Pune, India, June, 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global Aerospace Additive Manufacturing Market Research Report.
Aerospace Additive Manufacturing Market Overview
The global aerospace additive manufacturing market is anticipated to expand at a 20% CAGR from 2017 to 2023 (forecast period), according to a report by Market Research Future (MRFR). Additive manufacturing (AM) or 3D printing refers to process or processes used in manufacturing three-dimensional objects. Demand for economically-priced materials to combat the expensive nature of raw materials used in producing components is expected to drive market growth during the forecast period.
Drivers and Restraints
Demand for short production time, lightweight components, and low fuel consumption are factors driving the aerospace additive manufacturing market. The aerospace industry has been heavily dependent on composite materials for its production needs. Early adoption of 3D printing by the industry to produce complex parts will provide it with an undue advantage over other industries. Increasing fleets of airlines and high frequency of air travel are estimated to boost market volume over the forecast period.
Metal Additive Manufacturing Gaining Prominence
Metal additive manufacturing is attracting the attention of various industry leaders owing to its capacity to produce various components with functional use. Government agencies are adopting the technology to reduce their dependence on raw material suppliers. For instance, the U.S. Airforce has commenced research into 3D printing for producing metal replacement parts for legacy aircraft. It has also invited suggestions from industry leaders such as the Northrop Grumman Corporation.
Segmentation
The aerospace additive manufacturing market is fragmented according to industry, vertical, technology, materials application, and region. By industry, the market is segmented into aircraft, spacecraft, and unmanned aerial vehicles (UAV). The aircraft segment is touted to expand at a remarkable CAGR during the forecast period. This segment is set for growth due to prominent companies incorporating additive manufacturing in their production process to cater to client needs. In 2016, General Electric (GE) produced jet fuel nozzles for Airbus planes using direct laser melt sintering.
By vertical, the market is bifurcated into materials and printers. The materials segment is expected to exhibit a considerable CAGR over the forecast period. Demand for composite materials due to heavy emphasis for lightweight components is expected to drive this segment.
Major technologies covered include electron beam melting, stereo lithography, laser sintering, fused deposition modeling, and 3D printing. The 3D printing application segment is anticipated to showcase a strong CAGR due to its adoption in developing economies. The electron beam melting segment is also anticipated to induce demand due to its application in military and space applications. For instance, Arcam AB is investing in electron beam melting (EBM) systems for producing engines and other accessories.
Prime materials applications are space components, structural, and engine. The engine application is anticipated high growth owing to the component being a vital part for ignition and other purposes in aircraft. For instance, General Electric (GE) has acquired Acram AB for developing engines using 3D printing.
Region Analysis
Regions covered in the aerospace additive manufacturing market include North America, South America, Middle East & Africa (MEA), Asia Pacific (APAC), and Europe.
The North America market is expected to be on the forefront by generating significant demand during the forecast period due to the wide scope of 3D printing. Demand for lightweight components is the primary factor predicted to drive the market.
The APAC market is expected to follow North America due to huge investments by manufacturers of latest technologies. High demand in military and defense sectors in economies such as India, South Korea, China, and Japan is projected to drive market revenue during the forecast period.
The Europe market is suggested to experience significant growth owing to the presence of various additive manufacturing companies. Prototyping, design, and testing of new components has been made possible with the assistance of additive manufacturing in the aerospace industry in the region. Recently, Zare S.r.l., an Italian firm, has integrated the selective laser melting technology of SLM Solutions to increase their capacity to reproduce components. The same technology has been used with success by National Aeronautics and Space Administration (NASA), a division of the U.S. government for producing components for rockets.
Competitive Scenario
Major aerospace additive manufacturing companies are Stratasys, Ltd., 3D Systems, voxeljet AG, Arcam AB, and Renishaw plc. Developments in metal 3D printing coupled with other advances in additive manufacturing can provide new opportunities for growth. Partnerships are a decent strategy incorporated by companies to increase their market share. For instance, Met-L-Flo, a U.S. 3D printing firm has decided to partner with Roboze, a Brazilian company, to produce parts using high-temperature materials.
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Report details
| Base Year | 2018 |
| Companies Covered | 15 |
| Pages | 134 |
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