New York, USA, April 27, 2021 (GLOBE NEWSWIRE) — The latest research report on the global aerospace 3D printing market by Research Dive reflects the influence of COVID-19 pandemic on the present and forthcoming growth of the global market. This report is a professional and comprehensive research formulated by specialists by evaluating top driving factors, major regional market situations, opportunities & future scope, and trends & developments in the market during the COVID-19 catastrophe.
Highlights of the Report
- As per a pre-COVID-19 analysis, the market was expected to garner a CAGR of 26.9% during the forecast period.
- The post-COVID-19 CAGR of the market is 24.6% according to the latest findings.
- The market was estimated to reach a revenue of $1,419.8 million in 2020 as per the pre-pandemic analysis.
- The real-time market size has garnered a revenue of $780.9 million in 2020.
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Factors Hindering the Growth of the Market
Due to the Covid-19 pandemic, various government institutions imposed lockdowns across nations. All the borders were closed, and travel was restricted. This is the main reason behind the decline of the market. However, foreseeing the situation, manufacturers proactively made investments in new technologies such as ventilator splitters and face shields, to beat the impact of the pandemic on their business. Most of the restrictions on air travels were lifted which has helped the industry to continue its growth.
The International Air Transport Association stated on 14th April 2020 that the COVID-19 pandemic impacted the supply chain of aerospace industries especially in Asia-Pacific region due to scarcity in supply of materials required for 3D printing because of the travel restrictions.
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Current Scenario of the Market
In January 2021, Norsk Titanium, Norwegian-American firm providing additive manufacturing of aerospace-grade titanium components (using proprietary RPD technology), delivered new Boeing 787 Dreamliner components to Leonardo’s Grottaglie Plant which is headquartered in South Italy. This plant is a part of Leonardo’s Aerostructures Division.
This delivery adds a third production customer to Norsk’s growing commercial aerostructures customer base and represents Norsk’s first recurring production order from a European Union based Aerospace company.
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The major players of the global aerospace 3D printing industry include
- Aerojet Rocketdyne
- 3D System Corporation
- Arcam AB
- Norsk Titanium
- EOS GmbH
- MTU Aero Enginess AG
- Ultimaker B.V.
- Materialise NV
- Envisiontec GmbH
Hoganas AB. These players are focusing on the implementation of various business strategies such as mergers and acquisitions, collaborations & partnerships in order to gain a major market share in the global industry during the forecast period.
Moreover, the manufacturers are working on developing new 3D printing technologies which are expected to enhance safety, speed, and efficient production results.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status – Inquire to Get access for Detailed Top Companies Development Strategy Report
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