Press release
Automotive 3D Printing Market 2018 Growth Potential By key Players: Arcam AB, Autodesk, ExOne (The ExOne Company), Flashforge Corporation®, HP, Monoprice, Optomec, Prusa Research s.r.o., Stratasys, Voxeljet AG, XYZprinting, Materialise, Protolabs, SLM So
3D Printing in Automotive Market
Automotive 3D Printing Market is set to be over USD 8 billion by 2024. The automotive 3D printing market is propelled by the rise in the number of government and industry initiatives to sponsor the 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.
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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 Electron Beam Melting (EBM) technology in automotive 3D printing market is expected to grow at a CAGR of over 28% during the forecast period. The technology utilizes high-power electron laser to melt & fuse metal alloy powders used for the fabrication of automotive components in accordance with the electronic data. The electronic laser managed by the electronic foils provides extremely fast & accurate beam control, enabling the manufacturers to maintain numerous melting points simultaneously. Furthermore, the electron laser heats the powder bed to optimal ambient temperatures specific to the material. Thus, the parts produced through the technology are free from residual stress.
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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Arcam AB
2. Autodesk
3. ExOne (The ExOne Company)
4. Flashforge Corporation®
5. HP
6. Monoprice
7. Optomec
8. Prusa Research s.r.o.
9. Stratasys
10. Voxeljet AG
11. XYZprinting
12. Materialise
13. Protolabs
14. SLM Solutions Group AG
15. Concept Laser
16. Renishaw
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Automotive 3D Printing Market, By Component
o Hardware
o Printer
o Desktop
o Industrial
o Material
o Plastic
o Metal
o Ceramic
o Services
o Software
Automotive 3D Printing Market, By Technology
o Stereolithography (SLA)
o Fused Deposition Modeling (FDM)
o Selective Laser Sintering (SLS)
o Electron Beam Melting (EBM)
o Selective Laser Melting (SLM)/ Direct metal laser sintering (DMLS)
Manufacturing is estimated to emerge as the most lucrative application of automotive 3D printing market. It is anticipated to grow at a CAGR of approximately 30% during the forecast timeline. The market is driven due to the superior properties and cost benefits offered by the 3D printing technology in the manufacturing process. It increases the manufacturing efficiency by eliminating the product assembly stage across the manufacturing cycle. The traditional manufacturing process is characterized by multiple production stages & interconnected storage of semi-finished products resulting in longer lead times. On the contrary, 3D printing manufacturing process is shorter & faster as multiple stages are combined into a single production step. This eliminates the need for intermediate material handling & intra logistics transport costs.
The Asia Pacific automotive 3D printing market is anticipated to achieve a growth rate of over 29% over the forecast timespan. The growth in the market is driven by the 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. Countries including India and China have invested heavily to commercialize the technology in the automotive sector. China has been investing in the additive manufacturing technology for over a decade and the Chinese authorities have committed millions of dollars to a seven-year project aimed at advancing the technology in the vertical.
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.
The major companies operating in the automotive 3D printing market are Arcam AB, Autodesk, ExOne (The ExOne Company), Flashforge Corporation®, Hoganas, HP, Monoprice, Optomec, Ponoko, Prusa Research s.r.o., Stratasys, Voxeljet, WANHAO 3D PRINTER, XYZ Printing, Materialise, Nano Dimension, Proto Labs, SLM Solutions Group AG, Electro-Optical Systems, Concept Laser, and Renishaw.
Browse key industry insights spread across 280 pages with 450 market data tables & 27 figures & charts from the report, 3D Printing in Automotive Market in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/3d-printing-in-automotive-market
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