Growing Investments in 3D printing or additive manufacturing is anticipated to boost the automotive 3D Printing market during the forecast period 2020-2025. Automotive 3D Printing Market is expected to reach $1,450 million by 2025 at a CAGR of 11.84% during the forecast period 2020-2025.
Automotive 3D Printing market is growing at a significant rate in the forecast period owing to increasing research and development activities and innovations is strengthening the automotive industry worldwide. Similarly, with a huge capital investment in automotive technology, several manufacturers are focusing on light weight vehicles to decrease the fuel consumption and low emission. Among all the R&D activities, 3D printing in automotive has come up with a rapid pace and gaining attention in the global automotive industry.
Global 3d Printing Automotive Market is gaining traction due to the huge funds towards research and development of manufacturing technologies and materials. New manufacturing processes are being deployed to satisfy the increasing demand of consumers. The automotive companies are poised to lead the technological transformation in manufacturing. In April 2018, BMW invested $12m in a new additive manufacturing campus, Located Munich, Germany. BMW states that it is already using additive manufacturing to make prototype components in Shenyang (China) and Rayong (Thailand). Going forward, it plans to integrate additive manufacturing more fully into the local production structure of China and allow small production runs for customizable components. The HP and Guangdong companies have disclosed a new production-grade Additive Manufacturing center in Dali, Foshan China. The venture in 10 HP Multi Jet Fusion 3D printing systems and is HP’s largest deployment of production-grade 3D printing in the Asia Pacific. Chinese State-Owned Enterprises (SOE) and Privately Owned Enterprises (POEs) together have planned to operate in China by establishing joint ventures involving foreign. The JVs in particular have an advantage in leveraging their global platform in creating vehicles, particularly for the Chinese market.
Automotive 3D printing in North America is growing at significant rate owing to the presence of developed countries. In addition stringent governmental regulations regarding automobiles and auto parts are regulated through the National Highway Traffic Safety Administration (NHTSA) and the U.S Environmental Protection Agency (EPA). Such regulations are related to improve the vehicle safety standards as well as reduce the vehicle emissions. Such factors have been creating high deployments of electric vehicles in the country, in order to comply with such laws, thereby boosting the market growth of 3d printing technology. Moreover, rising growth of automobiles has caused the various automakers to shift towards advanced technologies in order to increase mass production of vehicles more efficiently within lesser time intervals along with reducing fuel consumption. As a part of this, one of the major U.S auto manufacturer, General Motors had invested in Autodesk’s software with 3d printing in effort to produce lighter vehicle parts through mass reduction and parts consolidation. Deploying of such lighter auto parts eventually helps in cutting the high fuel consumption costs for the customers, thus driving the automobiles demands. Such initiatives have been helping in boosting the growth of 3d printing in automotive market in the forecast period 2020-2025.
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Automotive 3D printing Market Growth Drivers:
- Improving Additive Manufacturing Product Quality
The Automotive industry relies on large volume production, which requires high reproducibility. Parts produced using additive manufacturing technologies have occasionally seen changeability because of factors, such as thermal stresses, which result in low repeatability. The increasing emergence of new and the change in structure and properties materials with respect to the materials’ internal factors with superior properties have facilitated transformative changes in manufacturing of products. One area with enormous potential for accelerating the insertion of materials into products is integrated computational material engineering. This uses a systems approach that can reduce costs and schedules and provide technical benefits. Hybrid additive manufacturing is a technique that is drawing attention significantly around the world. Hybrid additive manufacturing technique functions to repair the cracks and flaws of the components, increase the surface finish, and address variability issues in additive manufactured products.
- Technological Advancements in 3D printing
A challenging job is the development of complicated structures utilizing traditional techniques. The 3D printers offer development medium along with the ability to create artefacts and build them according to consumer requirements. A design can be assessed for feasibility and implementation using 3D printing. Innovation in in-house additive printing facilities is a major driver for the automotive industry’s adoption of 3D printing.
Stratasys had introduced their new V650 Flex 3D printer, which would disrupt the traditional 3D printing.
In February 2020, Stratasys Ltd. has announced to invest hugely for advancements in automotive 3D printing technology.
The Major Players in this Market Include
The major companies in the automotive 3D printing market include Stratasys Inc., 3D System, Materialise NV, Renishaw PLC, SLM Solutions, ExOne, Envisiontec Inc., EOS, Arcam AB, Autodesk, Inc. In 2019, EOS, had announced its acquisition of Vulcan Labs for expanding its bench of additive manufacturing (AM) experts in the powder bed fusion technology.
Over the years, Companies in Automotive 3D printing technological advancements and ability to create artefacts and build them according to consumer requirements. The continuous developments in the automotive 3D printing, innovation in in-house additive printing facilities is a major driver for the automotive industry 's adoption of 3D printing are the major factors set to buoy the automotive 3D Printing market during 2020-2025.
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