Global manufacturing industry is growing at a healthy rate of 3% over year on year contributing 30% to the global GDP. New technologies like automation, 3D printing and surge in automobile and electronics production has elevated the manufacturing industry up to a higher level. The ability to 3D print metal materials is one of the most exciting ongoing development in the field of additive manufacturing. Metal 3D printing process uses no tooling, is almost fully automated, and adds rather than removes material to allow for more optimized geometries. This makes metal 3D printing especially suitable for parts that might be traditionally very difficult or expensive to manufacture, including legacy parts, line automation tools, and functional cast prototypes manufacturing.
Moreover, 3D printing and advanced self-healing material markets are influencing manufacturing processes to advance in automotive, defense and aerospace industries. Increasing motor vehicle production across the globe, presents huge opportunities for the global self-healing material market in the automotive segment. This is attributed to the fact that self-healing materials decrease wear, friction and energy consumption and enhance fuel savings. Correspondingly, this helps substantially reduce CO2 emissions.
The trend of increasing motor vehicle manufacturing is expected to continue till 2024. This is attributed to significant research and development spending in the automotive sector. For instance, according to International Republican Institute (IRI), the top 156 companies focused on automobiles and parts invested $133.39 billion (€107.8 billion) in the research and development of automobiles in 2015. Hence, the trend of increasing motor vehicle production is considered one of the crucial factors in calculating market revenues through 2024.