As per research findings of Market Industry Reports (MIR), new product launches, favorable regulations, and ongoing R&D activities in emerging countries are opening new growth opportunities for stakeholders. Rising adoption of 3D printing in manufacturing of various automotive components is the prime factor driving market growth. For instance, BMW is extensively using HP’s Multi Jet Fusion 3D technology to manufacture the window guide rail for its BMW i8 Roadster.
New York, NY -- (SBWIRE) -- 03/09/2020 -- 3D printing materials will play a pivotal role in driving the 3D printing industry during the forecast period. Many key players have been investing more in 3D printing material to provide better solutions. For instance, in 2019, Polymaker launched three new polycarbonate-based 3D printing materials (Polymaker PC-ABS, Polymaker PC-PBT, and PolyMax PC-FR) in association with Covestro.
At the current stage, high costs associated with 3D printing and lack of skilled labor and standardization are hindering the large-scale adoption of the technology.
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From the regional perspective, North America accounted for the highest market share due to various automotive OEMs adopting 3D printing technology including General Motors, Ford, and others. The Asia Pacific region is anticipated to grow rapidly during the forecast period (2019-2030). China & India have been prominent markets for the development of automotive parts & vehicles owing to the enormous growth of the automotive sector accompanied by abundant engineering & technological capabilities.
The global automotive 3D printing market is governed by prominent players such as 3D Systems, Inc., Stratasys Ltd., Materialise, ExOne, Voxeljet, SLM Solutions, Autodesk Inc., Renishaw plc, Höganäs AB, and HP Development Company, L.P., among others.
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MARKET ECOSYSTEM/CLASSIFICATION
By Technology
-Selective Laser Sintering (SLS)
-Fused Deposition Modeling (FDM)
-Electron Beam Melting (EBM)
-Stereolithography (SLA)
-Poly Jet
-Others
By Application
-Prototyping and Tooling
-Manufacturing
-R&D Activities
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