Automotive 3D Printing Market to Grow at a Highest CAGR of 22.9% by 2030 | Key Players 3D Systems Corporation, Autodesk, Inc., Desktop Metal, Inc., EOS GmbH

Automotive 3D Printing Market by Vehicle Type (ICE & Electric Vehicles), Offering (Hardware & Software), Component, Material (Metals, Plastics, Resin & Composites), Technology (SLA, SLS, EBM, FDM, LOM, 3DIP), Application and region (North America, Europe, Asia-Pacific, Middle East, and Africa and South America). The global Automotive 3D Printing Market size is 2.9 billion USD in 2022 and is projected to reach a CAGR of 22.9% from 2023-2030.

Key players in the Global Automotive 3D Printing Market are 3D Systems Corporation, Autodesk, Inc., Desktop Metal, Inc., EOS GmbH, General Electric Company, Hoganas AB, Materialise NV, Stratasys, Ltd., Ultimaker BV, Voxeljet AG

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In May 2022, Renishaw launched a new range of RenAM 500 3D printing machinery. The RenAM 500S Flex which is a single laser 3D printing machine and the RenAM 500Q Flex, which is a four-laser 3D printing machine. Both the systems featured a simplified powder handling system, which is suited for research and development (R&D), pre-production or bureau environments.

In February 2022, 3D Systems added extrusion technology to its solution portfolio with the acquisition of Titan Additive LLC, a market leader in polymer extrusion technology. This will broaden the range for its customers.

Growth in the need to reduce vehicle weight, production cost & development time, increase in the use of 3D printing for quick prototyping & development of complex parts, and greater demand for customized automotive parts drive the growth of the market. Furthermore, increased investments in R&D and technological advancements are expected to offer growth opportunities during the forecast period.

On the other hand, high initial costs and a lack of expertise & skilled labor are expected to hamper the growth of the market.

The COVID-19 crisis has created uncertainty in the automotive 3D printing market, a massive slowdown of the supply chain, falling business confidence, and increased panic among the customer segments. Governments of different regions have announced a total lockdown and the temporary shutdown of industries, thereby adversely affecting overall production and sales.

Regional Analysis

North America to Dominate the Market

North America is estimated to hold the largest share of the global 3D printing market; this can be attributed to the continuous technological advancements in this field and hundreds of carmakers in the region.

The major reason for this is the usage of additive manufacturing by leading automotive manufacturers extensively for their R&D, such as prototyping and fixtures. The main factor for using 3D printing in R&D is the cost-effectiveness of the technology. The polymers printed by 3D printers can be recycled for optimum usage.

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Automotive 3D Printing Market Key Findings

The application segment is further segmented into Prototyping & Tooling, Research, Development & Innovation, Manufacturing Complex Components, and Others. The Prototyping & Tooling segment is anticipated to dominate the market during the forecast period. The main reasons for this are the quick production of the prototype, reasonably straightforward process, cost reduction, choices of filaments that could be used, agility to design changes, and reduced wastage. Compared to conventional practices, the prototypes now require the shortest possible lead times and minimal expense and wastage. The design modification is possible anytime as only a final CAD design is sent for printing. The prototypes can now be made using different materials tested on different criteria and environments, as there are wider options of filament materials to choose.

The market is also segmented into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to hold the largest share of the global 3D printing market; this can be attributed to the continuous technological advancements in this field and hundreds of carmakers in the region.

The COVID-19 crisis has created uncertainty in the automotive 3D printing market, a massive slowdown of the supply chain, falling business confidence, and increased panic among the customer segments. Governments of different regions have announced a total lockdown and temporary shutdown of industries, thereby adversely affecting overall production and sales.

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Delvens Industry Expert's Standpoint

Long-term trends in the automotive industry toward quicker turnaround times, less material waste, lower manufacturing costs, higher production rates, quicker overall times for quick prototyping of automotive parts, new printing materials for 3D printing, and increased government investment in 3D printing research and development projects will lead to significant growth in the automotive 3D printing market. The market has great growth opportunities in untapped fields where 3D printing is still new like healthcare, consumer products, and many more.

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