The sudden outbreak of COVID-19 has imposed a partially negative impact on the growth of the global aerospace 3D printing market. The market is expected to recuperate from the losses suffered during this pandemic by the third or fourth quarter of 2022. Shutdown of airplane services during this pandemic period is severely hampering the growth of the market. The market is expected to experience significant growth after the resumption of the aerospace industry post-COVID-19 crisis.Research Dive presents a new research report on the global aerospace 3D printing market which elucidates the impact of COVID-19 pandemic on the present and future growth of the market. This report is an exhaustive research drafted by market analysts by evaluating key booming factors, major regional market situations, restraints, and trends & developments in the market amidst the COVID-19 crisis.
The aerospace 3D printing market has witnessed substantial growth in the past years, however, the abrupt rise of the Coronavirus pandemic has considerably affected the growth of the market.
As per the report, the global aerospace 3D printing market was accounted at $887.9 million in 2018 and is anticipated to gather a revenue of $5,229.4 million by 2026, rising at a striking growth rate of 24.6% in the next few years.
In the current condition, the market has managed to collect a revenue of $780.9 million which is less than the predicted revenue, due to the shutdown of airplane services during the lockdown. Researchers have projected that the market is likely to recover from the incurred losses and grow considerably by the third or fourth quarter of 2022.
• Factors Hampering the Market Growth amidst Covid-19 Pandemic
The enforcement of lockdown and restriction on travel services has caused a severe threat to the growth of the global aerospace 3D printing market in 2020. However, the market is expected to experience significant growth after the resumption of airplane services, post-COVID-19 pandemic.
• Current Market Transformation Due to Covid-19:
In the course of this crisis period, companies are implementing various business tactics to survive their businesses. 3D printing manufacturers are investing in new technologies that will considerably reform the industry amidst and post Covid-19 pandemic. Several leading companies in this sector are offering a helping hand in the production of protective equipment, face shields, and ventilator to fight against this deadly virus. For instance, Airbus, the world’s largest aircraft manufacturer has taken an initiative to produce 3D printed visor frames for providing healthcare professionals with individual protection equipment as a safety measure to combat COVID-19.
Moreover, nearly 78,000 men and women from Collins Aerospace and about 70 3D printers from Raytheon Technologies global locations have joined hands to manufacture face shield headbands. Some of the foremost market players functioning in the aerospace 3D printing market include Arcam AB, 3D System Corporation, EOS GmbH, Aerojet Rocketdyne, Norsk Titanium, Envisiontec GmbH, Ultimaker B.V., MTU Aero Enginess AG, Materialise NV, Hoganas AB, and others.
• Post-pandemic Market Insights:
At this moment in time, the market is experiencing a downfall in its growth rate, however, by 2022, the market is likely to undergo additional growth due to the growing demand for lightweight aerospace components. This growth will be mainly driven by a downfall in the supply of aerospace parts and the potential of 3D printing technology to produce complex parts related to the aerospace sector. Hence, the market is expected to recover after the end of COVID-19 pandemic and grow significantly in the upcoming years.