Booming Automotive Industry Fueling Global Sales of 3D Printing Materials

With the growing customer preference for lightweight vehicles over the conventional heavy ones, the demand for 3D printed automotive components is rising as these components are lighter than the traditionally built variants. Moreover, the 3D printed automotive parts and components consumer far lesser energy during manufacturing than the traditionally used variants. Because of these reasons, the growth of the automotive industry and the surging sales of automobiles are positively impacting the global demand for 3D printing materials.

China, Brazil, Indonesia, and India are currently witnessing huge demand for automobiles. According to reports, India and China were the two biggest automotive markets in the world, in terms of number of vehicles sold, in 2017. India witnessed the sales of as many as 4.02 million units, while in China, 29.12 million vehicles were sold in 2017. Apart from making vehicles lighter, 3D printing materials also make the designing of parts and components having complex geometries possible.

Hence, with the ballooning adoption of 3D printing materials in manufacturing operations and the automotive industry, their sales will rise steeply in the coming years, which would, in turn, cause the growth of the global 3D printing materials market. The valuation of the market would increase from $558.4 million to more than $1,365.6 million from 2017 to 2023. Moreover, the market is predicted to progress at a CAGR of 16.7% between 2018 and 2023.

Hence, it can be safely said that the sales of 3D printing materials would shoot-up all over the world in the forthcoming years, mainly because of the growing requirement for lightweight vehicles, the rising usage of these materials in the automotive and aerospace & defense industries, and the increasing incorporation of 3D printing in various manufacturing applications.

Read more: https://www.psmarketresearch.com/market-analysis/3d-printing-materials-market