Aerospace Additive Manufacturing Market Expected to Hit a Valuation of US$ 18.5 Billion During 2024-2032

BROOKLYN, NEW YORK, USA, February 22, 2024 /EINPresswire.com/ — According to IMARC Group’s latest research report, titled “Aerospace Additive Manufacturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” offers a comprehensive analysis of the industry, which comprises insights on the aerospace additive manufacturing market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global aerospace additive manufacturing market size hits US$ 4.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 18.5 Billion by 2032, exhibiting a growth rate (CAGR) of 16.2% during 2024-2032.

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Factors Affecting the Growth of the Aerospace Additive Manufacturing Industry:

• Rising Focus on Cost-Efficiency:

The increasing focus on cost-effective solutions in the aerospace sector is impelling the market growth. Additive manufacturing reduces upfront investment and operational expenses by enabling on-demand production and eliminating the need for expensive tooling. Additionally, the ability to consolidate multiple parts into a single component reduces assembly time and labor costs. Furthermore, it minimizes material waste through precise deposition, contributing to overall cost efficiency. These cost-saving benefits make additive manufacturing an attractive option for aerospace manufacturers looking to optimize their production processes and remain competitive in a challenging market landscape.

• Innovation and Design Flexibility:

Additive manufacturing allows designers to create highly complex geometries and organic shapes that were previously impossible or cost-prohibitive with traditional manufacturing methods. This design freedom allows for the optimization of part performance, weight reduction, and integration of multiple functionalities into a single component. Furthermore, additive manufacturing facilitates rapid iteration and prototyping, enhancing the innovation cycle. Additive manufacturing enables customization and personalization of components to meet specific requirements of individuals. Designers can easily modify designs to accommodate individual preferences, tailor products to unique applications, and produce small batches of customized parts economically.

• Increasing Demand for Lightweight Parts:

The rising demand for lightweight parts for enhanced fuel efficiency and performance is impelling the growth of the market. Additive manufacturing enables the production of intricate designs and lightweight structures unattainable with conventional methods. It optimizes part design for weight reduction without compromising strength by eliminating excess material and allowing for complex geometries. This capability is particularly crucial for aircraft components where weight savings directly impact fuel consumption and operating costs. Besides this, additive manufacturing benefits in producing lightweight and complex parts, which is bolstering the market growth.

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Global Aerospace Additive Manufacturing Market Trends:

Additive manufacturing offers reductions in lead times as compared to traditional manufacturing processes. It streamlines the production process and increases time-to-market for new aerospace products by eliminating the need for tooling and enabling direct production from digital designs. Rapid prototyping capabilities allow for quick validation of design concepts, enabling faster iterations and product development cycles.

Additionally, reduced lead times enhance supply chain responsiveness, enabling manufacturers to adapt quickly to changing market demands and requirements of individuals. Besides this, advancements in additive manufacturing materials, including metals, polymers, and composites, expand the range of applications and improve the performance characteristics of printed parts, which is supporting the growth of the market.

Competitive Landscape with Key Players:

• 3D Systems Inc. CRP Technology S.r.l.
• EOS GmbH
• General Electric Company
• Optomec Inc.
• SLM Solutions Group AG
• Stratasys Ltd.
• The ExOne Company (Desktop Metal Inc.)

Aerospace Additive Manufacturing Market Report Segmentation:

By Platform:

• Aircraft
• Unmanned Aerial Vehicle
• Spacecraft

Aircraft represents the largest segment, which can be accredited the complexity of aircraft components.

By Material Type:

• Metal Alloy
• Plastic
• Rubber
• Others

Metal alloy holds the biggest market share on account of its superior strength, durability, and mechanical properties as compared to other materials.

By Technology:

• 3D Printing
• Laser Sintering
• Stereolithography
• Fused Deposition Modelling
• Electron Beam Melting

3D printing accounts for the largest market share as it offers enhanced versatility and accuracy.

By Application:

• Engine
• Structural
• Others

Engine exhibits a clear dominance in the market due to the increasing focus on weight reduction.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

North America enjoys a leading position in the aerospace additive manufacturing market, which can be attributed to the thriving aerospace sector.

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