According to research conducted by Frost & Sullivan, rapid growth is anticipated for the global 3D printing materials market, particularly concerning the aerospace industry.
Leading industry participants such as Boeing and Airbus intend to expedite the adoption of 3D printing technology to reduce supply chain complexities and costs, shorten time frames, enhance functionality and performance, and produce lighter and safer flight-worthy parts and products.
Frost & Sullivan anticipates the global 3D printing materials market for the aerospace industry to reach over R7 billion ($535.1 million) by 2024, with an impressive compound annual growth rate of 20.3% between 2017 and 2024.
‘The aerospace industry is witnessing a quantum change in terms of supply-chain re-arrangement as 3D printing manufacturing makes inroads,’ said Sayan Mukherjee, senior research analyst, chemicals and materials at Frost & Sullivan. ‘Material manufacturers with industry-qualified products have immense opportunity to cash in on double-digit growth.’
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