Aerospace 3D Printing Market Analysis Highlights the Impact of COVID-19 (2020-2030)

3D printing of parts is a new technology that has come up with the potential to transform the way enterprises build new products, including parts for defense and aerospace. This new manufacturing process is known as 3D printing or additive manufacturing. This technology involves manufacturing physical objects by printing one layer at a time, using special material deposition devices and digital models. This generation’s 3D printing equipment has evolved in a short span of time and is capable of producing complex components among different types of materials which includes titanium, steel, aluminum, and different variety of plastics. Thus because of its potential, 3D printing is gaining importance in various manufacturing and fabricating sectors.

The aerospace sector recognizes the unique competence of 3D printing and is pursuing ways to exploit these competences. For example, Boeing is utilizing 3D printing to manufacture plastic interior parts out of nylon and polyetherimide for their test evaluation and prototype units. Boeing is utilizing 3D printing technology to swiftly manufacture tools for making composite parts. Additionally Pratt & Whitney aerospace company is investing extensively in a state-of-the-art 3D manufacturing center in association with the University of Connecticut. The 3D printing technology in the aerospace sector, generally in plastic, has developed into a mainstream prototype fabrication practice of aerospace parts. This technology empowers designers to skip the fabrication of tools and go straight to finished parts. Although printing a prototype component may consume several hours, it is still considerably faster than manufacturing tools that are then used to manufacture prototype parts. This capability to swiftly manufacture prototypes allows engineers to authenticate design concepts much faster, thus speeding up the overall improvement process.

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The major drivers driving the aerospace 3D printing market are factors such as efficient use of raw materials, accuracy, customizable product creation and reduction of errors while manufacturing of parts. The above mentioned factors are going to push the 3D printing market towards its growth during the forecasted period from 2016 – 2024.

The aerospace 3D printing market can be segmented into six broad categories. By material type, by form, by process, by technology, by software, and by application. By material the aerospace 3D printing market can be further segmented into plastics, metals, ceramics, and others. By form, the market is segmented into filament, powder, and liquid. By process, the market has been segmented into binder jetting, material extrusion, direct energy deposition, powder bed fusion, sheet lamination, material jetting, and vat photo-polymerization. By technology the market has been further divided into stereo lithography, Selective Laser Sintering (SLS), Fuse Deposition Modeling, Direct Metal Laser Sintering (DMLS), polyjet printing, inkjet printing, Laminated Object Manufacturing, Digital Light Processing (DLLP), Electron Beam Melting (EBM), and Laser Metal Deposition (LMD). Additionally the global aerospace 3D printing market has been further divided into five regions; they are North America, Asia Pacific, Middle East, Europe, and Africa and Latin America.

North America was the market leader in the aerospace 3D printing market in the year 2015. 3D printing is generally used in major industrial manufacturing sectors such as aerospace & defense, and healthcare companies. For example, GE utilizes laser-powered 3D printers to make products and parts for the aerospace industry. Continuous technological developments and monetary support from the government is also propelling the market for aerospace 3D printing in the North America region. The market for aerospace 3D printing in Asia Pacific is expected to grow at a prime rate during the forecast period from 2016 – 2024. This tremendous growth can be attributed to government funding and initiatives in research and development in the Asia Pacific region.

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Major players in this industry are EOS GmbH (Germany), Organovo Holdings Inc (U.S.)., 3D Systems Corporation, Stratasys Ltd (U.S.), Solvay S.A.(Belgium), Sandvik (Sweden) and Höganäs AB (Sweden) among others.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

Customer Experience Maps
Insights and Tools based on data-driven research
Actionable Results to meet all the business priorities
Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

North America
Asia Pacific
Europe
Latin America
The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

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Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis

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