According to a report by MarketsandMarkets, a global market research and consulting firm, the 3D printing automotive market is projected to reach US $ 1.56 Billion by 2020, growing at a CAGR of 26.58%.
Currently the market is estimated to be worth US $ 482.27 Million, with applications primarily focused on prototyping and tooling. Europe is projected to account for the largest share of the 3D printing market in the automotive industry by 2020, growing at a CAGR of 30.29%, followed by Asia-Pacific and North America.
The report covers the market in terms of volume and value across the regions Asia-Pacific, Europe, North America and the rest of the world.
“Using 3D printing for prototyping reduces the turnaround time for making a prototype. Previously, manufacturers would outsource the prototyping process, which results in additional costs and increased their turnaround time. OEMs can now print a prototype overnight and at one fourth of the cost using 3D printing. Polymers are the most preferred 3D print materials because of their flexibility and strength. Metals are expected to be adopted as 3D print material in the future, as components that need to withstand high temperature and pressure can be manufactured using 3D printers with metals as print material. However, 3DP cannot be used for mass manufacturing, owing to the size constraint, and a 3D printer will not be able to print more than one object at a time.”