WEST PALM BEACH, FL – A new report indicates that the 3D printed automotive market is expected to grow significantly in the near future, with a projected compound annual growth rate (CAGR) of 19.2 percent increase over current output expected by 2028, and an increase in revenue growth that could reach as high as $65.57 billion, up from $19.18 billion in 2020.
The move to increase reliance on computer-assisted 3D automotive printing can be attributed to the industry’s ever-growing need for fast, efficient, and cost-effective technology and manufacturing techniques that can produce complex, reliable, and high-quality vehicles.
The advent of 3D printing introduced radical new means for carmakers to eventually evolve past outdated technology when it comes to building new vehicles; for example, internal components could be added – or combined with other components – to areas of a car or truck during the building process that normally would not be able to be accessed by current tech, giving companies an added degree of flexibility and a means of increasing performance and quality while lowering production costs.
There are a number of factors driving the move to 3D printing for auto manufacture, including the need for faster development cycles, a rising need to quickly produce intricate designs, and the desire to lower development costs overall; in addition, federal spending on developing and promoting 3D printing is also expanding the market for industrial use, especially considering the fact that a variety of durable materials – such as strong and lightweight thermoplastics – can now be used during the process.
Currently, auto manufacturers are primarily utilizing 3D printing for fused deposition modeling (FDM), a method of rapidly developing concept model components and prototype vehicles. The process of 3D printing allows companies to easily test out new concepts and quickly adapt and change based on real-world performance during live tests. However, the use of 3D printing is expected to continue to evolve and expand to vehicles sold to the public relatively soon.
Joe Mcdermott is a staff reporter who keeps his eyes peeled for interesting automotive news. He works mainly for our subsidiary, The Published Reporter® as well as our IT firm, SEARCHEN NETWORKS®. Mcdermott, one of our first and thus veteran reporters, is also a data analyst for select independent news and media organizations in the United States.