3D Printing in Automotive Industry Overview
There has been significant advancement in the manufacturing technology majorly in additive commonly known as 3D printing. 3D printing has changed the way of producing the products majorly in design, development, and distribution. The advancement in technology have opened ways for automotive manufacturers to introduce new design, cleaner products, lighter, and safe products. The OEM’s and suppliers are primarily focusing on additive manufacturing for developing rapid prototype.
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.
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.
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 3D printing in automotive 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.
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 3D printing in automotive in the rest of the world over the review period.