3D Printing in Automotive Industry 2019 Global Market Trends, Size, Segments, Emerging Technologies and Industry Growth by Forecast to 2023

3D Printing in Automotive Market Share, Size, Trends, And Business Opportunity Analysis Report 2019 include historic data, with forecast data to 2022.

Pune, India - July 8, 2019 /MarketersMedia/ —

3D Printing in Automotive Industry report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2022.

Recent advances in additive manufacturing or 3D printing has opened new possibilities for the automotive industry. Market Research Future (MRFR) has recently published an in-depth report on the global 3D printing in the automotive market, compiling all the key trends and patterns that can affect the market growth over the forecast period of 2017-2023. MRFR's study has projected a CAGR of 26.2% during 2017-2023.

Technical attributes of the technology such as the production of intricate designs with ease, shorter production time, rapid verification and development of designs, single step manufacturing, design freedom, customization, and others make a strong case for the use of the technology in automotive manufacturing. Moreover, unlike traditional prototyping methods, 3D printing facilitates the production of great detail visual prototypes. 3D printing is routinely used in the manufacturing of automotive components that require a high degree of aesthetics.

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The mounting focus of automotive OEMs on weight reduction of components has led to the use of advanced engineering materials and 3D printing to reduce weight and improve performance. Additionally, 3D printing aids in cost reduction, production time reduction, reduction of material wastage. Rigorous R&D activities initiated by major automakers are also fostering the growth of the market. Most automakers have demonstrated heightened inclination towards the technology and are incorporating 3D printing capabilities to their production facilities due to which the technology has gained unprecedented industry adoption.

Conversely, the high cost of 3D printers combined with low availability of 3D printers is likely to restrain the growth of the market.

Segmentation

The global 3D printing in automotive market has been segmented based on technology, material, and application.

By technology, the 3D printing in automotive market has been segmented into stereolithography (SLA), laser sintering, electron beam melting, laminated object manufacturing, and others. The stereolithography (SLA) segment is the largest segment.

By material, the 3D printing in automotive market has been segmented into metal, alloys, and others.

By application, the 3D printing in automotive market has been segmented into prototyping and tooling, manufacturing, research and development activities, and others.

Regional Analysis

Region-wise, the 3D printing in automotive market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).

Europe accounts for the bulkiest share of the global 3D printing in automotive market. The clustering of major automakers in the region who are showing increased affinity towards 3D printing technology has favored the market considerably.

The markets in North America and APAC are showcasing considerable growth. Factors such as rapid technology progress and brisk development of the automotive industry are motivating growth within the market. Moreover, APAC is has transformed itself into a major manufacturing hub which generates demand for 3D printing since most automakers in the region are progressively adopting the technology for enhancing performance.

Competitive Landscape

Autodesk, 3D Systems, Inc., Ponoko Ltd., Local Motors, Arcam AB, Voxeljet AG, Stratasys Ltd., Exone, EnvisionTEC, Inc., and Optomec, Inc. are the notable players in the global 3D printing in automotive market.

Industry Updates

June 2019 - The IDAM project has been initiated by a various participant consisting of research institutions, large companies, as well as SMEs to turn metallic 3D printing into an industrialized and highly automated series process for the automotive sector. In this project, the partners are laying an important cornerstone to strengthen Germany's position as a technology pioneer and establish the country as a manufacturing spot.

June 2019 - Ford, an American multinational automaker, has added 3D printing capabilities to its Chicago Assembly and Stamping plants in an effort to modernize it. An investment of USD 1 Bn has been made on the same, which also includes the addition of around 600 new robots and host of other new technologies.

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