3D Printed Automotive Components Market - Forecast(2023 - 2028)

3D Printed Automotive Components Market Size is expected to reach $1.5 billion by 2026, growing at a CAGR of 11.84% during the forecast period 2021-2026, owing to increasing research and development activities and innovations that are strengthening the automotive industry worldwide. Similarly, with a huge capital investment in automotive technology, several manufacturers are focusing on lightweight vehicles to decrease fuel consumption and low emission. Among all the R&D activities, 3D printing in automotive has come up at a rapid pace and gaining attention in the global automotive industry. Increasing demand and sales of premium and new vehicles, stringent government norms and regulations regarding emission, higher fuel efficiency, and low emission, emerging economies, and technological enhancements are key factors that are projected to boost the global 3D printed automotive components industry outlook. Further growing collaborations between 3D printing companies and leading automotive companies to incorporate various techniques such as stereolithography, laser sintering, electron beam melting and laminated object manufacturing into their manufacturing process for innovative product innovations would help them achieve strategic edge over their competitors. Hence these kinds of factors are analysed to drive the 3D Printed Automotive Components industry in the forecast period 2021-2026.

The report: “3D Printed Automotive Components Market Report– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the 3D Printed Automotive Components Market

By Material: Nylon, Resin, Wax, Metal, Photopolymer, Others

By Process Type: FDM, DMLS/SLM, Others

By Application: Interior Accessories, Under the hood components, Air ducts, Full scale panel, Cast metal bracket & handle, Bezels, Lights, Others

By Geography: North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle east and Africa)

In 3D Printed Automotive Components Market, the DMLS/SLM of the 3D Printed Automotive Components is growing at the highest CAGR of 13.5% during the forecast period. Direct metal laser sintering (DMLS) is an industrial 3D printing process that builds fully functional rapid metal prototypes and production parts in 7 days or less. A range of metals produce final parts that can be used for end-use applications. Similarly, it is used for both rapid prototyping and mass production of metal parts. This process can be used to build objects out of almost any metal alloy, unlike other 3D printing techniques. In most recently, NASA stated that DMLS allows workers to manufacture metal equipment as a whole, rather than having to produce individual components and assemble them to create the final product. Hence these advantages are analysed to drive the market growth in the forecast period 2021-2026.

The Air Ducts segment of the 3D Printed Automotive Components market is growing at the highest CAGR of 13.7% during the forecast period. Many automotive OEMs and part manufacturers are cautiously investing in this technology. In the current scenario, 3D printing is mainly deployed for this prototyping application in the automotive industry. Moreover, this technology is gaining greater traction in the manufacturing of custom parts in the luxury and sports cars segment. In 2020, Silicon Valley 3D printing company Carbon is expanded its partnership with sports-car maker Lamborghini. The companies began working together in February with the development of a fuel cap and air-duct clip part for the Urus SUV. Under the expanded agreement, Carbon will produce 3D-printed central and lateral air vents for the dashboard of the Sián FKP 37 hybrid sports car. Similarly, companies such as Volvo Ford and others are also investing in this technology to reduce their manufacturing spending’s. Hence factors are analysed to drive the 3D Printed Automotive Components growth in the forecast period 2021-2026.

3D Printed Automotive Components in North America dominated with a market share of 33% in 2020. Stringent governmental regulations regarding automobiles and auto parts are regulated through the National Highway Traffic Safety Administration (NHTSA) and the U.S Environmental Protection Agency (EPA). Such regulations are related to improve the vehicle safety standards as well as reduce the vehicle emissions. Such factors have been creating high deployments of electric vehicles in the country, in order to comply with such laws, thereby boosting the market growth of 3d printing technology. Moreover, the rising growth of automobiles has caused the various automakers to shift towards advanced technologies in order to increase mass production of vehicles more efficiently within lesser time intervals along with reducing fuel consumption. As a part of this, one of the major U.S auto manufacturers, General Motors invested in Autodesk’s software with 3d printing in an effort to produce lighter vehicle parts through mass reduction and parts consolidation. Deploying such lighter auto parts eventually helps in cutting the high fuel consumption costs for the customers, thus driving the automobile's demands. Such initiatives have been helping in boosting the growth of 3D Printed Automotive Components market size in the forecast period 2021-2026.

The electric car market has witnessed rapid evolution with the ongoing developments in the automotive sector and favorable government policies and support in terms of subsidies and grants, tax rebates. The exceptional growth prospects of the electric vehicles market is a major growth factor for the 3D Printed Automotive Components owing to its importance in this sector. Further, the automotive OEMs are partnering with the leading 3D printing companies like Stratatsys, Shining 3D, SLM Solutions are largely concentrating on the technologies like stereo lithography, fused deposition modeling, and Laser sintering. These technologies have high experience in creating cost-effective and composite parts that aid to improve the efficiency of the vehicles. Moreover, major manufacturers such as General Motors, Toyota, and BMW plan to release a potential of 400 models and estimated global sales of 25 million by 2025. Ford Motor has committed to increase its investments in electric vehicles to $11 billion by 2022 and plan to have 40 hybrid and fully electric vehicles in its model lineup. Similarly, in 2019, Volkswagen announced to invest $66.3 billion in the next five years in digitization as well as producing more electric and hybrid vehicles. The 3D printing technology is used to make different components in vehicles and hence rising demand for electric vehicles globally drives the 3D Printed Automotive Components industry.

Global 3D Printed Automotive Components Market is gaining traction due to the huge funds towards research and development of manufacturing technologies and materials. New manufacturing processes are being deployed to satisfy the increasing demand of consumers. The automotive companies are poised to lead the technological transformation in manufacturing. In 2019, BMW invested $12m in a new additive manufacturing campus, Located Munich, Germany. BMW states that it is already using additive manufacturing to make prototype components in Shenyang (China) and Rayong (Thailand). Going forward, it plans to integrate additive manufacturing more fully into the local production structure of China and allow small production runs for customizable components. The HP and Guangdong companies have disclosed a new production-grade Additive Manufacturing centre in Dali, Foshan China. The venture in 10 HP Multi Jet Fusion 3D printing systems and is HP’s largest deployment of production-grade 3D printing in the Asia Pacific. Chinese State-Owned Enterprises (SOE) and Privately Owned Enterprises (POEs) together have planned to operate in China by establishing joint ventures involving foreign. The JVs in particular have an advantage in leveraging their global platform in creating vehicles, particularly for the Chinese market.

Additive manufacturing is facing speed of production challenges, which limits mass production potential. Advances are being made in additive manufacturing processes such that companies can create reliably unique parts and mass produce them and create custom parts for individual markets. The additive manufacturing technique is a game changer in industries where higher production costs are outweighed by the additional value generated by the manufacturing technique. However, the automotive industry is a high volume industry that requires great production speeds to make profits. The low production speeds of the additive manufacturing technique is seen as a major impediment for wider adoption of the manufacturing technique in the automotive industry. In an attempt to tackle this challenge, high speed additive manufacturing has become an important area of research.

Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the 3D Printed Automotive Components Market. In 2020, the market of 3D Printed Automotive Components industry outlook has been fragmented by several companies. 3D Printed Automotive Components top 10 companies include: