3D Printing in Automotive Market Synopsis:
3D printing technology is aiding the automotive industry by providing functional prototype phases, designs, part manufacturing and tools production. As per the report published by Market Research Future (MRFR), the global 3D Printing in Automotive Market is anticipated to expand remarkably at a striking CAGR of 26.2% during the forecast period of 2017-2023.
The leading players of the global 3D printing in automotive market that are profiled in the report published by MRFR are Autodesk, 3D Systems, Inc, Stratasys Ltd, Arcam AB, EnvisionTEC, Inc, Exone, Voxeljet AG, Local Motors, Ponoko Ltd, Optomec, Inc and others.
Market Drivers and Restraints:
The expeditious development in 3D printing technology for widening the application range of 3D printed materials is creating large opportunities for the expansion of the global 3D printing in automotive market. The use of 3D printing technology in automotive industry has aided the production of more complex designs which was inconvenient through the conventional methods. The short time span required for production of 3D printed parts as compared to the conventional production methods has cut down the manufacturing cost and fastened the production process in the automotive industry.
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The increasing focus on introducing innovative and efficient printing materials to provide lightweight spare parts, reducing material wastage and lowering the turnaround time is driving the expansion of the global 3D printing in automotive market. The increasing government support for research and development in 3D printing technology is likely to impact positively on the growth of the global 3D printing in automotive market.
On the flip side, the high cost and low availability of 3D printers in the market are likely to act as a restraint on the growth of the global 3D printing in automotive market.
The global 3D printing in automotive market has been segmented on the basis of technology, material and application. Based on technology, the 3D printing in automotive market is segmented into stereolithography (SLA), laser sintering, electron beam melting, laminated object manufacturing and others. Among these, the stereolithography (SLA) accounts for the largest market share in the global 3D printing in automotive market.
Based on material, the 3D printing in automotive market is segmented into metal, alloys and others. Based on application, the 3D printing in automotive market is segmented into prototyping and tooling, manufacturing, research and development activities, and others.
Geographically, the global 3D printing in automotive market is segmented into four major regions such as North America, Asia Pacific, Europe and the rest of the world. Among these, the Europe region accounts for the largest market share in the global 3D printing in automotive market owing to the presence of large number of automotive manufacturers that are inclining towards the incorporation of 3D printing technology in the manufacturing process in this region.
The 3D printing in automotive market in the North America and Asia Pacific regions is growing significantly, owing to the rapid technological advancement in the field on 3D technology and brisk development in the automotive industry in these regions.
The constant development in the 3D printing technology for widening the application range of 3D printing technology is fueling the expansion of the 3D printing in automotive market in the rest of the world.
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The increased investments in research and development for introduction of innovative printing materials and cost-effective printers has strengthened the competition among the players of the global 3D printing in automotive market. The major focus of players on expansion of their businesses through strategic mergers and acquisitions is aiding the growth of the global 3D printing in automotive market.
In July 2018, BASF, a leading provider of automotive solutions, has announced its partnership with Materialise, a major supplier of 3D printing technology. These companies are working together in an open business model to provide improved materials and software for various 3D printing technologies.
Table Of Content
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
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