Global Automotive 3D Printing Market to Reach $2,730.3 Mn by 2023 at 19.7% CAGR, Says Allied Market Research
PORTLAND, Oregon, October 5, 2018 /PRNewswire/ --
Advantages of 3D printing such as minimal human intervention, low cost & less time required for production, higher resolution, and ability to manufacture customized parts would propel the growth of the market
The new report by Allied Market Research, titled, Automotive 3D printing Market by Component (Technology, Material, and Services) and Application (Prototyping & Tooling, R&D & Innovation, and Manufacturing Complex Products): Global Opportunity Analysis and Industry Forecast, 2017-2023 offers an extensive analysis of the key winning strategies, market dynamics, market size & forecast, competitive landscape, and top investment pockets. As per the report, the global automotive 3D printing market was valued at $930.2 million in 2017 and is projected to reach $2,730.3 million by 2023, growing at a CAGR of 19.7% from 2017 to 2023.
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Increased need for manufacturing complex designs within a short time span and need to efficiently utilize resources drive the growth of the market. Moreover, ability of automotive 3D printers to manufacture customized parts with precision, less cost & time required for production, and high resolution of the finished product supplement the market growth. However, high printing cost and unavailability of skilled labor hamper the growth of the industry.
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Services segment to remain dominant, materials segment to grow the fastest by 2023
Among components, the services segment contributed more than half of the total market share in 2017 and would maintain its lead through 2023. This is due to the features associated with service bureaus such as no set-up required for building 3D objects, short delivery time, and no requirement of minimum quantity for placing an order. However, the materials segment would grow at the fastest CAGR of 21.7% from 2017 to 2023. The technology segment is expected to grow at a steady rate during the forecast period.
Stereolithography segment to dominate in terms of revenue
Among technologies, the stereolithography segment accounted for one-third of the total market share in 2017 and would maintain its dominance throughout the forecast period. This is attributed to the ability of this system to use of a wide range of materials, produce high resolution objects with high accuracy. However, the electron beam melting segment would grow at the fastest CAGR of 23.9% from 2017 to 2023 owing to its ability to build lightweight designs, improved efficiency in the use of raw materials, ability to produce durable objects for robust industrial applications, option of developing a variety of designs, and low production time. The report also analyzes selective laser sintering, fused deposition modeling, laminated object manufacturing, and other technologies.
Polymers segment to dominate, metal and alloys segment to exhibit the fastest growth
Among materials, the polymers segment generated more than three-fourths of the market share in 2017 and would maintain its lead through the forecast period. Ease of printing complex parts with high degree of precision drives the adoption of polymers for 3D printing in the automotive industry. However, the metal & alloys segment is expected to grow at the fastest CAGR of 33.7% during the study period, as metals & alloys have excellent corrosion resistance, which makes them ideal for printing. The report also includes the other segment, which comprises plastics, ceramics, papers, glass, and wood.
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Prototyping & tooling segment to garner highest revenue by 2023
Among applications, the prototyping and tooling segment accounted for 86% of the market share in 2017 and would maintain its lead through 2023. This is because 3D printing reduces the time needed to develop a prototype, which in turn reduces the overall time required to market a product. However, the R&D & innovation segment would grow at the fastest CAGR of 23.3%. This is attributed to the advantages associated with 3D printing such as visual aiding, presentation models, patterns for prototype tooling, and metal casing for enhanced understanding.
Asia-Pacific: The fastest growing region
Asia-Pacific is expected to grow at the fastest CAGR of 22.0% during the study period, owing to the increased use of 3D printing for prototyping and tooling applications in the automotive industry in the region. North America generated the highest revenue in 2017, however Europe would supersede the former to be the largest revenue contributor by 2023 because the automotive industry in Europe has focused on improving their services and product offerings by adopting 3D printing into their manufacturing processes. The other regions explored in the study include Latin America, Middle East and Africa (LAMEA).
Leading industry players
The key market players operating in the industry include 3D Systems, Inc., Autodesk, Inc., Stratasys Ltd., Arcam AB, The ExOne Company, Hoganas AB, Optomec, Inc., Voxeljet AG, Ponoko Limited, and Envisiontec, Inc. New product launches, joint ventures, expansions, mergers & acquisitions, partnerships, collaborations, and others are some of the strategies implemented by them to gain a lead position in the industry.
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