Market Trends of 3D Printing Materials Industry
Increasing Applications in the Automotive Industry
- 3D printing materials are extensively used in the automotive industry to manufacture scaled models for testing. They are also used for components, such as bellows, front bumper, air conditioning ducting, suspension wishbone, dashboard interface, alternator mounting bracket, battery cover, etc. Automotive OEM manufacturers are using 3D printing materials for rapid prototyping.
- Due to the advantages of the 3D printing process, such as low cost, less manufacturing time, reduced material wastage, etc., automotive manufacturers are moving toward this process. Some of the largest automotive manufacturers in the world, such as AUDI, Rolls Royce, Porsche, Hackrod, and many others, are using these materials for manufacturing spare parts and metal prototypes.
- The Chinese automotive manufacturing industry is the largest in the world. According to the China Association of Automobile Manufacturers (CAAM), In March 2023, the production and sales of automobiles accounted for 2.584 million and 2.451 million units, respectively, with an increase of 27.2% and 24% respectively on the month every month and an increase of 15.3% and 9.7% respectively on a year-on-year basis.
- According to the China Association of Automobile Manufacturers (CAAM), from January to March of 2023, passenger cars production and sales accounted for 5.262 million and 5.138 million units, respectively, with an increase of 4.3% and 7.3%, respectively, on a year-on-year basis. Similarly, commercial vehicle production and sales accounted for 948000 and 938000 units, respectively, with an increase of 3.9% and 2.9% year-on-year.
- According to the International Organization of Motor Vehicle Manufacturers(OICA), the world's total passenger car production in 2022 was 61,598,650; in 2021, it was 57,054,295 units. The demand for vehicles is expected to rise due to several factors, such as increased demand for private mobility and exponential growth in electric vehicles during the forecast period.
- The demand for 3D printing materials in the automotive industry is expected to grow due to the above factors.
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Asia-Pacific is Expected to Grow at a Fastest Rate
- Asia-Pacific is among the fastest-growing economies globally, comprising China as one of the fastest-growing countries globally, and almost all the end-user industries have been growing due to the rising population, living standards, and per capita income.
- The region comprises several countries with noteworthy production in the automotive sector. Moreover, the emergence of electric vehicles is expected to further provide substantial growth opportunities in the 3D printing materials market.
- In 2022, several countries, such as India, Indonesia, Malaysia, and Vietnam, were expected to grow tremendously in automotive production. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, the total production of motor vehicles in India and Indonesia stood at 5,456,857 and 1,470,146 units, respectively, showing growth of 24% and 31% compared to the previous year.
- On September 20, 2022, the Ministry of Finance (MOF), the Ministry of Industry and Information Technology (MIIT), and the State Taxation Administration (STA) jointly announced that the purchase of new energy vehicles (NEVs) from January 2023 to December 2023 would be exempt from the vehicle purchase tax. This supports the demand for and sales of new electric vehicles in China.
- Furthermore, the layer-by-layer deposition process in 3D printing allows sensors, antennas, and other functional electronics to be printed directly onto plastic components, metal surfaces, glass panels, and ceramic materials.
- According to a report by the China Academy of Information and Communications Technology, during the first two months of 2022, the electronics manufacturing industry maintained a steady expansion. The added value of major electronics manufacturers from January to February 2022 increased by 12.7% yearly; however, overall industrial growth stood at 7.5% during the same period.
- China is among the fastest-growing markets regarding new technologies and using innovative materials for construction. With China's dominating role as a global construction center, the accelerated development of 3D printing in the home printing sector is likely to revolutionize the traditional construction industry in the country, with applications ranging from residential buildings to monuments. The country managed to 3D print homes and other large-scale structures, making every other country look into the possibilities of 3D printing in construction.
- There are a few limitations to 3D printing in the construction sector, such as a lack of confidence from building developers and the absence of proper regulations for using this technology. However, with increasing awareness of new technologies and their advantages, organizations, and individuals are increasingly considering cost-saving alternatives. This, in turn, is driving demand in the 3D printing materials market in the country.
- Owing to all the abovementioned factors, the demand for 3D printing materials in Asia-Pacific is expected to drive the market studied.
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