3D printing in the automotive market worth $ 4.89 billion per
New York, August 04, 2021 (GLOBE NEWSWIRE) – Automotive 3D printing market Overview: According to a comprehensive research report from Market Research Future (MRFR), “3D printing in the automotive market Research, Technology, Materials Application and Region Report – Forecast to 2027 ” The market is expected 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 $ 1.61 billion in 2020.
Automotive industries use 3D printers to print different parts, including sturdy, rigid and durable cradles, accessories and prototypes. Also helps to create complex geometries such as internal channels, fine mesh and thin walls. Additionally, greater design flexibility, customization, and faster product development are key benefits driving the adoption of automotive 3D printing. With the heavy use of 3D printing technology in automotive, the market is expected to continue to grow over the next six years. Vast investments in additive manufacturing and CNC technology are boosting 3D printing in the automotive market.
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List of Key Companies Presented in Automotive 3D Printing Market Research Report are:
- 3D Systems Inc
- Stratasys Ltd.
- EnvisionTEC Inc
- Arcam AB
- Local Engines
- Voxeljet SA
- Ponoko Ltd
- Optomec inc.
Browse the In-Depth (135 Pages) Automotive 3D Printing Market Research Report
The 3D printing market in the automotive market appears to be very competitive due to the presence of several well-established players. To gain a greater share of the competition, industry players are adopting strategic initiatives such as mergers and acquisitions, collaborations, expansion and launch of new technologies / products. Industry players are making substantial investments to stimulate R&D to develop new products and technologies and increase their global footprint.
For example, recently on June 28, 2021, Volkswagen (Germany), one of the leading automakers, announced its intention to use binder jet 3D printing techniques to manufacture components at its plant in Wolfsburg, in Germany. The company became the first automaker to use 3D printing technology for the automotive production process.
Volkswagen has also extended its partnership with OEM HP, a supplier of 3D printers, and entered into a software partnership with Siemens, an industrial manufacturing company, to introduce the technology to reduce costs and increase the productivity of its process. Manufacturing.
Volkswagen has been using 3D printing technology for more than 25 years to accelerate vehicle development and reduce costs. It has 13 units at its Wolfsburg plant operating 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 or expensive tooling
The rapid progress and increasing R&D funding are positively impacting 3D printing in the growth of the automotive market. Rapid advancements in 3D printing technology and increasing R&D funding from public and private sectors are influencing market revenues.
In recent years, 3D printing technology has gained tremendous importance in the automotive industry, helping to create several lightweight body components and parts. Many car manufacturers such as General Motors, Honda and others have released several 3D printed cars. These factors increase the value of 3D printing in the automotive market.
Lack of expertise is a major headwind for 3D printing in the growing automotive market
Despite promising prospects, the market still faces several challenges, such as lack of expertise and high technological costs. Besides, the complexities in material selection and improper parameters are major factors hampering the growth of the market. Nonetheless, the increasing uses of 3D printing technology would support the growth of the market throughout the evaluation period.
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Impacts of COVID-19
The outbreak of COVID-19 briefly affected 3D printing in the automotive industry. Technology providers are constantly working on innovation amid the current challenges of coronaviruses. They aim to make 3D printing even more efficient in the years to come and suitable for use in production lines. As a result, the market has remained reassuringly robust compared to the pre-pandemic era.
There is a vast demand for 3D technology in the automotive industry, which will allow the market to grow tremendously over the next six years. The lockdown challenges brought on by the pandemic have fostered many trends, including the large-scale adoption of 3D technology, additive manufacturing, and CNC techniques.
The market is segmented into technologies, materials, applications and regions. The technology segment is sub-segmented into Stereolithography (SLA), Laser Sintering, Electron Beam Melting, Laminate Object Manufacturing and others. Of these, the stereolithography (SLA) segment represents the largest market share.
The materials segment is sub-segmented into metals, alloys and others. The applications segment is sub-segmented into prototyping and tooling, manufacturing, R&D activities and others. The regional segment is sub-segmented into North America, Asia-Pacific, Europe and Rest of the world.
Europe has become the largest region in terms of global 3D printing in automotive market share. The region is home to a well established automotive industry in the world. Technological innovations, skilled workforce, and huge spending on automobiles are the major trends driving 3D printing in the growth of the automotive market.
Vast advances in 3D printing technologies and automotive manufacturing techniques underpin market developments. In addition, the presence of notable industry players and growing demand for 3D printing technology for automotive manufacturing is boosting the region’s 3D printing in automotive market size.
Market segmentation covered by research:
Information by technology (stereolithography (SLA), laser sintering, electron beam melting, manufacturing of laminated objects and others), by material (metal, alloys and others), by application (prototyping and tooling, manufacturing, R&D activities and others) and by region (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
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