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3D Printing in Automotive Market 2020 by Size, Share, Growth, Segment, Trends and Forecast to 2024

Author : Ronak Bora | Published Date : 2020-08-25 

The hardware market accounted for over 75% of the 3D printing in automotive 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 market 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.

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The Fused Deposition Modelling technology held over 50% market share in the 3D printing in 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.

The prototyping is expected to account for approximately 60% of the market share in the 3D printing in automotive 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.

An advanced materials company, Nanosteel has recently unveiled that it has launched an enterprise focusing chiefly on materials for additive manufacturing. The new corporation, dubbed as the Formetrix, is expected to further the commercialization of 3D printing metals and as well offer on-demand production services. It has been reported that Nanosteel will be supporting two areas – steel powders and sheet steel for automotive lightweighting for 3D printing. This has grabbed the attention of several automotive 3D printing industry players for investment & development of their metal auto parts. Besides the 3D printing in automotive market, the company will be playing a key role in additive manufacturing components of the oil & gas, construction, and heavy machinery markets.

This German auto maker has recently announced that it has adopted the Stratasys’ J750 full-color and multi-material 3D printer for accelerating the design verification process and reducing the time required for prototyping. Leveraging the additive manufacturing technology, Audi claims that it has accomplished prototyping lead time cuts by as much as 50% for some parts. According to reliable reports, prototyping & tooling application accounted for 60% of 3D printing in automotive market share in 2017, and Audi’s adoption of Stratasys 3D printing bears testimony to the rapid expansion of this segment.

North America holds the major share in the 3D printing in automotive 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. For instance, the U.S. government is constantly working with various private institutions and academic establishments to promote the use of additive manufacturing technologies in the region.

Asia Pacific 3D printing in automotive market is expected to grow substantially at a CAGR of over 30% during the forecast timespan. The industrialized countries, as well as emerging nations in the region, have introduced numerous initiatives to strengthen the productivity and competitiveness across the automotive manufacturing sector. In addition, countries including Singapore & China have allocated millions of dollars to commercialize the technology.

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The key players in the market are 3D Systems, 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.

Table of Contents (ToC) of the report:

Chapter 5.   3D Printing in Automotive Market, By Component

5.1. Key trends, by component

5.2. Hardware

5.2.1. Market estimates and forecast, 2013 - 2024

5.2.2.  Market estimates and forecast, by region, 2013 – 2024

5.2.3.  Printer

5.2.3.1.       Market estimates and forecast, 2013 - 2024

5.2.3.2.       Market estimates and forecast, by region, 2013 – 2024

5.2.3.3.       Desktop printer

5.2.3.3.1.    Market estimates and forecast, 2013 - 2024

5.2.3.3.2.    Market estimates and forecast, by region, 2013 – 2024

5.2.3.4.       Industrial printer

5.2.3.4.1.    Market estimates and forecast, 2013 - 2024

5.2.3.4.2.    Market estimates and forecast, by region, 2013 – 2024

5.2.4.  Material

5.2.4.1.       Market estimates and forecast, 2013 - 2024

5.2.4.2.       Market estimates and forecast, by region, 2013 – 2024

5.2.4.3.       Plastic

5.2.4.3.1.    Market estimates and forecast, 2013 - 2024

5.2.4.3.2.    Market estimates and forecast, by region, 2013 – 2024

5.2.4.4.       Metal

5.2.4.4.1.    Market estimates and forecast, 2013 - 2024

5.2.4.4.2.    Market estimates and forecast, by region, 2013 – 2024

5.2.4.5.       Ceramic

5.2.4.5.1.    Market estimates and forecast, 2013 - 2024

5.2.4.5.2.    Market estimates and forecast, by region, 2013 – 2024

5.2.4.6.       Others

5.2.4.6.1.    Market estimates and forecast, 2013 - 2024

5.2.4.6.2.    Market estimates and forecast, by region, 2013 – 2024

5.3. Service

5.3.1. Market estimates and forecast, 2013 - 2024

5.3.2.  Market estimates and forecast, by region, 2013 - 2024

5.4. Software

5.4.1. Market estimates and forecast, 2013 - 2024

5.4.2.  Market estimates and forecast, by region, 2013 - 2024

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/3d-printing-in-automotive-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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