Yahoo Finance Global 3D Printing: Automotive Additive Manufacturing Market is projected to reach at a Market value of US$ 13,597.7 Million by 2031: Visiongain Research Inc
Visiongain has published a new report on Global 3D Printing: Automotive Additive Manufacturing Market Report Forecast 2021-2031. Forecasts by Technology (Fused Deposition Modeling (FDM), Stereo Lithography (SLA), Selective Laser Sintering (SLS), Electronic Beam Melting (EBM), Three Dimensional Inkjet printing (3IDP), Selective Laser Melting (SLM), Laminated Object Manufacturing (LOM)), by Material (ABS, Nylon, Resin, Wax, Metal), by Application (Design and Concept of Communication, Prototyping Validation, Preproduction Sampling And Tooling, Customized Parts) and by Product Type (Battery Cover, Console Prototype, Air Conditioning Ducting, Front Bumper, Alternator Mounting Bracket, Suspension Wishbone, Dashboard Interface, Headlight Prototypes) PLUS Profiles of Leading 3D Printing Automotive Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
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Global 3D printing: automotive additive manufacturing market was valued at US$ 1,570 million in 2020 and is projected to reach at a market value of US$ 13,597.7 million by 2031. Rapid advances in 3D printing technology and rising R&D funding from public and private sectors influence market revenues. Over the recent years, 3D printing technology has gained significant prominence in the automotive sector, helping create several lightweight components and body parts. These factors boost the value of the 3D printing in automotive market.
COVID-19 Impact on Global 3D Printing: Automotive Additive Manufacturing Market
The onset of COVID-19 briefly affected the 3D printing in automotive industry disrupting supply chain and production shut among others. However, technology providers are continuously working on innovation amid the ongoing coronavirus challenges and aim to make 3D printing even more efficient in coming years by focusing on building a resilient supply chain, maintaining and optimizing the production line, ensuring versatility. Resultantly, overall market remained reassuringly robust compared to the pre-pandemic era.
Market Drivers
Growing Electric Vehicle Market
Demand for electric vehicles is growing globally which will derive demand for 3D printing automotive market owing to its growing importance in electric vehicles. Additive manufacturing is the only fully digital manufacturing process to increase factory flexibility and produce lower-demand parts more cost-effectively. Hence, OEMs are focusing to transition to AM to advance development and adoption of EVs.
Government Support to Promote Additive Manufacturing
The automotive 3D printing market is being propelled by the rise in the number of government and industry initiatives to support additive manufacturing technology. Several countries have developed national programs to support the university-level research. For instance, the Canadian government has launched the Industrial Research Assistance Program (IRAP) to drive the use of 3D printing among small- and medium-sized organizations. This is encouraging organizations to adopt the cutting-edge technology to reduce the cost of operation and increase the productivity. Until now, there are three main applications within automotive sector including prototyping, sophisticated parts and luxury cars. However, industry is expected to use 3D printing in other areas such as mass production.
Market Opportunities
Focus Towards Mass Production
3D printing technology for mass production is still at its nascent stage and technology continues to be a major challenge in terms of mass production. The cost of 3D printing technology needs to be reduced to produce cars on a mass scale. It might take 15-20 years from now to manufacture cars using 3D printing technology. However, part manufacturing on a mass scale would still be a possibility in the next 5-10 years from now. OEMs and 3D printing companies are exploring this are and conducting R&D in this direction. Besides, there will be a possibility to manufacture smaller two-seater electric cars in a similar period on a large scale, as companies such as XEV (an Italian car manufacturer) are already planning to mass-produce a two-seater electric car using 3D printing technology.
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Innovations in Development of Advanced Materials
In addition to polymers, automotive sector is increasing use of metal 3D printing among other materials. This is particularly driven by the introduction of cheaper and faster metal binder jetting technologies, which prove more cost-effective for serial production and mass customization. Volkswagen is looking to employ HP’s new Metal Jet technology to produce structural components for mass-production vehicles and hopes to achieve this goal within the next two to three years.
Competitive Landscape
The 3D printing in automotive market appears highly competitive due to the presence of several well-established players. To gain a larger competitive share, industry players adopt strategic initiatives such as mergers & acquisitions, collaborations, expansion, and new technologies/product launches. Industry players make substantial investments to drive R&D to develop new products & technologies and increase their global footprints. For instance, Stratasys is actively focusing on partnerships and acquisitions with key industry participants. Company acquired Xaar 3D in October 2021 and partnered with nFrontier with an aim to take a leap into the future of impact-driven innovation in Additive Manufacturing.
Some of the companies profiled in the report include Stratasys, 3D Systems, ExOne, Voxeljet, Materialise NV, Desktop Metal, SLM Solutions, Markforged, Proto Labs, EOS GmBH and GE Additive among others.
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Visiongain is one of the fastest growing and most innovative, independent, market intelligence around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports cover a 10-year forecast, are hundreds of pages long, with in depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets, which currently can influence one another, these markets include automotive, aviation, chemicals, cyber, defense, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customized and syndicated market research reports mean that you can have a bespoke piece of market intelligence customized to your very own business needs.
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