The Electron Beam Melting (EBM) technology in automotive 3D printing market is expected to grow at a CAGR of over 28% during the forecast period.
Sellbyville, DE -- (SBWIRE) -- 10/11/2018 -- APAC automotive 3D printing market growth will be driven by increasing investment by public & private establishments. The industrialized economies along with emerging nations in the region are exploring various opportunities for the advancement of the 3D printing technology in the automotive sector to strengthen the productivity & competitiveness.
North America holds the major share in the automotive 3D printing market. It held more than 40% share of the total revenue in 2017. The presence of major market players, such as Stratasys and 3D Systems, in the region is a primary factor supporting the market growth. The region has also witnessed higher R&D investments than other regions, which has further fostered the advancements in the 3D printing technology. Furthermore, supportive government initiatives will also foster the market growth.
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automotive 3D printing is anticipated to be over USD 8 billion by 2024. The growing need for developing complex and high-quality components while keeping the manufacturing costs low is a primary factor driving the demand for the 3D printing solutions in the automotive sector. The technology has allowed manufacturers to produce components, which were not feasible through traditional manufacturing methodologies. The traditional manufacturing technology produced numerous components separately & then assembled these components into a single entity. Whereas, the 3D printing technology provides designers the freedom to produce various components in a single entity.
The hardware sector accounted for over 75% of the automotive 3D printing market. The hardware market includes 3D printers and materials. The growth of the market is attributed to the falling prices of 3D desktop printers. The price of the desktop printer is declining at an annual rate of 2-3% over the past five years and is estimated to resonate the trend during the forecast period.
The software sector will grow at a CAGR of over 25% due to the growing demand for the third-party developers. These third-party developers are developing open-source 3D CAD software compatible with a wide range of printers and technology. Furthermore, they are also collaborating with key 3D printing hardware and OEM manufacturers to eliminate the intricate software solutions that design hardware components based on software components.
The Fused Deposition Modelling technology held over 50% market share in the 3D printing in the automotive market in 2017. This growth is credited to technological advancements in composite materials used across FDM processes and its ability to print larger components.
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The prototyping is expected to account for approximately 60% of the market share in the automotive 3D printing market. The additive manufacturing technology enables faster development of prototypes and consumes less resources as compared to the conventional manufacturing technologies. Moreover, it also reduces the tooling costs as it allows manufacturers to use the same tooling equipment to develop a wide variety of models.
The 3D printing in automotive market has portrayed a rapid growth over the last decade as the companies operating in the market have attracted investments to capitalize and commercialize the technology. The players in the market are introducing various strategic initiatives to expand their market share and strengthen their product portfolio. For instance, 2018 EOS & SLM Solutions collaborated with Audi to incorporate 3D printing technology across its manufacturing facility. This collaboration is aimed at developing new product offerings to gain an advantage over its competitors.
automotive 3D printing market of the major key players include Arcam, Autodesk, Exone, FlashForge, Hoganas, HP Development Company, Monoprice, Optomec, Ponoko, Prusa Research, Stratasys, Voxeljet, WANHAO 3D PRINTER, XYZ Printing, Materialise, Nano Dimension, Proto Labs, SLM Solutions Group, Electro-Optical Systems, Concept Laser, and Renishaw.
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