Automotive 3D Printing Market is anticipated to grow at a CAGR of 21.38% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Automotive 3D Printing - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global automotive 3D printing market is estimated to account for US$ 1,351.88 million in 2019. The market is anticipated to grow at a CAGR of 21.38% from 2019 to 2030.
In the automotive industry, rapid prototyping with 3D printing has enabled industrial designers and engineers to make supplementary revisions in lesser time. It also reduces the costs involved in developing full-scale models. This has allowed manufacturers to save prototyping costs by eliminating recurring tooling costs. Thus, the less time and cost required to design prototypes as compared to the traditional methods is a major driving factor for market growth.
Moreover, 3D printing is capable of developing customized requirements in a very short time with low operating costs, which is the another factor supplementing market growth. Furthermore, other driving factors present in the automotive 3D printing market include increasing investments, new product launches, and developments in new materials for 3D printing systems.
However, huge initial investments, lack of skilled labor in terms of designing software & technology and limited adoption of 3D printing technology in certain geographical areas such as the Middle East & Africa are the major factors restraining growth in the operating market. Also, intellectual property thefts stand to act as major challenges in the coming years with the increasing adoption and commercialization of additive manufacturing.
Browse key industry insights spread across 180 pages with market data tables & figures & charts from the report, Automotive 3D Printing Market by Technology (Selective Laser Sintering (SLS), Fused Deposition Modeling (FDM), Electron Beam Melting (EBM), Stereolithography (SLA), and Poly Jet), Application (Prototyping & Tooling, Manufacturing, and R&D Activities) - Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/automotive-3D-printing-market/167
In 2018, North America accounted for the largest market share of the market. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period due to the high potential of countries such as China, India, Japan, and South Korea and favorable initiatives of governments in this region. For instance, in China the Ministry of Industry and Information Technology has introduced a new plan for the development of the 3D printing industry by 2020. The main aim is to improve research & development and the rapid adoption of technologies in the industry.
Some of the prominent players in the automotive 3D printing market include 3D Systems, Inc., Stratasys Ltd., Materialise, ExOne, Voxeljet, SLM Solutions, and Autodesk Inc., Renishaw plc, Höganäs AB and HP Development Company, L.P. among others.
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