Stratasys (Israel) and 3D Systems (US) are leading players in Automotive 3D Printing Market
The automotive 3D printing market is projected to grow from USD 2.9 billion in 2022 to USD 7.9 billion by 2027, at a CAGR of 21.7%. The increase in demand to reduce vehicle weight, production cost, and development time and increasing initiatives & investments by major OEMs are the major factors driving the growth of the automotive 3D printing market.
OEMs are always looking forward to new ways to reduce the weight of vehicles, which will, in turn, increase the fuel efficiency of vehicles, making them more environment friendly. The automobile industry uses the 3D printing, significantly. The automotive parts designs are optimized and designed in a way that the weight of these parts is reduced as compared to traditional methods of design. The benefits of light-weighting can be lower material consumption and costs, potential to optimize part structure for higher performance, environment-friendly and better reputation among consumers. Light-weighting can be an expensive and time-consuming process with traditional manufacturing methods. Hence, OEMs are increasingly turning to additive manufacturing to design lighter weight automotive parts.
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Globally established companies such as Stratasys (Israel), 3D Systems (US), EOS (Germany), Arcam AB (Sweden), Renishaw plc. (UK), HP (US), Materialise (Belgium) dominate the automotive 3D printing market. These companies adopted several strategies to gain traction in the market.
Stratasys is an American Israeli manufacturer, which was founded in 1989. It manufactures 3D printers and 3D production systems for in-office prototyping and direct digital manufacturing systems. It serves the aerospace, automotive, consumer products, dental, medical, education, railway, art & fashion, and government sectors. Its 3D printing applications include manufacturing, jigs and fixtures, production parts, rapid prototyping, packaging, design, and composite tooling. The company invested USD 88.3 million in R&D in 2021, which accounted for 14.5% of the company’s total revenue. The business operates in two segments: products and services. The product segment offers 3D printers, 3D printing materials, and software. On-demand manufacturing is offered under the service segment. Their product range includes Origin One, Neo® stereolithography 3D printer series, F123 Composite-Ready, Stratasys H350™ 3D printer, F123 Series, and F770, Fortus 450MC, F900 for automotive industry applications.
3D Systems was founded in 1986 in Valencia, California. It is currently headquartered at Rock Hill, South Carolina, and manufactures and sells 3D printers for various industries. The company also delivers materials and software tools. The company has several subsidiaries worldwide such as 3D Canada Company (US), 3D Systems Europe Ltd (UK), 3D Systems Asia Pacific Pty Ltd (Australia), Geomagic, Allevi Inc, Oqton Inc, Simbionix, Titan Robotics Ltd, etc. 3D Systems invested USD 69 million in R&D in 2021, which accounted for 11.2% of the company’s total revenue. The company offers 3D printers, materials, and software. The company’s product range includes plastic 3D printers such as ProX 800, ProX 950, ProJet 6000 HD, ProJet 7000 HD, and SLS 380 and metal 3D printers such as DMP Factory 350, DMP Factory 500, and DMP Flex 350.
The leading American car manufacturer, Ford, invested USD 45 million in its new Advanced Manufacturing Centre which incorporates 3D printing, collaborative robots, and virtual reality into production processes. It is planning to include 3D printed small brake parts in Shelby Mustang GT500, and the company is using AM prototyping to enhance production of Lincoln Navigator and Ford Expedition SUVs. The company invested USD 65 million in 3D printing startup Desktop Metal and also experimenting with Stratasys Infinite Build System for large-scale 3D printed auto parts.
Related Reports:
Automotive 3D Printing Market by Vehicle Type (ICE & Electric Vehicles), Offering (Hardware & Software), Component, Material (Metals, Plastics, Resin & Composites), Technology (SLA, SLS, EBM, FDM, LOM, 3DIP), Application, & Region - Global Forecast to 2027
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