Aerospace 3D Printing Market Size, Impacted by COVID-19, to Reach US$ 4.6 Billion in 2027, Says Stratview Research

DETROIT, May 11, 2021 /PRNewswire/ -- Stratview Research  announces the launch of a new market research report on Aerospace 3D Printing Market by Industry Type (Civil Aviation, Military Aircraft, and Spacecraft), by Vertical Type (Hardware, Software, Material, and Services), Material by Application Type (Engine Components, Structural Components, and Space Components), Material 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), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2027.

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 in the most comprehensive manner 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 formulate growth strategies.

Aerospace 3D Printing Market: Highlights

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 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.

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 the COVID-19 ruined the market expectations. The pandemic exacerbated the existing challenges of the aerospace industry, weakened the industry sales to its 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 was 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 to 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, ultimately taking the global aerospace 3D printing market to reach US$ 4.6 billion by 2027.

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.

Click Here and Run Through the Detailed TOC of the Report: https://www.stratviewresearch.com/toc/346/Aerospace-3D-Printing-Market.html

Based on the vertical type, the services segment is expected to witness the highest growth in the market during the forecast period, owing to the use of a wide range of materials to print engine and structural components. Furthermore, 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 to achieve faster production process, to reduce the wastage and shorten the supply chain.

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 time. 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.

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 CAGR over the next five years, owing to increasing aircraft deliveries coupled with growing penetration of lightweight materials and development of parts with high precision at reduced time. However, the engine components segment is expected to witness the highest growth during the same period, driven by 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.  

Register Here and Ask for a Free Sample on the Exclusive Report: https://www.stratviewresearch.com/Request-Sample/346/Aerospace-3D-Printing-Market.html#form

In terms of 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 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.

Some of the major 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. The market is witnessing a consequential number of strategic collaborations/partnerships to develop mainstream applications. working on titanium structural components for its 787 Dreamliner jet.

Report Features

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 on 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:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• 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

This report studies the aerospace 3D printing market and has segmented the market in five ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the five ways in which the market is segmented:

Aerospace 3D Printing Market Size, Share & Forecast, by Industry Type

• Civil Aviation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Military (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Spacecraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Aerospace 3D Printing Market Size, Share & Forecast, by Vertical Type

• Hardware (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Software (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Materials

• (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• (Material Type Analysis: Polymers and Metals)
• Services (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Aerospace 3D Printing Market Size, Share & Forecast, by Application Type

• Engine Components (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Structural Components (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Space Components (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Aerospace 3D Printing Market Size, Share & Forecast, by Printers' Technology Type

• SLA (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• SLS (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• EB-PBF (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• L-PBF/DMLS (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• FDM (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Aerospace 3D Printing Market Size, Share & Forecast, By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: The Middle East, Latin America, and Others)

Stratview Research has number of high value market reports in the global aerospace & defense industry. Please refer to the following link to browse through our reports:
https://www.stratviewresearch.com/market-reports/Aerospace-Defense.html

About Stratview Research

Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.

We have a strong team of industry veterans and analysts with an extensive experience in executing custom research projects for mid-sized to Fortune 500 companies, in the areas of Market Assessment, Opportunity Screening, Competitive Intelligence, Due Diligence, Target Screening, Market Entry Strategy, Go to Market Strategy, and Voice of Customer studies.

Stratview Research is a trusted brand globally, providing high quality research and strategic insights that help companies worldwide in effective decision making. 

For enquiries,
Contact:
Stratview Research
E-mail: [email protected]
Direct: +1-313-307-4176

Logo: https://mma.prnewswire.com/media/660595/Stratview_Research_Logo.jpg