Press release
Automotive 3D Printing Market Growth Worldwide by Top Companies: Stratasys, Autodesk, HP, Materialise, Protolabs, Renishaw, Arcam AB, Höganäs AB, Monoprice, SLM Solutions Group AG, Concept Laser, Nano Dimension, voxeljet AG, XYZprinting
U.S. 3D Printing in Automotive Market Revenue, By Component
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Global Automotive 3D Printing Market is set to be over USD 8 billion by 2024; according to a new research report by Global Market Insights, Inc. The market is anticipated to grow at a CAGR of more than 25% over the forecast timespan. The increasing customer demand for innovations and lower prices across customized products is also fostering the automotive 3D printing market. The additive manufacturing technology does not require specialized tooling, nor does it impose pressure on the minimum lot sizes. Moreover, it also allows the production of varied products in any sequence. The technology allows automotive companies to involve customers in the development process of individual products by personalizing the exterior design according to the customer requirements.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Stratasys
2. Autodesk
3. HP
4. Materialise
5. Protolabs
6. Renishaw
7. Arcam AB
8. Höganäs AB
9. Monoprice
10. SLM Solutions Group AG
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Growth Drivers:
• Abiltiy to develop more complex and higher quality products
• Cost effetive, fast custoization and faster time to market
• Supportive government initiatives
• Decline in the price of desktop printers
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.
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.
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
Europe automotive 3D printing market is anticipated to demonstrate a stable growth with the CAGR of 25.8% during the forecast timeline. The market is propelled by the increasing number of government initiatives and Public-Private Partnerships (PPP) aimed at advancing the additive manufacturing technology in the automotive market.
North America is dominating the 3D printing in automotive market with a share of more than 45% in 2017. The growth is attributed to the high R&D spending by public and private sector organizations. The government in the region is also working with private establishments & academic institutions to promote the use of additive manufacturing technologies among manufacturers.
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.
The key players in the automotive 3D printing market include Arcam AB, Autodesk, ExOne (The ExOne Company), Flashforge Corporation®, Höganäs AB, HP, Monoprice, Optomec, Ponoko, Prusa Research s.r.o., Stratasys, voxeljet AG, XYZprinting, Materialise, Nano Dimension, Protolabs, SLM Solutions Group AG, Electro-Optics Technology, Inc., Concept Laser, and Renishaw.
Browse Related Reports: https://www.gminsights.com/industry-analysis/on-board-diagnostics-obd-aftermarket
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Corporate Sales, USA
Global Market Insights, Inc.
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