Automotive 3D printing Market Overview
Automotive 3D printing market is expected to reach $2,391 million by 2022, from 2015 value of $621 million. It is estimated to grow at a CAGR of 21.8% from 2016 to 2022. 3D printing, commonly referred as additive manufacturing, allows manufacturers to produce objects using a digital file and wide array of printing materials. Besides aerospace and defense, the automotive sector, healthcare, and manufacturing industries exhibit growing adoption of the technology. The technology is useful for applications ranging from printing automotive parts and accessories to manufacturing complex parts in short period of time as compared to traditional printers.
The automotive companies are adopting this technology at a remarkable rate in an effort to reduce manufacturing costs, increase production rate, and lower the material wastage. The technology is being used for producing lighter and complex parts & accessories at reduced costs. Automotive part manufacturers are using 3D printers for effective usage of materials, reducing the lead time and efficient logistics management. However, lack of skilled labors and high cost of 3D printers would restrict the demand of 3D printers to some extent.
Automotive 3D printing market is segmented based on components, applications, and geography. The components segment is further classified as technology, materials, and services. Based on technology, 3D printing market is segmented into stereolithography, selective laser sintering (SLS), electron beam melting (EBM), fused deposition modeling (FDM), laminated object manufacturing (LOM), and others. Stereolithography is expected to constitute a dominant share, among the aforementioned technologies. This can be attributed to the enhanced speed and techniques of designing & manufacturing automotive parts, thereby benefiting the automotive industry considerably.
Based on input materials, the 3D printing material market is segmented into polymers, metals & alloys, and others. Polymers are the most extensively used 3D printing material in the current scenario. Based on applications, the automotive 3D printing market is segmented into prototyping & tooling, R&D & innovation, and manufacturing complex parts.
Automotive 3D Printing Market Segmentation
Top Impacting Factors
The 3D printing market is expected to grow at a dynamic rate owing to factors, such as proficient use of raw materials, substantial reduction in development cost & time, added advantage over traditional manufacturing techniques, and ease of customization.
The time span for product development has relatively decreased owing to the advent of 3D printing in manufacturing sector. Therefore, 3D printing technology has a competitive advantage over conventional product manufacturing techniques. The use of 3D printers for in-house development of prototypes would lead to increased production of parts.
Cost to individual users
As 3D printing is an emerging technology, the cost associated with 3D printers is high. Presently, 3D printers are affordable to enterprises and not to individual users. Currently, 1 Kg titanium powder used for 3D printing costs $700, which results in higher cost for individual users, thereby restraining the market growth. However, technological advancements in 3D printing would increase the affordability and accessibility of this technology, thereby, reducing the negative impact of the factor on the automotive 3D printing market size.
Lack of skilled labor
Requirement of skilled labor or expertise to operate 3D printer has an impact on the automotive 3D printing market, since there is a demand-supply gap between skilled labors and industry requirement. There is a growing need to impart special training skills to operate 3D printers, thereby affecting the deployment of 3D printing across various industries.
Efficient logistic management
3D printing facilitates manufacturers to create objects and models at their own location, thus resulting in drastic reduction in maintaining inventory and warehousing. This technology is used for printing objects, spare parts, and equipment according to requirement. This factor has a major positive impact on automotive 3D printing market share globally, and is one of the major factors fueling the adoption of 3D printing technology.
Top Impacting Factors Automotive 3D Printing Market
Top Investment Pockets
The following graph represents the growth potential of various 3D printing application segments in automotive industry. The top investment pockets are analyzed based on current market shares and expected growth rate of various application areas of 3D printing. Prototyping and tooling is the most lucrative segment of the market, as these applications possess significant market share having witnessed a consistent growth in the recent years.
These applications are expected to generate significant revenues; and expected to remain dominant applications in next five-six years. The significant reduction in manufacturing time and cost as well as improved accuracy with prototyping of automotive parts would offer good return on investment. Manufacturing complex parts would be the next prominent application of 3D printing in automotive sector as it would help to produce these parts consistently, precisely, and accurately. The implementation of technology would also result in increased productivity, thereby increasing profit margin.
Top Investment Pockets
3D printing technology facilitates creation of three-dimensional objects with the assistance of a digital input file. It is based on the additive manufacturing technique in which objects are built layer-by-layer from bottom to top. Stereolithography is a 3D printing or additive manufacturing technology used for manufacturing prototypes, models, patterns, and production parts. Using stereolithography, an object is built layer-by-layer starting from bottom to top in a container consisting of liquid polymer, which hardens when exposed to a laser beam. The 3D models developed using stereolithography assist in visualizing the prototype of the final product.
Several developments have been taking place in the stereolithography market segment. For instance, stereolithography technology is used to develop prototype as well as parts for automobiles. Stereolithography technology has revolutionized the speed and technique of designing and manufacturing the components, which has directly or indirectly benefited many organizations in automotive sectors. The major factors driving the stereolithography technology include use of a wide range of materials, high resolution, shortened development cycles, high accuracy, and durable outputs. The restraining factors for the market include high cost of production and availability of alternative technologies.
- The study provides an in-depth analysis of the automotive 3D printing market with current and future trends to elucidate the imminent investment pockets.
- Porters five forces and SWOT analyses of key market players in the industry have been provided to highlight the market competitiveness and growth strategies adopted by them.
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders.
- Geographic analysis offers in-depth suggestions of the trends in various regions; therefore, companies can adopt region specific strategies to gain competitive advantages.
- Quantitative analysis of the current market and estimations through 2016-2022 are provided to highlight the financial appetency of the market.
AUTOMOTIVE 3D PRINTING MARKET SEGMENT:
The automotive 3D printing market is segmented based on component, application and geography.
Market by Component
- Selective Laser Sintering
- Electron Beam Melting
- Fused Deposition Modeling
- Laminated object Manufacturing
- Others (Digital Light Processing, Three Dimensional Injet Printing)
- Metal & alloys
- Others (Ceramics, plastic, paper, glass, wood)
Market by Application
- Prototyping & Tooling
- R&D & Innovation
- Manufacturing Complex Parts
Market by Geography
- North America
- Latin America, Middle East and Africa (LAMEA)