Frost & Sullivan’s recent analysis of the Global 3D printing materials market for the aerospace industry reveals that the market is set to experience significant opportunities for rapid growth.
Leading industry participants such as Boeing and Airbus intend to expedite the adoption of 3D printing technology to reduce supply chain complexities and costs, shorten time frames, enhance functionality and performance, and produce lighter and safer flight-worthy parts and products.
Frost & Sullivan anticipates the global 3D printing materials market for the aerospace industry to reach US$535.1 million by 2024, with an impressive compound annual growth rate of 20.3% between 2017 and 2024.
“The aerospace industry is witnessing a quantum change in terms of supply-chain re-arrangement as 3D printing manufacturing makes inroads,” said Sayan Mukherjee, Senior Research Analyst, Chemicals and Materials at Frost & Sullivan. “Material manufacturers with industry-qualified products have immense opportunity to cash in on double-digit growth.”
To gain a competitive advantage in a rapidly evolving market, Mukherjee recommends material manufacturers collaborate with machinery manufacturers such as Stratasys, EOS, and 3-D Systems to develop materials that are innovative, air-worthy, and suitable for large 3D printing. Leveraging new business models, designing products for different applications, and utilizing product bundling are further strategies to embrace.Email Post to a Friend