Global Aerospace 3D Printing Market is growing because 3D printing can be used to customize components and parts used in the aircraft industry by efficiently using the overall raw material with high accuracy, thereby promoting the growth of the 3D printing market. Complicated components can be easily made with 3D printing technology with reduced errors.
The growth of lightweight and fuel-efficient components has led to a rise in engine application under the material application segment, which is further expected to increase in the coming years.
The global demand for 3D printed components is on the rise because of reduced weight; since geometry-oriented structures and lattice structures can be employed in the space industry to reduce weight, there is a decreased environmental effect and increased return on investment.
The increase in research and development activities for more enhanced and customized 3D printed components for the aerospace industry has brought new investments and partnerships, mergers, and acquisitions within the industry. All the developments in the industry are to enhance the additive manufacturing process and develop better product development capabilities for the aerospace industry.
The companies involved in the additive manufacturing of the space sectors are raising millions in a seed fundraising round because of growing awareness of the commercial applications of 3D printing technology and the attractiveness of investment within the space sector, such as Indian startup Skyroot Aerospace to fund the creation of its 3D printed cryogenic engine-powered rockets, has raised USD 51 million.
The industry has had substantial growth post-pandemic, and within the next two to three years, it is expected that it will return to its pre-pandemic state. According to the report published by the International Air Transport Association (IATA), that represents 83% of total commercial air traffic, and the market is up by 50% compared to 2019. It predicts the rise of air traffic by 4% over the next 20 years.
