Inkwood Research expects the Global Additive Manufacturing in Aerospace & Defense Market to grow with a 20.48% CAGR by 2032, and is predicted to generate $17886.13 million in revenue during the forecast period, 2023-2032.
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Additive Manufacturing (AM), leveraging CAD files or 3D scanning data, enables the on-demand production of diverse items. Currently, industries utilize AM for a plethora of applications, from critical aviation components to medical implants for defense personnel. AM employs a vast range of materials, including high-performance polymers, carbon fiber, superalloys, stainless steel, ceramics, sand, and PLA plastics. Initially perceived as a fleeting trend or subpar technology, AM has evolved into a transformative force across various sectors such as aviation, defense, healthcare, and art, redefining the manufacturing landscape.
Need to Reduce Time-To-Market in the Aerospace and Defense Sector Drives Market Growth
Reducing time-to-market is crucial for gaining a competitive advantage in the Aerospace and Defense sector. Additive Manufacturing (AM) accelerates production timelines, offering digital customization of design files and obviating the need for tool or mold changes. This enhances design adaptability and can help companies with substantial backlogs expedite their production process, optimizing efficiency.
Defense Holds Majority Market Shares in the Application Segment
The aging military aircraft fleet has been generating significant market potential due to the growing demand for modern replacements. Aware of this increasing demand, aircraft manufacturers actively invest in additive manufacturing technologies within their production processes, recognizing its potential to expedite the manufacturing new, advanced aircraft.
Dominating Region – Europe
European companies, particularly in the United Kingdom, France, and Germany, leverage Additive Manufacturing (AM) to enhance existing product functionality or create bespoke products. This trend is expected to persist. Aerospace and defense entities in these regions partner with suppliers and AM providers to fabricate improved or innovative products.
The market faces fierce competition with increasing industry players, including niche technology specialists. As rivalry intensifies, strategies are becoming more buyer-centric, prioritizing product and price differentiation to secure market share. Thus, the competition is comparatively higher and expected to escalate during the forecast period.
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