New York, USA, Nov. 01, 2021 (GLOBE NEWSWIRE) -- A latest report on the global aerospace 3D printing market published by Research Dive sheds light on the impact of COVID-19 pandemic on the present and future lookout of the market. This report is a valuable study for stakeholders, investors, market participants, and new players looking for comprehensive insights on the impact of COVID-19 on the market growth.
Key Highlights of the Report
The COVID-19 pandemic has had a negative impact on the growth of the global market for aerospace 3D printing in 2020. As per the report, the global aerospace 3D printing market garnered $887.9 million in 2018 and is expected to hit $5,229.4 million, rising at a CAGR of 24.6% from 2019 to 2026.
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Factors Impacting the Market Growth during the COVID-19 Crisis
The global aerospace 3D printing market has witnessed deterioration in growth due to stoppage of airline services due to the implementation of travel restrictions worldwide during the lockdown in the pandemic period. Moreover, players in the aerospace 3D printing industry have stopped their manufacturing processes as the demand for aerospace components have significantly dropped in the pandemic, which is hindering the market growth.
Current Face of the Market Due to COVID-19
Before the outbreak of the pandemic, the market was estimated to garner $1,419.8 million in 2020. In the present situation, the market size has declined and reached up to $780.9 million in 2020.
The key players in aerospace 3D printing market are making strategic investments in novel technologies for recovering the industry from the incurred losses. Some of the 3D printing manufacturers have shifted their focus on the development of face shields and ventilator splitters that are presently being used as a protection against COVID-19 infections. This is likely to unlock profitable opportunities for the global market after the relaxation of the pandemic. The market is expected to recuperate from the incurred losses by the third or fourth quarter of 2022.
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Future Lookout of the Aerospace 3D Printing Market
According to the report, the global aerospace 3D printing market is expected to observe significant growth after the end of the COVID-19 pandemic, owing to rising investments in R&D activities, partnerships, and new developments in the market. Some of the leading players, such as -
- Höganäs AB
- Ultimaker BV
- Arcam AB
- ExOne
- 3D Systems, Inc.
- EOS GmbH
- Materialise
- ENVISIONTEC, INC.
- Aerojet Rocketdyne
- Norsk Titanium US Inc.
And others, are expected to come up with cutting-edge developments and pave way for rewarding opportunities for the market growth in the forthcoming years. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in March 2021, Women in 3D Printing Next Gen, an organization focused on closing the gender-gap in additive manufacturing, launched the ‘Meet the Stars of 3D Printing: Aerospace Edition’ virtual event with an aim to highlight the career opportunities in the 3D printing sector.
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