With the first attempt at developing a rapid prototyping technique in 1980, 3D printing technology has come a long way. 3D printing is a tool for designing and creating innovative and unique prototypes of objects in a shorter span of time. The establishment of 3D printing is contributing significantly to the manufacturing industry and has resulted in the growth of related service providers. At present, the primary market for 3D printing includes industries manufacturing automobile and aerospace parts.
According to the latest market intelligence report by BIS Research titled “Global 3D Printing Market for Automotive and Aerospace Industry – Analysis and Forecast (2018-2023),” the 3D printing market was valued at $3.07 billion in 2017 and is expected to witness growth at a double-digit CAGR of 17.86% during the forecast period, reaching $9.36 billion by 2023. The 3D printing industry is categorized in various segments on the basis of technology, material, end user, and region. On the basis of material, the industry includes thermoplastics, metals, and others. Among thermoplastics, Acrylonitrile Butadiene Styrene (ABS) and Polycarbonate (PC) are the most widely used plastics in the 3D printing market. In the end-user category, the automotive industry is expected to register the highest growth rate for the 3D printing market. The use of 3D printed parts in the automotive industry reduces the lead time, transportation and inventory cost along with the overall weight of the vehicle, thus increasing the fuel efficiency in automobiles.
Owing to government initiatives; rising investments for research and development (R&D) leading to advancements in 3D printing technology; increasing fuel efficiency requirements in the automotive industry; and the reliability, accuracy and cost-effectiveness of the 3D printed parts, the 3D printing market is expected to grow at a robust rate. Innovations in 3D printing materials such as plastics and metals along with technological advancements in additive manufacturing (AM) have hugely impacted the way 3D printing is perceived and applied during product development and manufacturing. However, due to barriers such as the high cost of investment and raw materials used along with the lack of skilled labor can significantly hamper the growth and expansion of the 3D printing market.
The report published by BIS Research highlights the key application areas of the 3D printing technology. The market is anticipated to dominate the manufacturing of 3D printing functional parts, fit and finish components, and the molds and tooling segments for the automobile and aerospace industry. In addition to these, the 3D printing industry also finds its applications for the manufacturing of engine parts, turbines, bezels, and headlights. One of the chief areas where 3D printing has a good chance to prosper is the mass production of auxiliaries. The report covers the 3D printing market by region in terms of four prominent regions namely, North America, Europe, Asia-Pacific, and Rest-of-the-World.
Moreover, the report also highlights the in-depth analysis of the company profiles of leading players such as SLM Solutions Group, Proto Labs, Materialise NV, Royal DSM, and HP Development Company. The 3D printing technology has brought a revolutionary change in the manufacturing industry and is expected to significantly impact the automobile and aerospace sector in the future.