Automotive 3D Printing Market worth $7.9 billion by 2027

The automotive 3D printing market is projected to grow from USD 2.9 billion in 2022 to USD 7.9 billion by 2027, at a CAGR of 21.7%. The increasing demand for Connected, Autonomous, Shared, Electric (CASE) vehicles, need for low-cost manufacturing, low-volume parts production, complex structured components, and critical engine components that are difficult to produce with conventional manufacturing methods are the factors for the growth of automotive 3D printing.

Market Driver: Increasing initiatives & investments by major OEMs to drive the growth in automotive 3D printing

3D printing in the automotive sector is helping OEMs to reduce costs and produce cost-effective auto parts in reduced production time. Even though implementing this new technology is challenging at the beginning, OEMs have experienced a positive impact on their production process and end products. Thus, OEMs have intensified their investments in 3D printing and made it a vital part of their manufacturing process.

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The prototyping and tooling segment is to lead the automotive 3D printing market

The prototyping and tooling segment is to register the largest share in the market. The segment has been ever-growing over the years and is set to grow in the future. The main reasons for this are the quick production of the prototype, reasonably straightforward process, cost reduction, choices of filaments that could be used, agility to design changes, and reduced wastages. Compared to conventional practices, the prototypes now require the shortest possible lead times and minimal expense and wastage. The design modification is possible anytime as only a final CAD design is sent for printing. The prototypes can now be made using different materials tested on different criteria and environments, as there are wider options of filament materials to choose.

The plastic segment is expected to hold the largest market share in the materials segment in 2022

Plastic is expected to lead the automotive 3D printing market as most of the interior and exterior automotive components are getting replaced with various plastic components. The main reasons for this change are the low cost and ease of manufacturing that are associated with producing plastic components instead of metal components. The plastic 3D printing technologies are being incorporated for their plastic component production by various leading automotive manufacturers. These plastic material components are easily manufactured, offer a good surface finish, and are compatible with many sub-components. The various types of plastic materials used for 3D printing are Acrylonitrile Butadiene Styrene (ABS), nylon, polylactic acid, and others. The applications of plastic printed parts in automotive include dashboard components, housings, brackets, and several other interiors and exterior components.

North America is estimated to be the largest market by forecast period

North America is estimated to hold the largest share of the global 3D printing market in 2022; this can be attributed to the continuous technological advancements in this field and hundreds of carmakers in the region. Europe is estimated to be the fastest-growing 3D printing market and is expected to lead the 3D printing market. The major reason for this is the usage of additive manufacturing by leading automotive manufacturers extensively for their R&D, such as prototyping and fixtures. The main factor for using 3D printing in R&D is the cost-effectiveness of the technology. The polymers printed by 3D printers can be recycled for optimum usage.

?Key Market Players

The automotive 3D printing market is dominated by a few globally established companies such as Stratasys (Israel), 3D Systems, Inc. (US), EOS (Germany), Arcam AB (Sweden), Renishaw plc. (UK), HP (US), Materialise (Belgium).

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