Aerospace 3D printing market deals with 3D printing of different components of the aircrafts to reduce its weight and complexity. Global aerospace 3D printing market is estimated to grow at approx. 27.42% CAGR during forecast year 2016–2023. Increasing demand for light weight and smaller engine components is boosting the growth in the aerospace 3D printing market. The light weight raw materials such as titanium, steel, aluminum and different variety of plastics are used efficiently which increases overall performance and efficiency of the aerospace component. 3D printing allows aerospace designers and manufacturers to create a variety of aircraft parts with complex geometries, cost effectiveness and in short span of time. Therefore, some benefits of 3D printing in aerospace includes reduced production of wastes, speed of production, shape complexity, supply chain efficiency, environmental friendly and many more.
Geographically, North America is considered as market leader in aerospace 3D printing market. Continuous technological developments and monetary support from the government is propelling the market in aerospace 3D printing in the North America. The market for aerospace 3D printing in the Asia Pacific is also expected to grow at a prime rate during the forecast period.
Growth in global aerospace 3D printing market is boosted by the presence of major players such as Stratasys ltd. (U.S.), 3D system corporation (U.S.), The exone company (U.S), Boeing (U.S.), G.E. Aviation (U.S.), Pratt and whitney (U.S.), Organovo holdings inc. (U.S.) etc. Product launches, mergers & acquisitions etc. are some strategies adopted by the major players to gain competitive advantage.
The aerospace 3D printing market is segmented by vertical and by industry type. By vertical segment is further sub segmented into printer and materials. The industry type is sub segmented into aircraft, Unmanned Aerial Vehicles (UAV) and spacecraft. The material segment of the aerospace 3D printing market is projected to grow with the highest CAGR during the forecast period. The growth in this segment can be attributed to increasing use of different types of materials to 3D print different types of aircraft engine components. The spacecraft industry is expected to lead in industry segment of aerospace 3D printing market during the forecast period due to the ability of 3D printing technology to manufacture parts and components of a spacecraft in a short span of time by using a Computer Aided Design (CAD) model.