DUBLIN, Jan. 9, 2019 /PRNewswire/ --
The "Global 3D Printing Market for Automotive and Aerospace Industry: Focus on Technology, Material Type and End-use - Analysis and Forecast (2018-2023)" report has been added to ResearchAndMarkets.com's offering.
In 2017, the global 3D printing market for automotive and aerospace industry in terms of value was valued at $3.07 billion, which is expected to reach $9.36 billion by 2023 with a Compound Annual Growth Rate (CAGR) of 17.86% during the forecast period 2018-2023.
This growth is attributed to the reliability and accuracy of 3D printed parts, manufactured using 3D printing technology and their cost-effectiveness, as compared to parts manufactured conventionally. Additionally, the growing awareness of 3D printing technology in the emerging economies such as India, South Korea and Thailand, among countries of Asia-Pacific (APAC) regions, has propelled the growth of the global 3D printing market servicing the aerospace and automotive industry.
The 3D printing market has developed significantly since 2014 and much has been attributed to the technological advancements in this field. The ecosystem of 3D printing market comprises material suppliers, 3D printed parts manufacturers, and end users. The market has matured in developed regions such as North America and Europe and is gaining popularity in regions such as Asia-Pacific, the Middle East and Africa, and South America. However, barriers such as high investment cost, lack of skilled labor and higher cost of raw materials used are challenges that the 3D printing industry needs to look at.
On the basis of material, the 3D printing market for aerospace and automotive industry includes thermoplastics, metals and others.
Thermoplastics dominated the global 3D printing market for aerospace and automotive industry in 2017 and are anticipated to maintain its dominance throughout the forecast period. Thermoplastics are one of the significant material-types used in 3D printing, with Acrylonitrile Butadiene Styrene (ABS) and Polycarbonate (PC) as the commonly used plastics in the 3D printing market. The demand for ABS and PC type 3D printing materials has grown aggressively because of the increasing awareness of the benefits of 3D printing to manufacture objects using various plastic materials. This growth in demand for ABS and PC type printing materials is expected to continue in the forecast period from 2018 to 2023. As the 3D printing market matures, manufacturers are looking towards exploring new plastic materials which have better printing properties as compared to the traditionally used materials.
On the basis of technology, the 3D printing market for aerospace and automotive industry includes thermoplastics, metals and others. Fused Deposition Modeling (FDM) dominated the global 3D printing market for aerospace and automotive industry in 2017 and is anticipated to maintain its dominance throughout the forecast period. The demand for FDM technology is majorly due to its capability to build tough and durable parts for functional testing and prototyping using high strength materials such as nylon, polycarbonate, and ABS, among others. In addition, FDM technology can process cheaper filaments reducing the final cost of the product used in the automotive and aerospace industries.
On the basis of end-use, the automotive industry is expected to register the highest growth rate for the 3D printing market. 3D printing, when used in the automotive sector, can reduce the cost of production and can replace the critical Computer Numerical Control (CNC)-milled parts with in-house manufactured parts. In addition, 3D printed parts are light in weight, reducing the overall weight of the vehicle by 40%, thereby increasing the fuel efficiency of automobiles. Furthermore, the use of 3D printing technology in the automotive industry reduces lead time, transportation cost and inventory costs decreasing the overall cost of the final product.
This report also covers the global 3D printing market for aerospace and automotive industry, by geography, and consequently provides the revenue of the key regions which include North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (the Middle East & Africa, and South America).
North America dominated the market in 2017 with the U.S. as the highest revenue generating country for this market. Industrial advancements, extensive investments for dedicated R&D facilities, and development of 3D printing-based products are some of the major propellers of the growth for the market in the region. Additionally, decreasing prices of printers as well as technological advancements in 3D printing are expected to help the market grow at a very high rate. Asia-Pacific is estimated to be the fastest growing market. The potential growth is expected to be supported by a large industrial base, encouraging government policies, and increasing financial support for research and development in countries such as Japan and China.
Key Topics Covered:
1 Market Dynamics
1.1 Market Drivers
1.1.1 Increasing Government Initiatives
1.1.2 Increasing Fuel Efficiency Requirements
1.1.3 Advancing 3D Printing Technology
1.2 Market Restraints
1.2.1 Higher Initial Investments
1.2.2 High Prices of Raw Materials used for 3D Printing
1.2.3 Lack of Skilled Labor
1.3 Market Opportunities
1.3.1 Evolving Start-ups and their Partnerships with Key Players in the Market
1.3.2 3D Printing for Mass Scale Production
2 Competitive Insights
2.1 Key Market Developments and Strategies
2.1.1 Business Expansions
2.1.2 Product Launches
2.1.3 Partnerships, Collaborations, and Joint Ventures
2.1.4 Mergers and Acquisitions
2.2 Market Share Analysis
3 Industry Analysis
3.1 Supply Chain Analysis
4 Global 3D Printing Market for Automotive and Aerospace Industry (by Technology), $Million, 2018 and 2023
4.1 Market Overview
4.2 Fused Metal Deposition
4.4 Selective Laser Sintering
4.6 Material Jetting
4.7 Selective Laser Melting
5 Global 3D Printing Market for Automotive and Aerospace Industry (by Material), $Million, 2018 and 2023
5.1.1 Acrylonitrile Butadiene Styrene (ABS)
5.1.2 Polycarbonate (PC)
5.2.2 Stainless Steel
6 Global 3D Printing Market for Automotive and Aerospace Industry (by End-use), $Million, 2018 and 2023
7 3D Printing Market for Automotive and Aerospace Industry (by Region), $Million, 2018 and 2023
7.1 North America
8 Company Profiles
- 3D Systems, Inc.
- BASF SE
- EOS GmbH
- Evonik Industries AG
- FormLabs Inc.
- General Electric
- HP Inc.
- Materialise NV
- Proto Labs
- Royal DSM
- SLM Solutions Group
- Stratasys Ltd.
- Ultimaker B.V.
For more information about this report visit https://www.researchandmarkets.com/research/v4xhnp/global_9_36?w=5
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