3D printing in aerospace and defense market projected to reach US$8.66B by 2030
By DE StaffAdditive Manufacturing Aerospace
Straits Research report projects sector will gro at a CAGR of 26.1% over the next seven years.
According to analysis by Straits Research, the global 3D printing in aerospace and defense market, valued at US$1.35B in 2021, will reach an expected value of US$8.66B by 2030. In the market analysis firm’s latest report, the sector is projected to experience a CAGR of 26.1% between 2022–2030.
Driving the market expansion, Straits’ report says, is increased acceptance of 3D-printed parts in aerospace supply chains and the advantages of 3D printing, notably the decrease in processing and manufacturing costs.
By application, the report says the market is segmented into Aircraft, Unmanned Aerial Vehicles and Spacecraft with aircraft accounting for the largest market share and largest projected growth rate 29.7% until 2030.
As to build materials, the special metal segment accounts for the largest market share and is estimated to grow at a CAGR of 24.4% but plastics like ULTEM has gained popularity due to its heat resistance, the report says. Aerospace companies are increasingly utilizing polyetherimide, commercially known as ULTEM, to produce the inner shells that comprise all required mounting components.
Regionally, the report finds that Europe commands the market and is estimated to grow at a CAGR of 24.4% to 2030. Of European nations, the UK is a center of R&D for innovative materials for the aerospace industry, and the existence of numerous aerospace incumbents generates a consistent demand for advanced composites.
North America is expected to see the strongest growth at a CAGR of 25.2%, due to the presence of key industry players, such as Boeing, Lockheed Martin, and NASA, which have embraced 3D printing technology, the report says.
Asia-Pacific is the third-largest region, the report finds and points out that the Chinese government has designated aeronautical equipment and 3D printing as important growth drivers for Chinese manufacturing industries under the Made in China 2025 vision.