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3D Printing in Automotive Industry Business Revenue, Future Scope, Market Trends, Key Players and Forecast To 2022

Summary

Global 3D Printing in Automotive Market Information Report, By Technology (Stereolithography (SLA), Laser Sintering, Electron Beam Melting, Laminated Object Manufacturing and Others), By Material (Metal, Alloys and Others), By Application (Prototyping and Tooling, Manufacturing, R&D Activities and Others), By Region – Forecast To 2023

3D Printing in Automotive Industry Overview

Market Research Future (MRFR), in its recently published research report, asserts that the global 3D Printing in Automotive Industry is thriving and expected to grow exponentially over the review period, recording a substantial market valuation of more than USD 25 billion by 2023, and a healthy 26.2% CAGR in the forecast period.

Drivers and Restraints

The swift development in 3D printing technology for widening the application range of 3D printed materials is generating large opportunities for the expansion of the global 3D Printing in Automotive Industry. The deployment of 3D printing technology in automotive industry has supported the production of more complex designs which was inopportune through the conventional methods. The short time span needed for production of 3D printed parts as compared to the conventional production methods has limited the manufacturing cost and quickened the production process in the automotive industry.

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The increasing focus on introducing innovative and effective printing materials to offer lightweight spare parts, decreasing material wastage, and lessening the turnaround time is fueling the development of the global 3D Printing in Automotive Industry over the assessment period. The increasing government support for research and development activities in 3D printing technology is anticipated to positively impact on the expansion of the global 3D Printing in Automotive Industry.

On the flip side, the increased cost and lesser availability of 3D printers in the market are projected to act as a limitation on the growth of the global 3D Printing in Automotive Industry.

Competitive Analysis

The leading market players operating in the global market as identified by MRFR are Autodesk, Stratasys Ltd, 3D Systems, Inc, Arcam AB, Exone, EnvisionTEC, Inc, Voxeljet AG, Ponoko Ltd, Local Motors, Optomec, Inc and among others. The augmented investments in research and development for introduction of modern printing materials and cost-efficient printers has strengthened the competition amid the players of the global 3D Printing in Automotive Industry. The significant focus of players on development of their businesses through strategic mergers, partenrships and acquisitions is encouraging the growth of the global 3D Printing in Automotive Industry.

Segmental Analysis

The global 3D Printing in Automotive Industry has been analyzed on the basis of material, technology, and application. Based on the technology, the market for Automotive 3D Printing is divided into laser sintering, stereolithography (SLA), laminated object manufacturing, electron beam melting, and others. Among these, the stereolithography (SLA) holds the maximum market share in the global 3D Printing in Automotive Industry by 2023.

By the material, the 3D Printing in Automotive Industry is divided into alloys metal, and others. Based on application, the global 3D Printing in Automotive Industry is segmented into research and development activities, prototyping and tooling, manufacturing, and others.

Regional Analysis

The geographical analysis of the global market has been conducted in four major regions, covering the North America, Asia Pacific, Europe, and the rest of the world (Latin America, the Middle East and Africa). Among these, the Europe region holds the largest market share in the global 3D Printing in Automotive Industry due to the presence of large number of automotive manufacturers in a higher concentration that are siding towards the integration of 3D printing technology in the production process in this region.

The 3D Printing in Automotive Industry in the North America, and the  Asia Pacific regions is developing considerably, due to the increasing technological advancement in the sector on 3D technology and brisk expansion in the automotive vertical in these countries. The seamless development in the 3D printing technology for expanding the application range of 3D printing technology is fueling the expansion of the market for Automotive 3D Printing in the rest of the world over the review period.

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