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Investors can be forgiven if they don’t want to buy into 3-D printing hype.

Barron’s, however, had the chance to visit Honeywell International’s (ticker: HON) 3-D printing—or additive manufacturing—operation in Phoenix. And it could have been the heat—temperatures topped 113 degrees during our stay—but we were amazed at the state of the art in additive manufacturing. The technology is reducing working-capital requirements, saving Honeywell cash, as well as helping the industrial conglomerate win billions in new business.

3-D printing burst on the scene a few years ago. Since peaking around 2014, however, 3-D printing stocks are down about 85%. That’s not good. The Dow Jones Industrial Average, for comparison, has returned almost 75% cumulatively over the same span.

The technology trend didn’t unfold the way investors expected. Costs didn’t come down fast enough and the killer-app—the major application that would drive technology adoption—never appeared on the scene.

As a result, new entrants, such as 3D Systems (DDD), didn’t create much stock-market value. Instead, the value of 3-D technology is accruing to companies able to use additive manufacturing techniques to supplement their existing supply chains.

“Additive manufacturing will never replace [high-end] forging,” explained Donald Godfrey, engineering fellow for additive manufacturing at Honeywell Aerospace. “And if you have a high volume part, you’ll never beat the cost effectiveness of casting.” That doesn’t mean, however, Godfrey, who has traveled the world examining and implementing additive manufacturing systems, doesn’t see a role for 3-D printing.

“A few years ago we had a part—the casting was wrong—and it was going to take nine months to fix,” Godfrey said. “We didn’t have nine months. I said I could have a part in two months. I was [literally] laughed at.” Of course, not one to turn down a challenge, Godfrey delivered a working part in a month.

That appears to have been an “aha moment” for Honeywell executives who expanded their use of additive manufacturing. Looking for new ways to adapt parts to the technology which welds metal powders in 20 to 40 micro layers using high-temperature lasers. Rapid prototype and part development turned out to be only one of the benefits 3-D printing offers.

“We have to support every engine we have in the field with spare parts,” said Godfrey. That even applies to engines Honeywell no longer makes. Low-volume “sunset” parts are difficult to produce and expensive to hold in inventory. “You can’t cast [just] one, you cast 1,000,” he said. Additive manufacturing is a perfect solution for that particular problem.

Other aerospace companies have caught on and are investing in additive manufacturing too. General Electric (GE), for instance, wants to generate $1 billion in sales from 3-D printed parts in its aerospace division by 2020. That goal is from 2017 and GE wasn’t immediately available to update its 3-D printing aspirations. Still, “we’re more bullish on [additive manufacturing] as being as disruptive in the future as ever,” said GE Aviation CEO David Joyce at the Paris Air show in June.

Honeywell appears to be approaching 3-D implementation a little differently than GE. “We don’t want to make parts,” said Godfrey. “If there is a patent or technology, sure we’ll make it, but otherwise we will push it out to the supply chain.” Honeywell is content to design and test the parts, and then let their suppliers spend capital for 3-D printing machines. In the end, Honeywell still benefits from lower costs and reduced working capital.

And the strategy is also a way to be more capital-efficient. “If I wanted all the 3-D printing machines I could use we’d be talking [multiple] billions of [capital spending],” mused Godfrey. “I don’t think I could get that approved.”

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3-D printing is impacting aerospace in another, less obvious, way. “I don’t think the casters and forgers want to add capacity,” said Darren Kosel, site leader for Honeywell’s engine manufacturing facility in Phoenix. “They think additive is going to take some share and they don’t want to be caught with unused capacity.”

Kosel is referring to Arconic (ARNC) and Berkshire Hathaway ‘s (BRKb) Precision Cast Parts unit. Both have been slow to ramp forging and casting capacity, even as Boeing (BA) and Airbus (AIR.France) plan production-rate increases in the future. Boeing and Airbus expect demand for narrow-body aircraft to exceed 30,000 units over the next 30 years for both growth and replacement. There are about 27,000 commercial jets in total flying around the globe today.

Despite that growth, the supply chain is reluctant to invest to expand capacity. And the conservatism may actually limit the ability of aircraft manufacturers to overproduce, smoothing out the ups and downs of the commercial aerospace cycle.

For investors, unfortunately, there is no one pure-play stock for 3-D printing. The benefits are accruing to large companies. Industrial-gas giant Linde (LIN), for instance, is a metal-powder supplier to Honeywell. Autodesk (ADSK), as another example, produces the computer-assisted design files used to program machines. And the machines themselves, or at least the ones Barron’s saw, are made by private, German machine manufacturers.

Still, 3-D printing is helping Honeywell achieve its margin goals and aerospace growth aspirations. And that’s not so bad.

Write to Al Root at allen.root@dowjones.com