As the pandemic continues to challenge the market, Argus will discuss their forecast for 2022 on Tuesday, December 14th at 2 pm Eastern Time.
Chicago, November 30, 2021/PRNewswire/-According to a new research report, “The aerospace 3D printing market is divided ), applications (prototypes, tools, functional parts), final products, end users (OEM, MRO) and regions-global forecasts to 2026", published by MarketsandMarkets™, estimated to be US$1.9 billion in 2021 and expected to reach 47 Billion US dollars by 2026, the compound annual growth rate during the forecast period is 19.4%. It is expected that the demand for aerospace 3D printing will be driven by the small batch production of aircraft components in the aerospace industry, the increasing demand for lightweight components, the need to reduce the production time of components, and the demand for cost-effective and sustainable products. During the forecast period, the demand for rapid prototyping is expected to drive the growth of the aerospace 3D printing market.
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Major players in the aerospace 3D printing market include Stratasys Ltd. (U.S.), 3D Systems Corporation (U.S.), EOS GmbH (Germany), Norsk Titanium AS (Norway), Ultimaker BV (Netherlands) and EnvisionTec GmbH (Germany). Participants have businesses in various countries, including North America, Europe, Asia Pacific, Middle East, Africa and Latin America. COVID-19 has also affected their business.
COVID-19 has affected almost all industries, especially the aerospace industry. The immediate drop in aircraft manufacturing demand and the interruption of raw materials adversely affected the industry. Restrictions on cross-border movement, disruptions in manufacturing and transportation, supply chain constraints that have caused supply delays, and a significant slowdown in production in the first quarter of 2020 have also affected the industry.
In the commercial aviation sector, due to a lack of labor, reduced passenger travel, and customer delays in delivering new aircraft, the company is facing production interruptions and declining demand. As less maintenance is required, the demand for spare parts has also fallen. According to Boeing's second quarter report of 2019, revenue in the first half of 2019 (H1) fell by 19% compared to the first half of 2018, while commercial aircraft deliveries fell by 37%.
The demand for cost-effective custom printing and manufacturing will be one of the factors leading to the growth of the product segment.
The printer segment is expected to dominate this segment in the first few years of the forecast period. It is estimated that by 2026, the service department will lead the printer department. The demand for cost-effective custom printing and manufacturing will be one of the factors leading to the growth of this segment. Most companies will outsource additively manufactured parts to 3D printing companies, and once the demand for 3D printed parts increases, extensive after-sales service is required. These factors will lead to the growth of the service sector in the market.
The material extrusion or fused deposition modeling (FDM) market segment is expected to witness the highest compound annual growth rate during the forecast period.
Based on technology, the material extrusion or fused deposition modeling (FDM) market segment is expected to dominate the aerospace 3D printing market. The extrusion process is fast and efficient, producing a large number of continuous shapes of different lengths while minimizing waste. The ability to manufacture complex shapes with different thicknesses, textures and colors is the main advantage of this process.
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The aircraft sector is expected to witness the highest compound annual growth rate during the forecast period.
Based on the platform, the aircraft sector is expected to dominate the aerospace 3D printing market by platform during the forecast period. The largest number of developments will take place on airplanes. The demand for light, cost-effective aircraft and the rapid manufacturing of complex parts will drive the adoption of 3D printers in aircraft manufacturing.
The engine parts segment is expected to witness the highest market share during the forecast period
Based on the end product, during the forecast period, the engine part has the highest market share in the aerospace 3D printing market. The design simplicity, strength, weight, and durability of the manufactured components, as well as their cost-effectiveness, all contribute to the growth of the final product.
Functional components are expected to witness the highest compound annual growth rate during the forecast period
According to the application, the prototype manufacturing department is expected to lead the aerospace 3D printing market from 2021 to 2026. However, the functional components division is expected to grow at the largest compound annual growth rate during the forecast period. The growth of the functional component segment can be attributed to the advancement of 3D printing technology and the increasing adoption of 3D printers in the manufacturing process of various industries.
The North American market is expected to contribute the largest share from 2021 to 2026
It is expected that by 2021, North America will account for the largest share of 47.7% of the global aerospace 3D printing market. The compound annual growth rate is expected to reach 18.6% during the forecast period, which is mainly due to the increasing popularity of 3D printing technology. Manufacture complex 3D components with light weight. In addition, aircraft parts and aircraft manufacturers are turning to 3D printing technology to produce small batches of parts, thereby driving the growth of the aerospace 3D printing market.
3D for COVID-19 impact analysis through products (printers, materials, software, services), processes (adhesive injection, direct energy deposition, material extrusion, material injection, powder bed fusion), application, vertical, technology, and geography Printing Market-Global Forecast to 2026
Industrial 3D printing market by product (printers, materials, software, services), application (manufacturing, prototyping), process, technology, industry (aerospace and defense, automotive), and geography-global forecast to 2025
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