3D Printing in Automotive Market Size
3D Printing in Automotive Market size was estimated to be over USD 1.4 billion in 2017 with the annual sales of over 110 thousand 3D printers. The market is anticipated to grow at a CAGR of more than 25% over the forecast timespan.
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The 3D printing in automotive market is propelled by the growing requirements in the automotive sector for cost-effective and efficient technology to develop high-quality and complex products. The technology has enabled the development of products, which were technically not feasible earlier with the traditional methods. The building mechanism of the additive manufacturing technology allows the freedom of design and enables the integration of internal components under previously inaccessible surfaces or parts. Furthermore, it enables manufacturers to combine parts for integrated functionality that will improve the performance and durability of the product while keeping the cost low.
3D printers are getting cheaper, and that's making them more popular than ever before. A few years ago, you had to pay a lot of money for a 3D printer. Desktop printers cost over $5,000, while industrial printers cost even more. But today, you can find desktop printers for as low as $700. This drop in price is due to a combination of factors, including technological advancements and increased competition. And it's making 3D printers more accessible to businesses and individuals alike.
3D Printing in Automotive Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2017 |
| 3D Printing in Automotive Market Size in 2017 |
1.4 Billion (USD) |
| Forecast Period |
2018 to 2024 |
| Forecast Period 2018 to 2024 CAGR |
25% |
| 2024 Value Projection |
8 Billion (USD) |
| Historical Data for |
2013 to 2017 |
| No. of Pages |
280 |
| Tables, Charts & Figures |
477 |
| Segments covered |
Component, Technology, Application and Region |
| Growth Drivers |
- Ability to develop more complex and higher quality products
- Cost effective, fast customization and faster time to market
- Supportive government initiatives
- Decline in the price of desktop printers
|
| Pitfalls & Challenges |
- Inability to manufacture larger parts and components
- Lack of skilled professionals
- Intellectual property concerns
|
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However, the limited build envelope of the existing additive manufacturing technology is the major restraint in 3D printing in automotive market. The technology is being primarily used to manufacture smaller parts due to the limitations in the powder bed diffusion technology used in metal printing. In addition, economies and scalability issues associated with the technology are also hindering the market growth.
3D Printing in Automotive Market Analysis
Hardware is leading the component landscape with over 75% share in the 3D printing in automotive market. The hardware market is driven by the growing sales of 3D printers across the globe. The manufacturing companies are leveraging on the capabilities of the 3D printers to accelerate their production and reduce the production cost. Materials also hold a significant share of the market. The surging demand for the manufacturing of functional products and the declining prices of printers and materials are changing the market structure and improving the revenue.
The software market is estimated to grow substantially at the CAGR of over 30% during the forecast period. The 3D printing in automotive market is driven by the emergence of third-party developers in metal 3D printing software. The third-party software developers are revolutionizing the market by providing integrated tools designed to reduce the current process chain. Moreover, the major companies providing traditional 3D CAD solutions are offering open source solutions to optimize the printing process by eliminating the need for in-between tools.
The services market is expected to grow at a CAGR of 25% over the forecast timespan due to the growth of on-demand manufacturing services. The increasing trend of mass customization in the automotive market has nurtured the growth of on-demand manufacturing services with a rise in Manufacturing as a Service (MaaS).
The Fused Deposition Modeling (FDM) technology accounts for more than 50% stake in the 3D printing in automotive market. The market is attributed to advancements in the composite materials used in FDM processes. Its ability to print larger parts at higher deposition rates has encouraged multiple companies to conduct R&D activities to improve the mechanical attributes of the FDM parts.
The Selective Laser Melting (SLM)/ Direct Metal Laser Sintering (DMLS) technology is projected to grow at a CAGR of over 32% over the forecast period. The technology is anticipated to gain momentum as it offers higher detail resolution due to the use of thinner layers and enables the development of more intricate part shapes. Furthermore, the compatibility of the technology with a wide range of materials, such as alloy, steel, bronze, aluminum, cobalt-chrome, and titanium, further augment the demand for the technology among the manufacturers.
Prototyping & tooling is the prominent application of 3D printing in the automotive market with a share of over 60% in 2017. The technology allows automobile engineers and designers to conduct more revisions in less time, which effectively reduces the time to market. Moreover, it reduces the cost of prototyping by eliminating the tooling costs since the designers use the same equipment to print multiple models rather than purchasing specialized tooling & bits needed for subtractive manufacturing. It also allows prototypes to be produced quickly with fewer resources than it would require for manufacturing through traditional methodologies.
The technology enables automobile manufacturers and designers to compress the product development cycle. It reduces the lead time of the tooling production to enable quick updates with the existing equipment. It also allows the automotive companies to afford frequent tooling replacements. This lets the equipment design systems to keep up with the product design cycles.
North America is dominating the 3D printing in automotive market with a share of more than 45% in 2017. The growth is attributed to the high R&D spending by public and private sector organizations. The government in the region is also working with private establishments & academic institutions to promote the use of additive manufacturing technologies among manufacturers. In addition, the technology was predominantly developed in the region due to the existence of numerous providers of 3D printing services such as 3D Systems and Stratasys.
Get ready for a 3D printing revolution in the European automotive industry! Experts predict a huge growth spurt, with the market expected to grow by a whopping 25.8% each year. Why is 3D printing taking the automotive world by storm in Europe? Governments and businesses are teaming up to make it happen. For example, the European Union is investing in research to improve 3D printing technology for cars. Europe is a hub for 3D printing companies, making it a hot spot for innovation. These companies are experts in crafting 3D machines that can create metal parts for cars that are sold worldwide. As a result, Europe's a major player in the 3D printing game, attracting investments from all corners of the globe.
3D Printing in Automotive Market Share
The key vendors of 3D printing in the automotive market are
- 3D Systems
- Autodesk
- Stratasys
- Arcam
- Voxeljet AG
- Exone
- Hoganas AB
- Ponoko Ltd.
- Hanhook Tires
- AI Design
3D printing companies are teaming up to grow faster and grab a bigger slice of the market. For example, SLM Solutions and EOS joined forces with Audi in 2018 to bring 3D printing to Audi's car factory. They're working together to create new products and stay ahead of their rivals. This partnership also gives them an advantage over traditional 2D printer companies. The 3D printing industry is still pretty new, but it's growing rapidly. Companies in this market have attracted lots of investments from people looking to take advantage of the big opportunities that still haven't been tapped. However, compared to the traditional auto manufacturing market, the 3D printing market is still fairly fragmented, with no single company dominating the scene.
Industry Background
Hey there! Over the past ten years, 3D printing has totally transformed how we make, design, and even deliver products. For the auto industry, it's been a game-changer. First off, carmakers are using 3D printing to create designs that were simply impossible before. They're making cars lighter, cleaner, and safer. And because 3D printing speeds up the whole process, they can get new models to the market faster and for less money. Right now, 3D printing is mostly used by car companies and suppliers to make prototypes and tools. But it's got a ton of potential for so much more. We're talking new products, better innovations, and even direct production at a large scale. Plus, new advances in 3D printing and related fields like composite materials are about to make things even better for the automotive industry. It's an exciting time to be in the driver's seat!
