Thursday 20 December 2018, Amsterdam
According to a new market intelligence report, titled "Global 3D Printing Market for Aerospace and Automotive Industry - Analysis and Forecast, 2018-2023", the 3D Printing Market for Aerospace and Automotive Industry was valued at $3.06 billion in 2017 and is anticipated to reach $9.36 billion by 2023 growing at a CAGR of 17.86% during the forecast period 2018-2023. The growth in the market can be attributed to the rising government initiatives to develop 3D printing technology for mass production. The adoption of Industry 4.0 to enable faster, flexible and efficient processes to manufacture high quality products at lower cost is also expected to increase the adoption of 3D printing technology, globally. Some of the factors driving the growth of 3D Printing Market for Aerospace and Automotive Industry are increasing investments for research and development (R&D), advancements in 3D printing technologies, and increasing fuel efficiency requirements in the automotive industry. The key market players in the global 3D Printing Market for Aerospace and Automotive Industry are 3D Systems, Inc., HP, Inc., Stratasys Ltd., SLM Solutions Group, EOS GmbH, BASF SE, Arkema, Evonik Industries AG, Materialise NV, General Electric, and Ultimaker B.V., among others.
The adoption of 3D printing technology has gained enormous traction and has acted as a game changer for the automotive and aerospace industry. Even though 3D printing is still in its nascent stage, it has the ability to bring high-level implications that transform the manufacturing industry. With the increasing applications of 3D printing in both automotive and aerospace industry, the technology has captured the interest of both the Original Equipment Manufacturers (OEMs) and consumers. With companies such as General Electric, Ford Motors, BMW and Volkswagen heavily investing in 3D printing technology to speed-up the prototyping process, integration of 3D printing at production stage is expected to simplify the mass production of complicated parts. The rapid speed and flexibility of 3D printing technology as compared to the conventional manufacturing makes this technology a boon for many applications such as manufacturing engine parts, turbines, headlights, and bezels in the aerospace and automotive industry. Owing to the growing popularity of 3D printing, BIS Research has published a report titled, “Global 3D Printing Market for Aerospace and Automotive Industry, Analysis & Forecast 2018-2023”, incorporating a comprehensive segmentation of the market into technology, material-type, end-use and geography.
Due to the ongoing changes in the industry, the key player has incorporated a detailed chapter on the market dynamics including the key driving and restraining forces, along with the opportunities for the global 3D printing market for aerospace and automotive industry. The market numbers play an important role in the industry, following which a proper market sizing and estimation for material-type, technology, end-use and regions have been undertaken for the industry.
The report has skillfully identified the potential for further development in the form of product launches, joint ventures, business expansion and partnerships, among others. The report has also included a separate section of detailed competitive landscape. The recent activities by the key players in this market have also been tracked in the form of company profiles. Some of the key companies covered in the report are Stratasys Ltd., Materialise NV, 3D Systems, Inc., SLM Solutions Group, General Electric, Arkema, BASF SE, HP Development Company, L.P., Proto Labs, Evonik Industries AG, Royal DSM, EOS GmbH, Ultimaker B.V., Formlabs, Inc., ENVISIONTEC, INC., and Markforged, Inc.
According to the analyst Arpit Gupta, “The 3D printing market for aerospace and automotive industry is expected to grow over $9.36 billion by 2023 growing at a CAGR of 17.86% in the forecast period 2018-2023, with North America leading the market. Increasing investments in R&D and integration of manufacturing facilities with 3D printing technology to speed up the production process for product manufacturing and mass customization by manufacturing giants such as General Electric, Ford Motor Company, and Boeing, among others is expected to boost the market for 3D printing during the forecast period 2018-2023. Globally, by material-type, thermoplastic is expected to dominate the global 3D printing market for aerospace and automotive industry, mainly due to their capability to produce lightweight durable parts which reduces the vehicle weight thereby increasing fuel economy.”
The market report provides a detailed analysis of the recent trends influencing the market, along with a comprehensive study of the future trends and developments. It also includes a competitive analysis of the leading players in the industry, including corporate overview, financials, financial summary, and SWOT analysis. The overall market has been segmented by technology, materials, end-use and also includes a comprehensive section on the geographical analysis which has been sub-segmented into four major regions namely: North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW).
This report is a meticulous compilation of research on more than 50 major players in the 3D printing industry. Moreover, it draws upon insights from in-depth interviews of key opinion leaders of more than 15 leading companies, market participants, and vendors.
Key questions answered in the report
- What are the trends in the global 3D printing market for aerospace and automotive industry across different regions?
- What are the major driving forces that tend to increase the demand for the global 3D printing market for aerospace and automotive industry during the forecast period, 2018-2023?
- What are the major challenges inhibiting the growth of the global 3D printing market for aerospace and automotive industry?
- What was the revenue generated by the global 3D printing market for aerospace and automotive industry by technology in 2017, and what will be the estimates by 2023?
- Which material type (thermoplastic, metal and others) of the global 3D printing market for aerospace and automotive industry will dominate in the coming years?
- Which type of thermoplastic material will dominate the global 3D printing market for aerospace and automotive industry in the coming years?
- What is the revenue generated by the different technologies such as fused deposition modeling, stereolithography, selective laser sintering, polyJet, material jetting, selective laser melting and others?
- What is the revenue generated by each material used in aerospace and automotive industry?
- Who are the key players in the global 3D printing market for aerospace and automotive industry?
- What are the new strategies adopted by the existing market players to make a mark in the industry?
- What major opportunities do the 3D printing technology providers and material manufacturers foresee?
- What is the competitive strength of the key leading players in the global 3D printing market for aerospace and automotive industry?
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