fixed-wing. In 2018, the aircraft segment ruled the global market, generating the larger aerospace additive manufacturing market share of 55.58%. Presently, the unmanned aerial vehicle segment is projected to generate a higher cagr growth rate for the estimation period.
The aerospace additive manufacturing market has been divided into laser sintering, 3d printing, electron beam melting, fused deposition modeling, and stereolithography based on the technology segment.
Further, the laser sintering segment is sub-divided into selective and direct metal. And, the 3d printing technology is predicted to register the higher aerospace additive manufacturing market growth for the forecast timeframe.
The material type segment has been segmented into plastic, rubber, metal alloy, and others in the global aerospace additive manufacturing market.
In 2018, the metal alloy segment dominated the global market, generating a higher aerospace additive manufacturing global market share of 58.25%. Further, this segment is predicted to grow higher in the research period.
In the global aerospace additive manufacturing market, the region is categorized into Middle East & Africa, Asia-Pacific, North America, Europe, And Latin America.
In 2018, the North American region dominated the aerospace additive manufacturing market, registering a higher market share of 38.86%, and is projected to achieve the highest CAGR for the research timeframe of 2025. This region has witnessed higher growth due to prominent companies like 3d systems, inc. And Stratasys ltd.
Competitive Landscape Analysis
In the global aerospace additive manufacturing market trends, the major key players are the following:
These key players adopt various strategies, promotional ideas, and other successful ideas to develop the aerospace additive manufacturing market revenue for the assessment timeframe.
According to the aerospace additive manufacturing market trends report, the data triangulation, validation, primary interview, secondary research method has been used to collect the data related to the global market. Also, it has included the regulatory landscape, technology trends, and patent analysis. This report has also covered market segment, market overview, market dynamics, recent developments, and regional analysis.
As per the aerospace additive manufacturing market outlook report, the global market has huge competition across different parts of the world. For instance, the key players are adopting new strategies to combat the emerging challenges, market restraints, and covid-19 pandemic.
By material type:
|Market Size||USD 31.837 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Platform, Application, Material Type, Technology,Region|
|Geographies Covered||Middle East & Africa, Asia-Pacific, North America, Europe, And Latin America.|
|Key Vendors||Arcam ab (sweden), ,3d systems, inc. (u.s.), ,Crp technology srl (italy), ,Concept laser gmbh i (germany), ,Eos (germany), ,Crs holdings inc. (u.s.), ,Optomec (u.s.),,Stratasys ltd (u.s.),,Exone (u.s.), ,Slm solution group ag (germany).|
|Key Market Opportunities||Aerospace additive manufacturing global market is expected to boost its growth due to the technological advances in am materials|
|Key Market Drivers||Additive manufacturing has many advantages like flexible design|
The aerospace additive manufacturing market can rise at 20.24% CAGR by 2030.
By 2030, the aerospace additive manufacturing market can value at USD 3,183.7 Million
EOS (Germany), CRP Technology SRL (Italy), and CRS Holdings Inc. (US) are some reputed companies in the aerospace additive manufacturing market.
Affordability of metal alloy to support aerospace additive manufacturing market expansion.
APAC aerospace additive manufacturing market can rise exponentially.