Automotive 3D Printing Market Share & Growth | Forecast 2031

Report Description

Automotive 3D Printing Market Outlook 2031

The global Automotive 3D printing market was valued at USD 2.90 Billion in 2022 and is likely reach to USD 16.98 Billion by 2031, expanding at a CAGR of 21.7% during the forecast period, 2023–2031. The growth of the market is attributed to its application which allows producers to build models using several printing materials. 3D printing technology is in its evolving stage in automotive sector, the automotive 3D printing market is estimated to gain popularity and demand in the near future.

The reduction in costs as well as lead time would boost the adoption of automotive 3D printing for manufacturing and prototyping complex parts. The materials required for automotive 3D printing include various types of metals, ceramics, polymers, and others. The choice of printing material depends on the characteristics estimated from printed object.

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There are particular 3D printers which print models using various materials at once according to requirements, therefore, making the manufacturing process easier. The applications of 3D printing have expanded rapidly, since it offers higher precision with greater speed and finer resolution.

Local motors are among the first manufacturers to commercialize the use of 3D printing in the automotive sector by manufacturing body parts and chassis with giant 3D printers. Ford Motor Company uses 3D printers to produce prototypes of silica powder, sand, resin, and even metal for the manufacture of its vehicle components.

The Covid-19 pandemic had an unpleasant impact on the automotive 3D printing. The production has been on halt and both the demand and supply ware affected. The market suffered significant loss; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.

Automotive 3D Printing Market Trends, Drivers, Restraints, and Opportunities

• Increasing need to manufacture complex designs within a limited interval of time coupled with the desire to utilize resources efficiently is the primary feature driving the market during the forecast period.
• Factors such as manufacturing of customized parts, depletion in cost and time of production, reduction in human error, and higher resolution are the key features propelling the market of 3D printing in coming years.
• 3D printing is favorable, as designers can identify defects or errors from that prototype itself; thereby ultimately reducing the operational cost and production time.
• Unavailability of skilled labor and high printing cost are the key factors that impede the growth of the automotive 3D printing market.
• R&D investment and technological advancement in automotive 3D printing market are expected to offer lucrative opportunities for the market players.

Scope of The Automotive 3D Printing Market Report

The report on the automotive 3D printing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Automotive 3D Printing Market Segment Insights

The fused deposition modeling (FDM) segment is projected to constitute a large market share

Based on technology types, the automotive 3D printing market is segregated into selective laser sintering (SLS), stereo lithography (SLA), and digital light processing (DLP), electronic beam melting (EBM), selective laser melting (SLM), and fused deposition modeling (FDM). The fused deposition modeling (FDM) segment is expected to account for a key share of the market during the forecast period owing to the flexibility of the method to be used for manufacturing of the concept model parts, prototypes, and also final products.

Moreover, it aids in ecological impacts, such as the negligible carbon footprint and minimal wastage. Recent advancements in the FDM technology, makes it compatible to 3D print parts with materials, such as carbon fibre and carbon fibre reinforced plastics, make the process even more crucial to the automakers.

However, stereo lithography (SLA) segment is anticipated to expand at a rapid pace during the forecast period due to it revolutionizing the speed and techniques of designing and manufacturing objects which is highly beneficial for the automotive industry.

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The hardware segment is projected to propel the market

Based on component types, the automotive 3D printing market is segregated into hardware, software, and service. The hardware segment is estimated to account for a key share of the market during the forecast period owing to rising demand for complex designs, prototypes, and businesses moving towards advanced manufacturing processes.

The polymer segment is anticipated to expand at a robust pace

Based on material types, the automotive 3D printing market is fragmented into metal, polymer, and ceramic. The polymer segment accounts for a key share of the market and is estimated to propel during the forecast period owing to it leading in all fonts such as shipment revenues, the installed base, and the number of developments happening in this space.

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The prototyping segment is expected to register a substantial CAGR

Based on application types, the automotive 3D printing market is divided into production and prototyping/R&D. The prototyping segment accounts for a key share of the market and is estimated to propel during the forecast period owing to its applications such as early discovery of design problems, estimate manufacturing time, production costs, and requirements for materials.

However, production segment is expected to expand at a significant pace due to its time efficient, flexible design, lightweight parts, and cast effectiveness.

Automotive 3D Printing Market Regional Outlook

North America is expected to dominate the market

In terms of regions, the market is broadly classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is anticipated to expand at a robust CAGR during the forecast period. Developed chemical industry, government initiatives, entry of major players in the market, availability of skilled labor, and cheap raw materials are anticipated to boost the market over the coming years.

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