Global Automotive 3D Printing Market - Industy Highlights 2015-2022
The report “Global Automotive 3D Printing Market Research Report- Industry Analysis, Size, Share, Growth, Trends And Forecast ” by DecisionDatabases.com covers the analysis of Automotive 3D printing market using analytical tools such as Porter’s Five Forces Model. It provides the value chain analysis, market attractiveness analysis, and company share analysis along with key player’s complete profiles.
Automotive 3D printing is a process of generating three-dimensional objects from a digital source on any vehicle, with the help of printing machine. This procedure involves layering of material until the overall object is made.
The growing adoption of 3D printing in the automobile sector is attributed to its numerous benefits such as innovative designing reduce time to market, high adaptability and the capability to produce parts without using costly tools. The global market is driven by rapid technological advancement in the field of printing, cost-effective product development, rising government investments in the R&D and rapid prototyping in less time, which are expected to boost market demand over the coming years. However, lack of process control standards, limited availability & standardization issues of materials, and high initial cost are some of the major challenges, which can hamper market growth in the forthcoming years.
The global automotive 3D printing market has been segmented based on material into metals, polymer, and others. The polymer is a leading material segment and is expected to grow at a significant rate over the forecast period owing to its extensive usage in 3D printing materials for automotive parts across the globe. The market has been further segmented based on technology into stereolithography, selective laser sintering, electron beam melting (EBM), fused disposition modeling, laminated object manufacturing, three-dimensional inject printing and others. Furthermore, the market has been segmented based on applications. Prototyping and tooling are the major application segment and is projected to witness a double digit growth in the study period on account of its growing demand in 3D printing materials for automotive parts due to its ability to reduce the product built-up time and additional costs related to outsourcing tasks.
North America has accounted for major market share and is anticipated to continue its dominance over the forecast period owing to rapid technological advancements and high market penetration in the region. Europe and Asia-Pacific are growing market and is estimated to grow at the highest CAGR over the coming years due to rising awareness regarding 3D printing, and the entrance of major players in 3D printing area due to an issue of expiration of key patients in the region.
The major key players include 3D Systems Corporation, Autodesk, Inc., Arcam AB, Stratasys Inc., Voxeljet AG, The Exone Company, Hoganas AB, Optomec Inc., Local Motors and Ponoko Ltd. The global players are focusing on the development of advanced technology, introducing novel products with an innovative approach and adopting collaboration and partnership as key marketing strategies to establish their position in the market.
In August 2016, Stratasys along with Ford and Boeing has jointly launched two new 3D printers to develop lightweight and customizable parts for the automotive and aeroscope industries.
In June 2016, Dassault Systèmes has launched a 3D solution “Vehicle Program Intelligence” to reveal, measure and analyze product & manufacturing data for Automotive Industry.
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