Technology and innovation are reshaping industries across the world at a breathless and breakneck speed. 3D printing or additive manufacturing is one technology which has revolutionized the automotive industry. Significant advances in the field over the past decade has transformed the design, development, manufacturing and distribution processes in the sector.
The market for automotive 3D printing has been experiencing a phenomenal growth over the years since the advent of the technology. A report by Allied Market Research states that the automotive 3D printing industry is likely to reach $2,730 million by 2023, growing at a CAGR of 19.7% from 2017 to 2023. The need for efficient management of logistics, as well as reduced manufacturing time and associated costs, are driving the demand for the industry. Therefore, 3D printing exhibits wide applications within the sector for prototyping and tooling, research and development, and product innovation. On the other hand, the market faces certain challenges such as expensiveness of 3D printing software and the dearth of skilled labor.
Automotive industry, one of the biggest industries across the globe, is witnessing tough competition among the operating players. The players are consolidating all their efforts into minimizing the material usage and reducing manufacturing lead time & associated costs. Therefore, 3D printing technology is exhibiting widespread applications within the automotive sector for prototyping and tooling, R&D and product innovation applications. However, the lack of skilled labor and high cost of 3D technology are the key restraining factors, limiting the market growth to a considerable extent