According to a recent report published by Allied Market Research, titled, — Automotive 3D printing Market by Component, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global automotive 3D printing market size was valued at $762 Million in 2016, and is projected to reach at $2,730 Million by 2023, growing at a CAGR of 19.7% from 2017 to 2023.
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Automotive industry, one of the biggest industries across the globe, is witnessing tough competition among the operating players. The players are consolidating all their efforts into minimizing the material usage and reducing manufacturing lead time & associated costs. Therefore, 3D printing technology is exhibiting widespread applications within the automotive sector for prototyping and tooling, R&D and product innovation applications. However, the lack of skilled labor and high cost of 3D technology are the key restraining factors, limiting the market growth to a considerable extent.
The key players profiled in the report include 3D Systems, Inc., Autodesk, Inc., Stratasys Ltd., Arcam AB, The ExOne Company, Hoganas AB, Optomec, Inc., Voxeljet AG, Ponoko Limited and Envisiontec, Inc. These market players are primarily focusing on development of new technology, launching novel products with innovative variations and adopting partnership and collaboration as key strategies to establish their position in the market.
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Key Findings of the Automotive 3D Printing Market:
• Stereolithography is projected to continue to maintain its leading position as a widely used technology during the forecast period.
• Prototyping & tooling application constituted nearly four-fifth of the market share in 2016 and would continue to maintain its leading position till 2023.
• Europe and Asia-Pacific regions would exhibit promising growth owing to increasing awareness and adoption of the technology, and declining prices.
• Automotive 3D printing industry participants would focus on introducing new products with innovations and partnerships to improve their market share.
3D printing has radically changed the whole procedure of designing, developing, and manufacturing products in the automotive industry. The technology is used for producing lighter and complex parts & accessories at reduced costs. 3D printers have proved boon to automotive industry players for efficient use of materials and effective logistics management.
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North America dominates the automotive 3D printing market presently owing to early adoption and awareness of the technology; followed by Europe. In 2016, the U.S. dominated the market in North America. Growth in automotive production in Europe and Asia-Pacific results in the increase in adoption of 3D printing in these regions during the forecast period. Further, the decline in prices of the technology would facilitate the market growth in major automotive production countries such as China, Japan, and Brazil.
In 2016, the services segment dominated the global automotive 3D printing components with 55% market share, in terms of revenue. Further, based on technology, the stereolithography led the global market with 34% market share followed by fused deposition modeling (30%) in the year 2016. Polymers led the material segment in the year 2016.
The prototyping & tooling application garnered highest automotive 3D printing market share by application in the year 2016 and is anticipated to depict a CAGR of 19.2% throughout the forecast period.
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