New York, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Automotive 3D Printing Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “ 3D Printing in Automotive Market Research Report, Technology, Material Application and Region - Forecast till 2027” the market is projected to be worth USD 4.89 billion by 2027, registering a CAGR of 28.72% during the forecast period (2021 - 2027), The market was valued at USD 1.61 billion in 2020.
Automotive industries use 3D printers to print different parts, including sturdy, stiff, and long-lasting cradles, fixtures, and prototypes. Additionally helps create intricate geometrics such as internal channels, fine mesh, and thin walls. Besides, greater design flexibility, customization, and faster product development are key advantages driving the adoption of 3D printing in automotive.With extensive uses of 3D printing technology in automotive, the market is projected to grow further during the next six years. Vast investments in additive manufacturing and CNC technology boost the 3D printing in automotive market size.
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Competitive Analysis
List of the Key Companies Profiled in the 3D Printing in Automotive Market Research Report are:
- 3D Systems Inc
- Autodesk
- Stratasys Ltd
- EnvisionTEC Inc
- Arcam AB
- Exone
- Local Motors
- Voxeljet AG
- Ponoko Ltd
- Optomec Inc.
Browse In-depth Market Research Report (135 pages) on 3D Printing in Automotive
https://www.marketresearchfuture.com/reports/3d-printing-automotive-market-4207
The 3D printing in automotive market appears highly competitive due to the presence of several well-established players. To gain a larger competitive share, industry players adopt strategic initiatives such as mergers & acquisitions, collaborations, expansion, and new technologies/product launches. Industry players make substantial investments to drive R & D to develop new products & technologies and increase their global footprints.
For instance, recently, on June 28, 2021, Volkswagen (Germany), a leading car manufacturer, announced its plans to use binder jet 3D printing techniques to manufacture components at its Wolfsburg, Germany plant in Germany. The company has become the first automaker using 3D printing technology for the automotive production process.
Volkswagen has also expanded its partnership with OEM HP, a 3D printer enabler, and entered into a software partnership with Siemens, an industrial manufacturing firm, to introduce the technology to reduce costs and increase the productivity of its manufacturing process.
Volkswagen has been using 3D printing technology for over 25 years to accelerate vehicle development and reduce costs. It has 13 units at its Wolfsburg plant leveraging various 3D printing processes to manufacture plastic and metal components for prototyping and spare parts.
3D Printing Molds Offer Material Choices in Traditional Casting without Limitation & High-Cost Tooling
Rapid advances and rising R&D funding positively impact the 3D printing in automotive market growth. Rapid advances in 3D printing technology and rising R&D funding from public and private sectors influence market revenues.
Over the recent years, 3D printing technology has gained significant prominence in the automotive sector, helping create several lightweight components and body parts. Many vehicle manufacturers such as General Motors, Honda, and others have released several 3D printed cars. These factors boost the value of the 3D printing in automotive market.
Lack of Expertise is a Major Headwind for 3D printing in automotive Market Growth
Despite demonstrating promising prospects, the market still witnesses several challenges, such as lack of expertise and high technology costs. Also, complexities in material selection and inappropriate settings are major factors impeding market growth. Nevertheless, rising usages of 3D printed technology would support the market growth throughout the assessment period.
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COVID-19 Impacts
The onset of COVID-19 briefly affected the 3D printing in automotive industry. Technology providers are continuously working on innovation amid the ongoing coronavirus challenges. They aim to make 3D printing even more efficient in the years ahead and suitable for production-line use. Resultantly, the market remained reassuringly robust compared to the pre-pandemic era.
There is a vast demand for 3D technology in automotive industries, which would support the market to grow hugely over the next six years. The pandemic-driven lockdown challenges fostered many trends, including the vast adoption of 3D technology, additive manufacturing, and CNC techniques.
Segmentation
The market is segmented into technologies, materials, applications, and regions. The technology segment is sub-segmented into stereo-lithography (SLA), laser sintering, electron beam melting, laminated object manufacturing, and others. Among these, the stereolithography (SLA) segment accounts for the largest market share.
The material segment is sub-segmented into metal, alloys, and others. The application segment is sub-segmented into prototyping and tooling, manufacturing, R&D activities, and others. The region segment is sub-segmented into North America, Asia-Pacific, Europe, and Rest-of-the-World.
Regional Analysis
Europe has emerged as the largest region in terms of global 3D printing in automotive market share. The region hosts a well-established automotive industry in the world. Technological innovations, skilled labor force, and huge spending on automobiles are major trends driving the 3D printing in automotive market growth.
Vast advances in 3D printing technologies and automotive manufacturing techniques substantiate the market developments. Besides, the presence of notable industry players and augmenting demand for 3D printing technology for automotive manufacturing boost the region’s 3D printing in automotive market size.
Segmentation of Market covered in the research:
Information by Technology (Stereolithography (SLA), Laser Sintering, Electron Beam Melting, Laminated Object Manufacturing and Others), By Material (Metal, Alloys and Others), By Application (Prototyping and Tooling, Manufacturing, R&D Activities and Others) and Region (North America, South America, Europe, Asia- Pacific, and Middle East & Africa)
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