5th October 2016
A new report published by Allied Market Research, titled, “Automotive 3D Printing Market by Technology and Material – Global Opportunity Analysis and Industry Forecast, 2015 – 2022”, projects that the global automotive 3D printing (additive manufacturing) market would reach $2,391 million by 2022. The report is more optimistic than that of ReportnReports featured just two weeks ago.
Europe would emerge as the leading market over the forecast period, followed by Asia-Pacific and North America. Automotive companies worldwide would adopt 3D printing technology, majorly for prototyping and tooling applications.
According to the report, the major automotive companies 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.
According to Bhawna Kohli, Manager Research at AMR, “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”.
World automotive 3D printing market is segmented based on technology, applications and geography. Different technologies such as stereolithography, fused deposition modeling, selective laser sintering, laminated object manufacturing and electron beam melting are used in automotive sector for 3D printing. Stereolithography is the most commonly used technology, as it facilitates faster production of complex parts. Among the other aforementioned technologies, fused deposition modeling and selective laser sintering, would emerge as the popular technologies adopted for 3D printing in the automotive industry.
Based on applications the automotive 3D printing market is segmented into prototyping & tooling, R&D and innovation, and manufacturing complex parts. Prototyping & tooling, would be the primary application segment, since it reduces the product manufacturing time and additional costs associated with outsourcing tasks. Apart from prototyping and tooling, 3D printing also finds major application in manufacturing of complex parts. It helps in reducing the manufacturing time and material wastage by manufacturing the parts with minimal defects. Materials such as polymers, metal & alloys, are commonly used for 3D printing. Polymers are the most prominently used materials to manufacture automotive parts using 3D printing.
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 would continue to maintain its leading position as a widely used technology during the forecast period.
– Prototyping & tooling application constituted nearly four-fifths of the market share in 2015 and would continue to maintain its leading position till 2022.
– Europe and Asia-Pacific regions would exhibit promising growth owing to increasing awareness and adoption of the technology, and declining prices.
– Industry participants would focus on introducing new products with innovations and partnerships to improve their market share.