Frost and Sullivan, world renowned business consulting firm, forecasts impressive growth for the global automotive 3D printing materials market. The forecasted figures indicate a massive compound annual growth rate (CAGR) of 17.8% between the years 2017 and 2024.
The global automotive 3D printing materials market will be driven by product innovation offering flexibility in designs and materials. Automotive sector has been one of the earliest adopters of the 3D printing technology. The advantages of reduced production lead times, and costs for OEMs compared to traditional manufacturing techniques are the main reason for the quick adoption of the technology. 3D printing has heralded mass-customisation and this will prompt industries to develop specialised micro-factories to produce customised parts. The steady shift from mass production to mass customisation is already visible.
Frost and Sullivan forecasts global automotive 3D printing materials market to generate revenues of $576.5 million by the year 2024.
Speaking on the report, Sayan Mukherjee, Visionary Science Senior Research Analyst at Frost & Sullivan said,”3D printing materials will play a crucial role in reshaping the global automotive business model by enabling decentralised and localised production of parts and solutions. This is expected to transform mega factories over the next two decades.”
The Global 3D Printing Materials Market in Automotive Transportation, Forecast to 2024 contains growth strategies of global material manufacturing companies like EOS, Stratasys, 3D Systems and others.
The report mentions five ways to leverage the growth opportunities for global automotive 3D printing materials market. They are as follows:
- Focussing R&D activities on the development of novel plastic formulations for all types of materials filaments, resins and powder to suit end-use applications rather than for prototyping
- Emphasise on regional 3D AM strategies in Europe and North America where the automotive technology pioneers are located.
- Collaborate with machinery manufacturers for product, business model, and marketing development as machinery manufacturers exert control over individual printer material compatibility.
- Reinforce distribution channels in cost-sensitive markets like India and China and other Asian countries.
- Analyse and understand the market to cater to the dynamic needs of the future and proactively address the incoming disruptive trends.
Sayan Mukherjee notes that, “The uncertain material supply scenario, lack of consistency in end-part production, and higher prices are big challenges facing the market. However, rationalisation of material prices is expected to boost wider adoption of 3D printing technology among OEMs.”
Source: PR Newswire