Leeds, UK -- (SBWIRE) -- 07/12/2019 -- Automotive engineering prototypes involve complex mechanical geometric blueprints widely used in the manufacturing process of various automotive parts. Advanced 3D printing technology utilizes precision based high-resolution design tools reducing the human errors, cost, time and customization efforts as compared to traditional ways. Layer by layer depositing of raw material using 3D printing facilitates substantial material wastage reduction. Thus this additive manufacturing application is pioneering novel footprints in the automotive industry which is inducing mammoth growth in the automotive 3D printing market. The commercialised use of 3D printing minimized time to market right from concept designing to near expiry repairs irrespective of material like metal, alloy, polymers and resins.
The automotive 3D printing market is estimated to surmount market value of US $ 3 Billion by 2026 end, registering a massive CAGR of 26.1% from 2019 to 2026.
The major market restraints hindering the growth include:
- Lack of expertise to operate 3D printing equipment
- The significant cost involved in skill training for the current workforce
- The initial cost involved in 3D printing software subscriptions and setup
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Global Automotive 3D printing Market, by Component
- Technology
- Stereolithography
- Laminated object manufacturing
- Electron beam melting
- Selective laser sintering
- Fused deposition modelling
- Others
- Material
- Metals & Alloys
- Polymers
- Others
- Services
Stereolithography segment is widely used in 3D printing as it facilitates moulding of photosensitive polymers into a high precision quality product. This segment is estimated to dominate the global automotive 3D printing market for the forecast period of 2019-2026. Selective laser sintering and fused deposition modelling segments are soon gaining traction and are estimated to grow at an attractive CAGR during the next few years.
Global Automotive 3D printing Market, by Application
- R&D and innovation
- Prototyping & tooling
- Manufacturing complex product
Since the 3D printing technology is yet at the nascent stage, it is widely applied for R&D and innovation in automotive design and manufacturing. All the leading automobile manufacturing companies are heavily investing in R&D and innovation to suffice the customer demand for unique yet cost-effective vehicles.
Global Automotive 3D printing Market, by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Rest of the World
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Competitive Landscape:
- Tier 1 players- established companies in the market with a major market share
- Tier 2 players
- Emerging players which are growing rapidly
- New Entrants
FutureWise Key Takeaways
- Growth prospects
- SWOT analysis
- Key trends
- Key data-points affecting market growth
Objectives of the Study:
- To provide with an exhaustive analysis on the global automotive 3D printing market on the basis of component, application and region
- To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
- To evaluate and forecast micro-markets and the overall market
- To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
- To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
- Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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