April 12, 2023 13:53 ET | Source: Market.Us Market.Us
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New York, April 12, 2023 (GLOBE NEWSWIRE) -- The Global Automotive 3D Printing Market size is expected to be worth around USD 15.8 Billion by 2032 from USD 2.2 Billion in 2022, growing at a CAGR of 22.4% during the forecast period from 2022 to 2032.
Automotive 3D printing refers to the use of 3D printing technology to produce parts and components for automobiles. This technology includes using a computer-aided design model to create a physical object by adding layers of material, especially plastic or metal. In the automotive industry, 3D printing has the potential to revolutionize the manufacturing process by allowing for the rapid production of customized parts, minimizing the need for expensive tooling, and enabling parts to be produced on demand which reduces the need for inventory and improves production efficiency. Overall, the use of 3D printing in the automotive industry is expected to grow as more companies realized the benefits it can offer which include improved design capabilities, greater sustainability, and cost savings.
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Factors affecting the growth of the Automotive 3D Printing Market
There are several factors that can have an impact on the growth of the automotive 3D printing industry including:
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Many factors drive the growth of the automotive 3D printing market, as the 3D printing market has been experiencing the fastest growth in the last few years, and this is projected to continue in the coming years. The factors include the increased adoption of 3D printing technologies in automotive for the production of prototypes, tools, and parts are driving the market. Growing demand for lightweight and customized automotive parts and cost-effective manufacturing solutions offered by 3D printing technology for low-volume, high-value parts production are also key driving factors. Government initiatives & Technological advancements, and investments in the automotive 3D printing industry to promote the adoption of advanced manufacturing technologies. Collaboration & partnerships between 3D printing technology providers and automotive manufacturers for developing & producing customized parts & prototypes.
North America is accounted as the most dominant market in the global automotive 3D printing market, during the forecasted period. Due to the huge number of OEM manufacturers which are investing the majority of their revenue in R&D., Many automobile manufacturers are investing their funds in these technologies for creating customized automotive parts and also to reduce manufacturing costs, reduce material waste, enhance production rate, and less turnaround time.
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The factors which drive the growth of the automotive 3D printing market include, the use of 3D printing technologies in the automotive sector has allowed original equipment manufacturers (OMEs) to minimize costs and produce parts in less time. Despite beginning challenges with implementing the technology, OEMs have reported positive effects on their production processes and tend to increase investments in 3D printing. This has led to significant R&D investments in 3D printing technology by companies for introducing new and innovative 3D printing technologies for automotive applications.
The primary restrain for 3D printing is the additional cost of the materials used in the process of 3D printing. This cost is driven by the need for a top level of purity & consistency in composition & size, these are necessary for specific 3D printing techniques. The absence of well-established standards for the mechanical properties of these materials also discourages manufacturers from incorporating 3D-printed components into their final products owing to problems with reliability and accuracy.
The development of 3D printing has evolved from only producing prototypes to directly manufacturing finished goods, which is leading to an increased interest in the potential future applications of this technology in various sectors like healthcare, automotive, and consumer products. The commercial possibilities of 3D printing are significant, and it is expected to have a significant impact on a wide range of industries, including aerospace and medical fields. With increasingly complex and personalized applications anticipated in the near future, create more opportunities for the key players operating in the 3D printing industry.
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Report Segmentation of the Automotive 3D Printing Market
Based on the applications, the automotive 3D printing market is dominated by the prototype & tooling segment, owing to the quick production of the prototype, cost reduction, straightforward process, choices of filaments that could be used, design changes, and minimizing wastage. The prototypes now require the shortest possible lead times and less expense and wastage.
Based on technology, the automotive 3D printing market is dominated by the fused deposition modeling segment, due to its ability to produce large parts with high strengths and durability at low cost. The technology involves the use of a thermoplastic filament which is melted and deposited layer by layer to create a 3D object. FDM is suitable for producing a wide range of automotive parts which includes, fixtures, jigs, and tooling. Additionally, FDM can produce parts with high strength and stiffness and making it an attractive option for producing functional end-use parts
Based on material the automotive 3D printing market is dominated by the plastic segment, due to its low cost, ease of use, and ability to produce complex geometrics. Furthermore, plastic materials have a wide range of properties that can be tailored to specific applications. For instance, ABS is often used for interior parts, whereas nylon is commonly used for functional parts.
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Due to the presence both of established and startups, the automotive 3D printing market remains fragmented. Voxeljet AG and Stratasys Ltd. are some of the major players in the global automotive 3D printer market. These players invest heavily in technology development to produce the most advanced materials and methods that will enable automotive companies to create products with enhanced material properties in a shorter time. They also engage in mergers and acquisitions to consolidate their position.
Recent Developments of the Automotive 3D Printing Market
Listed below are some of the most prominent automotive 3D printing industry players.
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