World automotive 3D printing market to garner $2.4 billion by 2022

Latest report by Allied Market Research, titled World Automotive 3D Printing Market, forecasts that the world automotive 3D printing market would garner revenue of $2.4 billion by 2022, registering a CAGR of 21.8 percent during the period 2016 – 2022. Europe would emerge as the leading market over the forecast period, followed by Asia-Pacific and North America. Automotive companies worldwide would adopt 3D printing technology, majorly for prototyping and tooling applications. The technology can also be applicable in the signage industry in making gift items, mementoes and the like.

Prototyping & tooling, would be the primary application segment, since it reduces the product manufacturing time and additional costs associated with outsourcing tasks. Apart from prototyping and tooling, 3D printing also finds major application in manufacturing of complex parts. It helps in reducing the manufacturing time and material wastage by manufacturing the parts with minimal defects. Materials such as polymers, metal & alloys, are commonly used for 3D printing. Europe and Asia-Pacific regions would exhibit promising growth owing to increasing awareness and adoption of the technology, and declining prices.