The global aerospace 3D printing market registered a revenue of nearly $887.9million in 2018 and is anticipated to grow at a 24.6% CAGR, surpassing $5,229.4 million by 2026. The market has witnessed a significant growth previously, but due to the unexpected COVID-19 outbreak, the market is witnessing decline in 2020, but will expected to witness additional growth in 2022 owing to the rising demand for lightweight aerospace components. This growth will be majorly driven by shortage in the supply of aerospace components and 3D printing technology being capable enough to manufacture complex parts pertaining to the aerospace industry with ease.
The spread of COVID-19 is increasing and posing serious threat to airlines, owing to travel restrictions. However, manufacturers are already making appropriate investments in new technologies that will drastically reshape the industry during and post Covid-19 scenario is under control. Hence, the crisis has not impacted the aerospace 3D printing market. Manufacturing firms make use of this technology and produce models such as face shields and ventilator splitters that are currently being used as a gear against COVID-19 for patients. Our analysts have estimated the condition of the aerospace 3D printing market during the COVID-19 outbreak and have come to the following conclusions.
|Recovery By||Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|26.9%||24.6%||Q3/Q4 2022||227||USD 1,419.8 Million||USD 780.9 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Aircraft weights play a major role while manufacturing, designing and developing aircraft components. Light weight components consume less fuel and improve the performance of aircrafts in terms of acceleration. Furthermore, it offers higher structural strength, stiffness, and better safety performance. Hence, the aerospace industry has started deploying 3D printing technology in order to manufacture finished parts. 3D printing offers a lot of advantages to aerospace industry such as ease in supply chain & removal of constraints, along with consuming less space for storage of parts, and reducing wastage in material production. All these factors are likely to boost the 3D printing in aerospace market in the near future. For instance, Airbus, the largest manufacturer of aircraft, adopted this 3D printing technology to achieve faster production processes.
3D printing materials cost make the technologies expensive. The industrial-grade 3D printers are still expensive, which is anticipated to restrain the growth of the global market. Moreover, 3D computers emit hazardous volatile organic compounds during printing, which can cause lung diseases on exposure for prolonged period. These factors are anticipated to bring a decline in the demand for 3D printing technologies.
The COVID-19 pandemic has impacted the 3D printing aerospace market negatively. According to the International Air Transport Association, on 14th April 2020, the COVID-19 pandemic impacted the supply chain of aerospace industries especially in Asia-Pacific region due to shortage in supply of materials required for 3D printing and owing to travel restrictions since last three months. These restrictions in domestic markets have been extended to regional and intercontinental. For instance, airlines in Asia- Pacific faced a drop in revenue US$113 billion in 2020 compared to 2019.
The situation is worsening day by due to COVID19 crisis going on. Airlines have been affected very much and facing a liquidity issue of US$61 billion and a completely cash burn. The industry is thus looking for financial support from government in order to be competitive in this period. Manufacturing companies which are still working during this pandemic and making use of 3D printing to produce equipment are facing issues in the supply of masks and face shields for their staff. As 3D printing is quite expensive and limited in materials the aerospace industry has faced critical situation for raw materials required in 3D printing.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global 3D printing aerospace market is witnessing significant decline in 2020 and is anticipated to show growth in Q3/Q4 of 2022. The rapid growth is majorly attributed to rising demand for light weight aerospace components. This market is expected to retain its growth even after the control of the pandemic. Moreover, manufacturers are significantly making continuous improvements in 3D printing technologies with enhanced safety, speed, and efficient production results. Thus, extensively rising popularity for the aerospace industry is one of the significant factors for the growth of 3D printing technologies.
In aerospace industries, 3D printing technology is utilized to develop new manufacturing processes. The distinctive 3D printing technology is anticipated to create immense opportunities in the global market. 3D printing technology provides products with integrated features such as maximum reflectivity and lightweight. Moreover, this 3D printing technology provides optimal control, stability, and durability to the products. Thus, this technology offers key advantages to aerospace manufacturers too. Furthermore, by making use of 3D printers while designing aerospace components top players are achieving fast production processes, reducing wastage and shortening the supply chain. All these factors will make a significant impact on the growth of the global 3D printing technology in aerospace market.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Aerospace 3D Printing Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity