The market for materials aimed at 3D printing aerospace parts could reach US$535.1 million by 2024, with a compound annual growth rate of 20.3% between 2017 and 2024, according to a new report. Frost & Sullivan, who published the study, suggests that the market is set to experience significant opportunities for rapid growth with companies such as Boeing and Airbus planning to expedite the adoption of 3D printing technology to reduce supply chain complexities and costs, shorten time frames, improve functionality and performance, and produce lighter and safer flight-worthy parts and products.
‘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. ‘Material manufacturers with industry-qualified products have immense opportunity to cash in on double-digit growth.’ He warned, however, that ‘[a]lthough 3D printing greatly reduces cost involvement and turnaround time for short-volume production, the slow printing speed can be a hindrance to high-volume production until faster printing technology is available. Furthermore, the lack of clarity among end users regarding the medium- and long-term benefits of adopting 3D printing is a challenge to the industry,’ Mukherjee added.
This story uses material from Frost & Sullivan,with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.