Why Is Consumption of 3D Printing Filaments Booming in Aerospace Sector?

As the preference and needs of people change, so must the design of and functionalities offered by various products. To achieve this, even the manufacturing technology must change, because the processes once relevant won’t always continue to be for long. Thus, with the increasing demand for customized products that not only suit people’s varied requirements but also complement their personality, industrialists are rapidly innovating their technology.

P&S Intelligence, therefore, considers the need for mass product customization a key factor that will propel the 3D printing filament market from $693.1 million in 2019 to $7,082.0 million by 2030, at a healthy 26.8% CAGR during 2020 and 2030. This is because 3D printing, or additive manufacturing, is a modern production technology that reduces the need for pre-casting and making molds for customizing products. This not only speeds up the actual manufacturing process but also makes it cost-effective for companies, which ultimately leads to a cost reduction for the end user.

Aerospace & defense, industrial, automotive, healthcare, consumer goods, and others are the categories under the application segment. Among these, the aerospace & defense category dominated the 3D printing filament market during the historical period (2014–2019) because such companies are using this manufacturing technique to save on operational costs. Moreover, aerospace & defense components are becoming increasingly complex, which is making it difficult to produce them via conventional techniques. For instance, GE is using 3D printing for miniature jet engines and aircraft fuel nozzles, while Boeing is using 3D-printed components in the flight deck of the 777X.

In the coming years, the demand for 3D printing filaments will shoot up in Asia-Pacific (APAC). The manufacturing industry of APAC, though the largest in the world, still lags behind in the adoption of the latest technologies. However, with government initiatives to augment the manufacturing output, such as the Made in China 2025, Making Indonesia 4.0., and Make in India initiatives, industrialists are receiving heavy funding, which is allowing them to innovate their processes and procure expensive machines, such as 3D printers.

Hence, with advancements in the manufacturing technology, the demand for 3D printing filaments will keep increasing.

Comments

Post a Comment

Popular posts from this blog

Why Oxygen-Free Copper Market Opportunities Galore in APAC?

Image
 The major factors in the global oxygen-free copper market are skyrocketing demand for oxygen-free copper wires in the electronics & electrical industry and electric vehicles (EVs). This surging demand is owing to their ease of welding, renowned creep resistance, high impact strength, high thermal and electrical conductivity, and high ductility. The market is predicted to grow significantly in the coming years. The outbreak of COVID-19 had disrupted the entire circular economy, significantly reducing this market’s sales because of the ruptured logistical network, shutdown of electronic & electrical product factories, and reduced EV production. Within the grade system, the oxygen-free copper market can be bifurcated into oxygen-free electronic and oxygen-free categories. The latter bifurcation generated higher revenue in the market in the past, not only in terms of value but also in terms of volume. The category will continue to exhibit this trend in the coming years as well. T
Read more

How Will Rapid Industrialization Drive Hydraulic Equipment Demand?

Image
The Government of India completed the construction of 2,734 projects under the Smart City Mission till 2021. The government is currently working on the construction of 100 smart cities, 6 new ports and 14 coastal economic zones (CEZs). Likewise, Infrastructure Australia (IA) approved the construction of 44 new infrastructure projects in February 2021. The rising construction activities, on account of the booming population and mounting investments being made in the construction sector, will propel the need for hydraulic equipment in the coming years. Additionally, the rapid industrialization in developing countries will drive the hydraulic equipment market growth during 2021–2030. According to P&S Intelligence, the market generated a revenue of $37 billion in 2020. For instance, the United Nations Industrial Development Organization (UNIDO) aims to offer institutional support to special economic zones (SEZs) and industrial and technology parks in Brazil. The UNIDO will help Brazil
Read more

Why Is OLED Material Consumption Highest in Asia-Pacific?

Image
The technology of TV displays has evolved significantly from the cathode ray tubes of the mid-20th century to the liquid crystal displays (LCDs) and light-emitting diodes (LEDs) of the first decade of the 21st century. With efforts on to make the displays even better, organic light-emitting diodes (OLEDs) have been invented, which are rapidly becoming popular in TVs, smartphones, laptops, tablets, and automotive displays. This is because of the several advantages OLED screens offer, including brighter pictures, larger viewing angles, ability to work in a wider temperature range, and lower power consumption. Moreover, OLEDs are so thin that they can be used for curved and folded screens, which are becoming rapidly popular, especially in wearable devices and other consumer electronics. Similarly, transparent displays, which are helping revolutionize advertising activities, have become possible due to OLEDs. P&S Intelligence cites these advantages and the constant research being put i
Read more