Global Automotive 3D Printing Market 2017-2021
About Automotive 3D Printing
3D printing is a process which involves many concepts and technologies. It can be used to produce a range of products using different materials depending on the application. This technology is similar to computer numerical control (CNC). The only difference is that CNC is a subtractive manufacturing process while 3D printing is an additive manufacturing process.
The advancement in this technology is mostly application-based, where special research is carried out as per the needs of the target industry. Experts believe that 3D printing technology is in its initial stages of application with immense potential to revolutionize production technology.
Technavio’s analysts forecast the global automotive 3D printing market to grow at a CAGR of 45.47% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive 3D printing market for 2017-2021. To calculate the market size, the report considers the new shipments and sales data from the technology developers.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive 3D Printing Market 2017-2021
Technavio recognizes the following companies as the key players in the global automotive 3D printing market: 3D Systems and Stratasys.
Other Prominent Vendors in the market are: Arcam, Autodesk, EnvisionTEC, EOS, ExOne, Optomec, and Ultimaker.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Simultaneous multi-material technology. Innovations in 3D printing market are in terms of technology and the cost of ownership. There are a number of options available in the market for multi-material 3D printing, and these are expensive with the limitation on the type of materials with which they can print. This condition was realized and researched upon in the MIT University where they designed a multi-material printer at a cost 35 times lower than what Stratasys was offering. It is called the MultiFab printer having a larger material portfolio capability. It is a ready printer to manufacture from the most basic material to highly advance material. The success of the products printed from the same are under testing for a product life cycle analysis.”
According to the report, one of the major drivers for this market is Introduction of low-cost entry level 3D printers. HP has introduced an entry level 3D printer with multi-material injection technology, and Mattel has launched its first 3D printer at $299, called ThingMaker. This will bring the 3D printing technology to the household market. This affordable entry-level technology will fetch the volume that this market needs to develop and bring down the prices for high-capability 3D printers that are currently being used for industrial applications only.
Further, the report states that one of the major factors hindering the growth of this market is Price for a 3D printing machine does not justify its productivity. The 3D printing technology attracts investments based on its application, size of the product, and material it uses. The 3D printing technology has not reached a level of mass production yet. Even though it saves time in rapid prototyping, custom part development, and complex shape designs, it is still not feasible to be used by each manufacturer tier in the automotive supply chain. The investment can be justified if it could be used for mass manufacturing right up to the assembly line. The advancement of this kind of technology could save logistic costs and effectively maintain the just-in-time requirements.
3D Systems and Stratasys, Arcam, Autodesk, EnvisionTEC, EOS, ExOne, Optomec, and Ultimaker.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook