(MENAFN- GlobeNewsWire - Nasdaq) New York, May 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aerospace 3D Printing Market– Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2030F" -
Segmented By Application (Aircraft, Unmanned Aerial Vehicles & Spacecraft), By Material (Alloys & Special Metals) By Printer Technology (SLA, FDM, DMLS, SLS, CLIP & Others), By Region.
Global Aerospace 3D Printing Market is growing because 3D printing can be used to customize components and parts used in the aircraft industry by efficient use of the overall raw material with high accuracy, thereby promoting the growth of the 3D printing market.Complicated components can be easily made with 3D printing technology with reduced errors.
The growth of lightweight and fuel-efficient components has led to a rise in engine application under the material application segment, which is further expected to increase in the coming years.
The global demand for 3D printed components is on the rise because of reduced weight; since geometry-oriented structures and lattice structures can be employed in the space industry to reduce weight, there is a decreased environmental effect and increased return on investment.For instance, one pound of weight can cost up to $10,000 to launch into orbit.
Thus, even a little weight reduction could result in significant cost savings.
Due to the broad range of applications of 3D printed components in the military, public, and private sectors, UAV marketing is becoming more and more popular.UAVs were originally designed for military usage, but they are now widely employed for both business and leisure activities.
In the defense sector, larger, more complex UAVs have a larger market share, while lightweight and affordable UAVs dominate the commercial market, and this has led to a rise in demand for 3D-printed components in the industry. According to the market dynamics, different additive manufacturing technologies are used, and limited internal and external space and complicated internal components have led to a wide demand for 3D printing technology in the global market.
The increase in research and development activities for more enhanced and customized 3D printed components for the aerospace industry has brought new investments and partnerships, mergers, and acquisitions within the industry.All the developments in the industry are to enhance the additive manufacturing process and develop better product development capabilities for the aerospace industry.
The companies involved in the additive manufacturing of the space sectors are raising millions in a seed fundraising round because of growing awareness of the commercial applications of 3D printing technology and the attractiveness of investment within the space sector, such as Indian startup Skyroot Aerospace to fund the creation of its 3D printed cryogenic engine-powered rockets, has raised USD 51 million.
In response to the sudden pandemic breakout, widespread lockdowns, and trade and travel restrictions imposed by various countries, the aviation industry, along with the manufacturing and logistical hubs, sustained a huge loss in 2019–2020.The industry has had substantial growth post-pandemic, and within the next two to three years, it is expected that it will return to its pre-pandemic state.
According to the report published by the International Air Transport Association (IATA), that represents 83% of total commercial air traffic, and the market is up by 50% compared to 2019. It predicts the rise of air traffic by 4% over the next 20 years.
Rising Demand for 3D Printed Components in Aerospace Supply Chain
The design and manufacturing of new aircraft is focused on weight reduction, which has given rise to the development of new materials and manufacturing processes.The aerospace industry is among the early adopters of 3D printing, and large-scale research is underway to increase the use of 3D-printed parts and components in newer aircraft.
For the tooling and prototype of commercial airplane parts, Airbus has started adopting additive manufacturing. The industry is also witnessing the adoption of additive manufacturing in the engine aftermarket and in many new-generation aircraft. 3D-printed components are also being adopted for aftermarket parts, so the aftermarket demand is also expected to rise during the forecast period, and the technological advancements in the industry are expected to generate new opportunities for the global Aerospace 3D Printing Market during the forecast period.
Cost-Effective Manufacturing Process
The design and implementation of components have become quicker, less expensive, and simpler due to 3D printing technology.Additionally, it has made it possible to combine every component into a single structure, and this has eliminated the need for exterior joints, adhesives, and fasteners.
Due to the removal of unnecessary components, the manufacturing process does not incur additional expenditures, and the overall component becomes cost-effective. The demand for 3D printed engine components is also expected to rise in the forecast period because the 3D printing process basically adds material while printing products instead of removing material from any component like machined parts, so all these factors are increasing the demand for 3D printed components in the aerospace industry.
Technological Challenges
The potential for widespread use of the method is constrained by 3D printing's inability to generate pieces from different materials.There are just a few polymers and metal powders that can be used with current 3D printing technologies.
However, the expense of these reduced in the process of additive manufacturing in production compared to the materials used in conventional manufacturing procedures for airplane parts. Many players are concentrating on choosing materials that are economical, which helps to reduce overall expenditures.
Market Segmentation
The global Aerospace 3D Printing Market is segmented on the basis of application, material, printer technology, and region.Based on application type, the market is segmented into aircraft, unmanned aerial vehicles, & spacecraft.
Based on material, the market is segmented into alloys & special metals, and others.Based on printer technology, the market is split into SLA, FDM, DMLS, SLS, CLIP & Others.
The market analysis also studies the regional segmentation to devise a regional market divided into North America, Europe, Asia-Pacific, South America, Middle East & Africa.
Company Profiles
Aerojet Rocketdyne Holdings Inc, MTU Aero Engines AG, GE Aviation, Stratasys, Ltd., The Exone Company, Materialise NV, 3D Systems, Inc, Höganäs AB, Envisiontec GmbH, and EOS GmbH are the key players developing advanced technologies to stay competitive in the market and enhancing their product portfolio in the regions to increase their customer outreach.
Report Scope:
In this report, Global Aerospace 3D Printing Market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
. Aerospace 3D Printing Market, By Application:
o Aircraft
o Unmanned Aerial Vehicles
o Spacecraft
. Aerospace 3D Printing Market, By Material:
o Alloys
o Special Metals
o Others
. Aerospace 3D Printing Market, By Printer Technology:
o SLA
o FDM
o DMLS
o SLS
o CLIP
o Others
. Aerospace 3D Printing Market, By Region:
o North America
United States
Canada
Mexico
o Europe & CIS
Germany
Russia
France
Spain
Italy
United Kingdom
Poland
Netherland
Norway
o Asia-Pacific
China
India
Japan
South Korea
Malaysia
Indonesia
Thailand
o South America
Brazil
Argentina
o Middle East and Africa
South Africa
Saudi Arabia
United Arab Emirates
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global Aerospace 3D Printing Market.
Available Customizations:
With the given market data, we offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
. Detailed analysis and profiling of additional market players (up to five).
Read the full report:
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