Albany, NY -- (SBWIRE) -- 05/01/2018 -- 3D printing is significantly transforming the way automobiles are designed and developed. This technology is being adopted by the automotive industry in order to lower turnaround time, reduce material wastage, lower manufacturing costs and increase the production rate. 3D printing not only helps to give an aesthetic design to the automobile, but it also delivers working prototype in a record turnaround time. 3D printing technology is useful for applications that range from manufacturing complex automotive parts in a shorter span of time in comparison to conventional printers to printing these parts and other accessories.
The global automotive 3D printing market is primarily being driven by reduction in overall time of rapid prototyping of automotive parts, innovation in new printing materials for 3D printing and increasing government investments in the research & development project related to 3D printing. However standardization issues, high cost and limited availability of 3D printers coupled with lack of skilled labor are the factors that are restraining the widespread adoption of this technology in the automotive industry.
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The global automotive 3D printing market can be segmented on the basis of technology, material, application and region. Based on technology the global market can be segregated into stereolithography, electron beam melting, three dimensional inkjet printing, fused disposition modeling, laser sintering and laminated object manufacturing. Stereolithography is expected to hold the dominant share of the global market throughout the forecast period, owing to the superior techniques and enhanced speed offered by this technology to design and manufacture automotive parts.
However, laser sintering and fused disposition modeling are also expected to gain popularity in the coming years. By material, the market can be trifurcated into metal & alloy, polymer and others. The most preferred material for 3D printing is polymer because of its strength and flexibility. However, the demand for metals for automotive 3D printing is expected to gain traction in the coming years, as the components which need to withstand high pressure and temperature can be developed deploying 3D printers which use metals at the printing material.
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The global automotive 3D printing market can be additionally segregated by application into prototyping and tooling, R&D and innovation and manufacturing complex parts. In the automotive industry, the primary function of 3D printing is prototyping and tooling, owing to which this application area is west to acquire the largest market share. 3D prototyping and tooling helps to reduce additional costs associated with outsourcing tasks and overall product manufacturing time. Furthermore, the market can be classified geographically into North America, Europe, Asia Pacific, South America and Middle East and Africa.
North America represents the largest market for automotive 3D printing globally, primarily due to the early adoption of this technology. However, the major automotive producing regions of Europe and Asia Pacific markets which are still at the nascent stage in automotive 3D printing adoption are expected to record higher growth rates than North America during the period of forecast, driven by the declining price of 3D printers.
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The global automotive 3D printing market report provides the market share analysis of the key industry participants operating in the industry. These players have been exhaustively profiled and their business overview, financial overview, business strategies and recent developments have been covered under the purview of the report. The global market is dominated by a few major players and the key strategies adopted by them include expansion, mergers & collaborations and new product development.
Some of the major players operating in the global automotive 3D printing market include Optomec Inc.,3D Systems Corporation, Ex One, Arcam AB and Stratasys, Ltd.,. Other players operating in this market are Autodesk, Inc., Hoganas AB, Ponoko Ltd, Voxeljet AG and Local Motors among others.