Market Trends of 3D Printing For Prototyping Industry
Aerospace and Defense Segment is Expected to Observe Significant Growth
- Like other sectors, the aerospace industry employs rapid prototyping to transform initial design concepts into ready-to-use parts. With 3D printing technologies, aerospace firms can produce and assess various design iterations by creating fully functional components. Engineers adeptly select specific 3D printers and materials, allowing for the swift production of prototypes with diverse forms, fits, and functionalities. Beyond expediting aircraft design cycles, 3D printing significantly shortens the time to market for aerospace companies.
- In aerospace, designs typically start as concept models that highlight specific aircraft components. These models play a pivotal role in aerodynamic testing, a crucial aspect of aerospace development. Techniques like SLA printing and material jetting are employed to create detailed and smooth scale models of aerospace designs. Such accurate models convey the design intent clearly and present the concept's overarching form. Hence, the growing aerospace industry creates a favorable ecosystem for the growth of the studied market.
- For instance, in 2023, the aerospace and defense (A&D) industry experienced a resurgence in product demand. In the aerospace sector, domestic commercial aviation revenue passenger kilometers in many countries exceeded pre-pandemic levels. This momentum in demand for A&D products and services is projected to persist into 2024.
- Commercial travel is set to maintain its upward trend. Meanwhile, as geopolitical tensions rise in the defense sector, the demand for defense products is anticipated to grow. According to IATA, global passenger kilometers in 2023 saw a 36.9% increase from 2022, bringing global air traffic to 94.1% of pre-pandemic levels. This rebound in air travel has been mirrored by a significant rise in aircraft orders and deliveries, further driving the evolution of flight recorder devices. In 2023, Boeing and Airbus reported deliveries of 735 and 528 commercial jets, respectively, marking an increase from 676 and 480 in 2022.
- Several firms in the aerospace and defense industry are harnessing the power of 3D printing for prototyping. For example, A&M Tool and Design manufactures parts and custom machines catering to aerospace, optics, and robotics. Over the years, A&M Tool and Design has evolved, integrating a suite of modern equipment, including 3D printing, alongside its trusted traditional technologies and retrofitted solutions. The vendor notes that it adopted 3D printing primarily to test fit and function during prototyping. With 3D printing, A&M Tool and Design can produce parts at an accelerated pace, maximizing their operational hours.
Understand The Key Trends Shaping This Market
Download PDF
North America Expected to Hold Significant Market Share
- To thrive in the dynamic market, consumer product (CP) companies must prioritize adaptability, innovation, and differentiation. North America exemplifies these principles, seamlessly integrating technological advancements while attuning to market nuances. Armed with these competencies, North American nations adeptly cater to consumer demands, consolidate markets, and implement strategies with finesse.
- Research and development projects have seen a notable surge. The 2024 budget marked a significant uptick in federal R&D funding. The US president's proposal, pegged at USD 210 billion, underscored the intent to harness science and technology for the greater good of the American populace. Such advancements underscore the demand for streamlined and cost-effective innovation processes, with 3D printing prototyping leading the charge.
- The established presence of major end-user industries like aerospace and defense and automotive in the North American region, especially the United States, also creates a favorable ecosystem for the market's growth in the region. For instance, Boeing is among the leading commercial aircraft manufacturers. The company leverages additive manufacturing technology for various applications beginning from prototyping to custom part production.
- The United States stands as the dominant automotive market in North America, hosting globally renowned brands like General Motors and Ford. Many of these companies harness the power of 3D printing for their prototyping needs. Ford Motor Company utilizes 3D printing to craft prototypes of engine covers. This approach enables engineers to swiftly test and refine designs, leading to notable reductions in both lead times and production costs. Consequently, these trends and advancements bolster the growth of the studied market in the region.
Get Analysis on Important Geographic Markets
Download PDF
