Potential Impact of COVID-19 on Aerospace 3D Printing Market: What to Expect from Industry in 2021?

 The sudden eruption of COVID-19 pandemic has imposed a considerable impact on the aerospace 3D printing market. COVID-19 is having a massive impact on 3D printing in aerospace industries owing to complete halt on the production, delivery of raw materials and other factors. The supply chain of aerospace industries has been affected adversely. Several universities and institutions across India have already adopted 3D printers and are now using them to make face shields, as well as ventilator splitters that can be used by 2-4 patients simultaneously. In the course of this chaos, we are offering complete support to our clients in understanding the influence of COVID-19 on the global aerospace 3D printing industry.

According to a recent report published by Research Dive, the global aerospace 3D printing market is anticipated to garner $5,229.4 million by 2026, growing at a growth rate of 24.6% from 2018 to 2026. The report segments the global market on the basis of type, applications, end use and regions. This report is a comprehensive analysis of recent drivers, key segments, opportunities, restraints, and major players of the market.

Factors Affecting the Market Growth

As per the report, rising demand for light weight aircraft components, and rising adoption for 3D printing in aerospace industry to make complex process ease are expected to greatly fuel the growth of the aerospace 3D printing industry, during the forecast period. On the other hand, huge expenses incurred in the acquisition of 3D printing and limitation of raw materials are likely to hamper the development of the global aerospace 3D printing market.

Materials segment to be at the forefront during the Projected Timeframe

By type, the report categorizes the market for aerospace 3D printing market into printers and materials. Among these, the materials segment is expected to grab highest share of the market by collecting a revenue of $2,447.4 million in 2026 and growing at a healthy growth rate of 24.9% during the forecasted timeframe. This rise is attributed to enormously increasing demand for a wide range of materials to the print engine and structural components of aircrafts.

Space Component is expected to witness high growth in the forecast period

On the basis of application, the report categorizes, and the market for aerospace 3D printing market into engine component, structural component, and space component. Among these, space component segment is expected to grab highest share of the market by collecting a revenue of $1,142.5 million in 2026 and growing at a healthy growth rate of 25.2% during the forecasted timeframe. This is owing to the necessity of low weight parts and high resistance against extreme conditions that can be manufactured by using 3D printing technologies.

Aircraft will garner a considerable amount of market share

Based on end use, the report categorizes the market for aerospace 3D printing market into UAVs, aircraft, and space craft. Among these aircraft segment is expected to grab highest share of the market by collecting a revenue of $2,333.0 million in 2026 and growing at a healthy growth rate of 25.2% during the forecasted timeframe. This is due to extensively rising air travel across the globe.

Regional Breakdown of the Market

Regionally, the report evaluates the global market across North America, Europe, Asia Pacific, and LAMEA. Among these, the Europe region is anticipated to generate a revenue of $1,621.1 million in 2026 and grow at a CAGR 25.1% during the projected period. This growth is mainly attributed to the increase in adoption of aircraft 3D printing technology in aerospace & defense sector.

The major players of the global aerospace 3D printing industry are –

1. 3D System Corporation
2. Arcam AB
3. Aerojet Rocketdyne
4. EOS GmbH
5. Norsk Titanium
6. Ultimaker B.V.
7. MTU Aero Enginess AG
8. Materialise NV
9. Hoganas AB
10. Envisiontec GmbH.

These players are implementing various business strategies like mergers and acquisitions, collaborations & partnerships in order to gain a major market share in the global industry.

Reference: https://www.researchdive.com/press-release/global-aerospace-3d-printing-market.html

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