Automotive 3D printing market expanding
Flexibility in design and materials will fuel growth in the automotive 3D printing materials market. Adoption of 3D printing in rapid prototyping, the largest application in the industry, is driven by reduced lead time and costs for OEMs compared to conventional product development, according to research by Frost & Sullivan. Technologies for 3D printing are projected to lead to the development of specialized micro-factories to produce customized parts as the automotive industry shifts away from mass production toward mass customization. The global 3D printing materials market in automotive transportation is expected to generate revenues of $576.5 million by 2024, with a compound annual growth rate (CAGR) of 17.8% between 2017 and 2024.
"3D printing materials will play a crucial role in reshaping the global automotive business model by enabling decentralized and localized production of parts and solutions. This is expected to transform mega factories over the next two decades," said Sayan Mukherjee, Visionary Science Senior Research Analyst at Frost & Sullivan.
The report, “Global 3D Printing Materials Market in Automotive Transportation, Forecast to 2024,” reveals growth opportunities, drivers, external challenges, forecasts and trends, and market revenues across segments such as plastic powders, plastic filaments, metal powders, and photopolymers. Competitive strategies of key players such as Stratasys, EOS, and 3D Systems are also provided.
Five ways to leverage growth opportunities in global 3D printing materials for the automotive transportation sector include:
- Focus research and development on the production of novel plastic formulations (resins, powders, and filaments) suited for real-life applications and move away from prototyping
- Concentrate regional additive manufacturing strategies in Europe and North America—where key automotive technology pioneers are located
- Collaborate with machinery manufacturers for product, business model, and marketing development as machinery manufacturers exert control over individual printer material compatibility
- Strengthen distribution bases in late-adopter and cost-sensitive markets such as China and India, among other Asian countries
- Understand the market to address the dynamic future needs of the industry and prepare for disruptive trends
"The uncertain material supply scenario, lack of consistency in end-part production, and higher prices are big challenges facing the market," noted Mukherjee. "However, rationalization of material prices is expected to boost wider adoption of 3D printing technology among OEMs."
For further information on the analysis, click here.