A report published by Allied Market Research forecasts that the world automotive 3D printing market should garner $2.4 billion in revenue by 2022. Europe would emerge as the leading market over the forecast period, followed by Asia-Pacific and North America. Automotive companies worldwide will adopt 3D printing technology, primarily for prototyping and tooling applications.
3D printing technology has exhibited 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 limiting market growth.
Stereolithography, fused deposition modeling, selective laser sintering, laminated object manufacturing and electron beam melting are used in the automotive sector. Stereolithography is the most commonly used technology as it facilitates faster production of complex parts. Among the other technologies, fused deposition modeling and selective laser sintering should emerge as the popular technologies adopted for 3D printing in the automotive industry.
Prototyping and tooling are the primary applications, since they reduce the product manufacturing time and additional costs associated with outsourcing tasks. Apart from prototyping and tooling, 3D printing also finds application in manufacturing of complex parts. It helps in reducing the manufacturing time and material waste. Polymers are the most prominently used 3D printing materials for automotive parts.
North America presently constitutes the highest market share across the world for 3D printing technology, owing to early adoption and technical awareness. Growing automotive production in Europe and Asia-Pacific would result in the increasing adoption of 3D printing in these regions over the forecast period. The declining prices of the technology will facilitate the market growth in major automotive production countries such as China, Japan and Brazil.
Key findings of the study:
- Automotive 3D printing market is expected to exhibit a remarkable growth during the forecast period, attributed to the increasing automotive demand.
- Stereolithography will maintain its leading position as a widely used technology during the forecast period.
- Prototyping and tooling application constituted nearly four-fifths of the market share in 2015 and will continue to maintain its leading position till 2022.
- Industry will focus on introducing new products with innovations and partnerships to improve their market share.
- Vendors in the automotive 3D printing market include 3D Systems, Inc., Stratsys Ltd., Optomec Inc. among others. 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.
Allied Market Research
www.alliedmarketresearch.com
