Ocean View, DE -- (SBWIRE) -- 05/26/2020 -- With additive manufacturing technology entering mainstream automotive processes, global 3D printing in automotive market is likely to collect significant gains in the coming years. Driven by the need to produce highly complex, robust, long-term components, the automotive sector has been swift enough to embrace additive manufacturing technology. Add to it, drastic cost reduction induced by the technology deployment has favored 3D printing in automotive market trends majorly.

Key Companies: - D Systems, Arcam AB, Autodesk, Concept Laser, Electro Optical Systems, Exone, FlashForge, Hoganas AB, HP Development Company, Materialise NV, Monoprice Inc., Nano Dimension, Optomec Inc., Ponoko Ltd, Proto Labs, Prusa Research s.r.o., Renishaw Plc, SLM Solutions Group AG, Startasys Inc., Voxeljet AG, WANHAO , D PRINTER, XYZ Printing Inc.

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The fused deposition modelling (FDM) is among the most widely used 3D printing technology on a global scale. FDM technology procured almost over 50% of global 3D printing in automotive market share in 2017. The technology facilitates printing of large components due to which it has gained widespread recognition. In addition, technological advancements in composite materials, which are used across FDM processes has further boosted the segmental growth.

Meanwhile, the electron beam melting (EBM) technology has been garnering much accolades of late and is anticipated to expand at a CAGR of over 28% during 2018-2024. The technology utilizes high-power electron laser for fabrication of automotive components. Advantages such as no residual stress, extremely accurate & fast beam control, and maintenance of multiple melting points are favoring usage of the technology.

Additive manufacturing is being extensively used for the development of prototypes in automotive industry as the method exhausts relatively lesser resources as compared to traditional manufacturing approaches. Moreover, the technology facilitates cost saving on tooling as a single equipment and can be deployed for developing a multitude of products. As per estimates, 3D printing in automotive market share from prototyping applications is expected to contribute around 60% to the global share by 2024.

Elaborating further on the application spectrum of the market, manufacturing applications are likely to present lucrative growth opportunities to the market. 3D printing brings forth significant cost benefits in manufacturing processes, other than increasing efficiency quotient. Unlike multiple stages involved in conventional manufacturing, 3D printing eliminates lengthy procedures and facilitates shorter & faster production. Single step production also eliminates intra logistics transportation cost and the need for immediate material handling. 3D printing in automotive market growth from manufacturing applications is expected to exhibit a CAGR of around 30% over 2018-2024.

North America had procured the majority share of more than 40% of the global share in 2017 and is likely to maintain the same growth momentum in the coming years. The region being a frontrunner in the adoption of latest technologies has been pioneering the usage of additive manufacturing technology. The growth of the market, in part, can be attributed to the existence of major players such as Stratasys and 3D Systems in the region, which provides unprecedented leverage in terms of technological capabilities. Moreover, as compared to other regions, North America has channelized higher investments in R&D activities, which has fostered noteworthy advances in 3D printing space. Furthermore, government support for furthering technological advancements is fueling regional 3D printing in automotive market growth.

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That being said, Asia pacific is slated to emerge as a lucrative growth window for 3D printing in automotive market. To support the industrial virility in the region, emerging economies have undertaken various initiatives to support the penetration of the technology. Moreover, the region is witnessing a slew of investments towards the commercialization of the technology in the automotive sector. China, in particular, has been premiering investments in 3D printing for over a decade now, with India following China's footstep. Asia Pacific 3D printing in automotive market to achieve a CAGR of over 29% during 2018-2024.

Some Points From Table Of Content: -

Chapter 4. Competitive Landscape
4.1. Introduction
4.2. Company market share, by revenue, 2017
4.2.1. Stratasys
4.2.2. EOS
4.2.3. GE Additive
4.2.4. 3D Systems
4.2.5. HP
4.3. Company market share, by shipment, 2017
4.3.1. XYZ Printing
4.3.2. Wanhao
4.3.3. Monoprice
4.3.4. FlashForge
4.3.5. Prusa Research
4.4. Other prominent vendors

Chapter 5. 3D Printing in Automotive Market, By Component
5.1. Key trends, 3D printing in automotive market by component
5.2. Hardware
5.2.1. Market estimates and forecast, 2013 - 2024
5.2.2. Market estimates and forecast, by region, 2013 – 2024
5.2.3. Printer
5.2.3.3. Desktop printer
5.2.3.4. Industrial printer
5.2.4. Material
5.2.4.3. Plastic
5.2.4.4. Metal
5.2.4.5. Ceramic
5.2.4.6. Others
5.3. Service
5.4. Software

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