3D Printing in Automotive Market Has Better Market Opportunities in Expansion for its Precision 2019
Overview:
Industrial 3D printers are now the latest trend that gaining momentum due to their high-level of incorporation in diverse fields. The automotive sector is one of them where various stages of production, right from the functional prototyping phases, to design, tooling production and parts manufacturing can be taken under the wings of 3D printing. It is the automotive industry where 3D printing is receiving maximum application. The 3D printing in automotive market is anticipating further growth owing to several features. The report mentioned a few that includes the increased precision, lower amount of wastage, lighter body parts, lesser time consumed, minimal use of manpower, and others. Lower weight and less wastage production are expected to make the automotive industry more eco-friendly as that would cost less fuel cost. Such benefits can provide ample market traction to 3D printing in the automotive market.
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Segmentation:
The better understanding of the 3D printing in automotive market reveals an easy understanding of the market that can be used for future planning. The report relies on a segmentation that is founded on type and application and carries a lot of insights to provide an understanding of market opportunities that can be explored later.
By type, the market report of the 3D printing in automotive includes stereolithography (SLA), laser sintering, electron beam melting (EBM), fused disposition modeling (FDM), laminated object manufacturing (LOM), and three-dimensional inkjet printing (3IDP).
By application, the same market covers prototyping & tooling, R&D & innovation, and manufacturing complex products.
Regional Analysis:
Technological superiority is expected to provide an upper-hand to regions like North America and Europe. These regions are known for their high investment opportunities and possibilities, better market integration of the latest technologies, and strong tie-ups and collaborations in the automotive sector. The regional automotive sector is also robust. The APAC market is fast picking up the trend as a lot of global players are investing in the region to substantiate their expansion plans. Also, lower labor cost and easy integration of latest technologies are expected to make sure that the markets in China, South Korea, Japan, and India can score big in the coming years.
Competitors:
The automotive industry is expected to benefit substantially from the global 3D printing technology, and market players have realized the potential of it due to which they are now developing their own strategies to percolate the market in a better way. A few of these companies have been listed in the report to facilitate an understanding of how latest trends are shaping up the market. These companies are 3D Systems, Autodesk, Arcam AB, Stratasys, Voxeljet, Exone, Hoganas, Optomec, Local Motors, Ponoko, and others.
Industry News:
In September 2019, Cincinnati Incorporated announced that they made a 10-year deal with Nascar as their official partner. The company will provide fabrication and additives to the four-wheelers. The company is known as a manufacturer of metal fabrication equipment that creates brakes and shears. The company will use both conventional and 3D technology to manufacture these parts for racecars.
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