Aerospace 3D Printing Market Size to Reach US$ 6.7 Billion in 2027, Says Stratview Research

DETROIT, Jan. 9, 2020 /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: 2020-2027.

This report, from Stratview Research, studies the aerospace 3D printing market over the trend period of 2014 to 2019 and the forecast period of 2020 to 2027. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

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 benefits such as 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 nascent stage (<1%) but is subjected to grow at the highest rate among all the technologies (3D printing, AFP, ATL, compression molding, casting, etc.) in the foreseen future, assisting the technology to gain strong foothold in the aerospace industry.

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

As per Stratview Research, the aerospace 3D printing market is estimated at US$ 1,860.1 million in 2019 and is expected to grow at a magnetic CAGR of 16.9% over the next seven years to reach US$ 6,717.4 million in 2027. Increasing production rates of the best-selling aircraft programs, such as A320 and B787, the 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, and advancements in 3D printing technologies are some of the major factors that are driving the 3D printing market in the aerospace industry.

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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 in order to achieve faster production process, to reduce the wastage and shorten the supply chain.

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, 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.  

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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 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 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. For instance, Norsk Titanium, a Norway-based company, has collaborated with NDTL, Pratt & Whitney, and TURBOCAM International to develop and test integrally bladed rotor (IBR) via 3D printing to be used within turbine engines. Similarly, Boeing in collaboration with Norsk Titanium is working on titanium structural components for its 787 Dreamliner jet.

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 3D printing manufacturing setups.

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 by Industry Type:

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

Aerospace 3D Printing Market 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)
• Services (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Aerospace 3D Printing Materials Market 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 Hardware & Software Market by Printer 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 (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 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: China, Japan, Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, 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

Some of our other related premium market reports are:

3D-Printed Composites Market by Composite Type (Continuous and Discontinuous), by Reinforcement Type (Carbon Fiber, Glass Fiber, and Others), by End-Use Industry Type (Aerospace & Defense, Transportation, Medical, Consumer Goods, and Others), by Technology Type (Extrusion, Powder Bed Fusion, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024.

3D Printing Plastics Market by Type (Photopolymer, ABS, Polyamide, PLA, and Others), by Form Type (Filament, Liquid/Ink, and Powder), by Application Type (Prototyping, Manufacturing), by End-Use Industry Type (Healthcare, Aerospace & Defense, Automotive, Electrical & Electronics, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World) Size, Share, Trend, Forecast, & Industry Analysis. 

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