SAN FRANCISCO, A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Aerospace Additive Manufacturing – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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ABSTRACT-
Global Aerospace Additive Manufacturing Market to Reach $1.9 Billion by 2026
The aerospace industry has been witnessing increasing commercialization and penetration of 3D printing technology, also known as additive manufacturing. The growing focus on lightweight components for fuel efficiency and the use of new grades of materials are two of the major factors driving the attractiveness of 3D printing in aerospace equipment manufacturing encompassing military aircraft, missiles, space, commercial/civil airliners.
Currently, aircraft engines, turbine parts and cabin interior components are manufactured using industrial 3D printing technology. Type of aircraft interiors printed by 3D printers include armrests and food trays, ducting, vents, plenums, baffles, electrical housings bins dividers, light covers, escutcheons bezels, curtain clips and headers, door latch components, and seat end and arm rest caps.
Megatrends that are expected to impact the aerospace additive manufacturing sector include globalization of manufacturing and services, functionality and performance, and minimization of carbon footprint. Megatrends that are expected to impact the aerospace additive manufacturing sector include globalization of manufacturing and services, functionality and performance, and minimization of carbon footprint.
Optimization of weight without impacting functionality and safety, and without compromising on resilience and structural strength, would be an area of research and focus for original equipment manufacturers (OEMs) as well as for makers of several components and critical parts. Another key driver of adoption of additive manufacturing will be the ability to significantly reduce material wastage, which in turn helps lower carbon footprint.
Amid the COVID-19 crisis, the global market for Aerospace Additive Manufacturing estimated at US$932.5 Million in the year 2022, is projected to reach a revised size of US$1.9 Billion by 2026, growing at a CAGR of 16.1% over the analysis period. Metal Alloy, one of the segments analyzed in the report, is projected to grow at a 16.9% CAGR to reach US$1.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Rubber segment is readjusted to a revised 15.9% CAGR for the next 7-year period.
This segment currently accounts for a 14.5% share of the global Aerospace Additive Manufacturing market. Increasing interest in metal-based materials would in turn spur adoption of 3D printing technology in traditional manufacturing applications, wherein high-value parts are often manufactured using metals and metal alloys. Although the application of metals, particularly functional metals (titanium and steel) and conductive metals (copper, gold and silver) in the 3D printing industry is still in nascent stages, metal AM is expected to have huge implications in foreseeable future.
The U.S. Market is Estimated at $312.7 Million in 2022, While China is Forecast to Reach $210.2 Million by 2026
The Aerospace Additive Manufacturing market in the U.S. is estimated at US$312.7 Million in the year 2022. The country currently accounts for a 33.09% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$210.2 Million in the year 2026 trailing a CAGR of 17.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 14.2% and 15% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 15.5% CAGR while Rest of European market (as defined in the study) will reach US$251.8 Million by the end of the analysis period. The US has been at the forefront both in terms of AM technology as well as market demand.
The country has launched several initiatives, such as the National Additive Manufacturing Innovation Institute, for encouraging the application of AM in manufacturing. The US also benefits from the presence of advanced aerospace manufacturing capabilities and high investments on large-scale R&D projects. Increased competition and cost-effective manufacturing capabilities of Asia-Pacific are driving the gradual shifting of conventional manufacturing towards the region in the past few years.
Plastic Segment to Reach $308.5 Million by 2026
Higher temperature resistance, strength, flexibility and machinability are the key features of plastics that are valued in 3D printing. Both the quantity and quality of plastic materials used for 3D printing systems play an instrumental role in driving 3D printer purchases. Corn-based polylactic acid (PLA) and petroleum-based acrylonitrile butadiene styrene (ABS) are currently the two dominant plastic materials used in 3D printing.
In the global Plastic segment, USA, Canada, Japan, China and Europe will drive the 14.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$114.1 Million will reach a projected size of US$301.8 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$25.3 Million by the year 2026. More
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