Automotive 3D Printer Market to be dominated by Stereolithography technology through 2027
Growing demand to develop complex and quality parts and
supportive government initiative are expected to drive the growth of global automotive
3D printer market in the forecast period, 2023-2027.
According
to TechSci Research report, “Automotive 3D Printer Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2017-2027”,
the global automotive 3D printer market is anticipated to witness impressive
growth in the forecast period, 2023-2027. The rise in the cost of raw material
prices and the rapid change in the global economy make the automotive market
players seek cost-effective strategies. The surge in the adoption of advanced
technologies such as machine learning, smart factory, industry 4.0, machine
learning is fueling the proliferation of 3D technology for the manufacturing
process. Stringent government regulations focus on reducing carbon emissions
and making automotive manufacturers spend substantial amounts on
emission-reducing components, and new and advanced safety equipment influences
market demand. The automotive industry is actively adopting 3D printing
technology to reduce the lead time and cost incurred in the manufacturing
process. 3D printing at the initial automobile manufacturing process is
considered beneficial as it allows the designers to identify the errors or
defects from the prototype, lower the production cost and attain higher
resolution. 3D printing reshapes the prototyping process and helps create
complex, high-performance, and customized automotive parts. It allows the
manufacturers to build models by using several building materials. The
materials used in the 3D printing process include metals, ceramics, polymers,
and others. Printing materials are selected based on the expected
characteristics of the printed object. Some 3D printers can simultaneously use
different materials to make the manufacturing process more manageable.
Applications of 3D printing are increasing at a rapid rate as they offer higher
resolution and precision than the conventional methods.
However,
lack of skilled labor or expertise to operate the 3D printer and high initial
costs may restrain the global automotive 3D printer market growth.
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The
global automotive 3D printer market is segmented on the basis of technology,
application, competitional landscape, and regional distribution.
Based on the technology, the global
automotive 3D printer market is divided into stereolithography, fused
disposition modeling, selective laser sintering, laminated object
manufacturing, three-dimensional inject printing, and others. The
stereolithography segment is expected to dominate the next five years,
2023-2027. This technology is utilized to make complex prototypes and display
models. Stereolithography uses the single-production cycle and produces smooth
surfaces even without needing to finish. The use of liquid starting material
makes the process superfluous, and it results in saving time and money and
increases efficiency during material consumption. It has low material
consumption and can produce flexible and rigid 3D objects prototypes.
Multi-part assemblies, customized coloring can be done by using this method,
and it is the preferred method for 3D printing as it is a cost-effective
process.
Based on the application, the global
automotive 3D printer market is divided into prototyping & tooling,
manufacturing complex components, research, development & innovation, and
others. The prototyping & tooling segment is expected to witness
significant growth opportunities in the forecast period. Prototype
manufacturing helps automotive manufacturers to realize the errors and the
shortcomings beforehand and make the necessary changes to avoid further
expenses. The use of 3D printing technology lowers the turnaround time to make
prototypes. Previously, manufacturers had to outsource the prototyping process,
leading to higher production costs and turnaround time.
Based on the regional analysis, the
North American region is expected to hold the largest market share, followed
closely by Europe and Asia-pacific regions in the forecast period. North
America has a well-established automotive industry and boasts several market
players in the region. The presence of a skilled labor force, technological
advancements, and high-end investments to advance the automotive industry are
the major factors influencing the market demand.
Major market players operating in the global
automotive 3D printer market are:
- 3D Systems Corp.
- Formlabs Inc.
- Markforged, Inc.
- Zortrax S.A.
- Ultimaker BV
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“Market players are adopting 3D printing
technology as it offers advantages such as easy customization, greater design
flexibility, and boosts faster product development, influencing the market
demand. Market players invest in research and development activities and adopt
strategies such as new product launches, company expansion, mergers, and
acquisitions to accelerate growth and gain the largest market share. Rapid
advances in 3D technology and the creation of lightweight body parts and
components by using 3D printing technology is expected to propel the global
automotive 3D printer market growth till 2027” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Automotive 3D Printer
Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, has evaluated the future
growth potential of global automotive 3D printer and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global automotive 3D printer market.
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