Product innovation and design materials for processes rather than end use drive new growth opportunities, finds Frost & Sullivan
LONDON, March 19, 2018 /PRNewswire/ -- Flexibility in design and materials will fuel growth in the automotive 3D printing materials market. Adoption of 3D printing in rapid prototyping, by far the largest application in this industry, is driven by reduced lead time and costs for OEMs compared to conventional product development. Frost & Sullivan anticipates that 3D printing technologies will lead to the development of specialised micro-factories to produce customised parts as the automotive industry shifts away from mass production towards mass customisation. Frost & Sullivan forecasts the global 3D printing materials market in automotive transportation to generate revenues of $576.5 million by 2024, with an impressive compound annual growth rate (CAGR) of 17.8% between 2017 and 2024.
"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," said Sayan Mukherjee, Visionary Science Senior Research Analyst at Frost & Sullivan.
Global 3D Printing Materials Market in Automotive Transportation, Forecast to 2024 reveals growth opportunities, drivers, external challenges, forecasts and trends, and market revenues across segments such as plastic powders, plastic filaments, metal powders, and photopolymers. Competitive strategies of key players such as Stratasys, EOS, and 3D Systems are also provided.
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Five ways to leverage growth opportunities in global 3D printing materials for the automotive transportation sector include:
- Focus research and development on the production of novel plastic formulations (resins, powders, and filaments) suited for real-life applications and move away from prototyping;
- Concentrate regional additive manufacturing strategies in Europe and North America—where key 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;
- Strengthen distribution bases in late-adopter and cost-sensitive markets such as China and India, among other Asian countries, and
- Understand the market to address the dynamic future needs of the industry and prepare for disruptive trends.
"The uncertain material supply scenario, lack of consistency in end-part production, and higher prices are big challenges facing the market," noted Mukherjee. "However, rationalisation of material prices is expected to boost wider adoption of 3D printing technology among OEMs."
Global 3D Printing Materials Market in Automotive Transportation, Forecast to 2024 is part of Frost & Sullivan's Future of Chemicals & Materials in Infrastructure and Mobility Growth Partnership Service programme.
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Global 3D Printing Materials Market in Automotive Transportation, Forecast to 2024
SOURCE Frost & Sullivan