New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aerospace Additive Manufacturing Global Market Report 2023" - https://www.reportlinker.com/p06466544/?utm_source=GNW
, SLM Solutions Group AG, Stratasys Ltd, CRS Holdings Inc, General Electric Company, 3DCeram S.A.S., Carpenter Technology Corporation, Arconic Corporation, and Markforged.
The global aerospace additive manufacturing market is expected to grow from $2.71 billion in 2022 to $3.14 billion in 2023 at a compound annual growth rate (CAGR) of 15.78%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The aerospace additive manufacturing market is expected to reach $9.24 billion in 2027 at a CAGR of 31.01%.
The aerospace additive manufacturing market consists of revenues earned by entities by design and engineering support, material selection and testing, post-processing and finishing and quality assurance and certification.The market value includes the value of related goods sold by the service provider or included within the service offering.
The aerospace additive manufacturing market also consists of sales of mechanical components and electronic components.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Aerospace additive manufacturing, also known as 3D printing in aerospace, refers to the use of additive manufacturing technologies to produce aerospace components and parts. This process involves building up layers of material, such as metals, polymers, or composites, to generate intricate forms and structures that would be difficult or impossible to produce using typical manufacturing processes.
North America was the largest region in the aerospace additive manufacturing market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of additive manufacturing in aerospace are material-based, including metal alloys, plastics, rubber, and other materials.An aircraft is a vehicle or any machine that is capable of flying in the air with the support of air, and the noncritical parts of an aircraft, such as ductwork, interior components, and engine components, are manufactured by additive manufacturing.
They are manufactured with technologies including laser sintering, 3D printing, electron beam melting, fused deposition modeling, stereo lithography, and others for platforms such as aircraft, unmanned aerial vehicles, and spacecraft. Additive manufacturing in aerospace is applied for engine, structural parts, and other applications.
Air passenger traffic is expected to propel the growth of the aerospace additive manufacturing market going forward.Air passenger traffic refers to an increase in the number of passengers due to various reasons, like work-related, business-related, and tourism-related.
Air passenger traffic is prompting aircraft companies to arrange more domestic and international flights, which is resulting in increased aircraft manufacturing, which in turn is spiking the usage of aerospace additive manufacturing. For instance, in February 2023, according to the International Air Transport Association (IATA), a Canada-based group of world airlines, total passenger traffic rose by 64.4% in 2022 compared to 2021. The air traffic in December 2022 alone rose by 39.7% compared to December 2021. Therefore, the surge in passengers is driving the aerospace additive manufacturing market going forward.
Technological advancements are a key trend gaining popularity in the aerospace additive manufacturing market going forward.Major companies operating in the aerospace additive manufacturing market are developing innovative technologies to strengthen their position in the market.
For instance, in February 2021, 3D Systems, a US-based engineering firm, introduced the High Speed Fusion industrial 3D printer platform and material portfolio.The platform system comprises unique printing technology and sophisticated material systems.
It is one-of-a-kind system that runs at speeds and precision levels far exceeding current state-of-the-art manufacturing platforms thanks to superior electric motion control.
In October 2022, GKN Aerospace, a UK-based multi-technology aerospace supplier, acquired Permanova Lasersystem AB for an undisclosed amount.This acquisition helps to grow GKN, enable sustainable and cost-effective material solutions for customers, and enhance additive manufacturing capability within the engines business.
Permanova Lasersystem AB is a Sweden-based developer and manufacturer of advanced laser systems through the additive manufacturing process for various industries, including aerospace.
The countries covered in the aerospace additive manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The aerospace additive manufacturing market research report is one of a series of new reports that provides aerospace additive manufacturing market statistics, including global market size, regional shares, competitors with an aerospace additive manufacturing market share, detailed aerospace additive manufacturing market segments, market trends and opportunities, and any further data you may need to thrive in the aerospace additive manufacturing industry. This aerospace additive manufacturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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