Automotive 3D printing market to grow at 25.1% CAGR

Rising acceptance of 3D printing technology by automotive companies to reduce their manufacturing costs is primarily favouring the automotive 3D printing market. Furthermore, government investments in 3D printing & related products, expiration of key patents, Efficient & multi-use materials for printing, advanced printing materials and technologies, well-organized logistic management and customization of products are the factors enhancing market growth. However, lack of skilled labour, lack of uniform process control, lack of high quality raw material and high cost of 3D printers would restrict the demand of automotive 3D printers.

Stereolithography (SLA) technology is likely to acquire the highest market share during the forecast period as it has improved the speed and techniques of designing & manufacturing automotive parts. North American region has the maximum penetration in 3D printing technology. Europe and Asia Pacific regions are in the premature stages of implementing 3D printing technology.

Some of the key players in the global automotive 3D printing market include Stratasys Inc., Arcam AB, ExOne Company, 3D Systems Corporation, Hoganas AB, Local Motors, Optomec Inc., Ponoko Ltd, Autodesk, Voxeljet AG and EnvisionTEC, Inc.