3D-Printed Composites Market Growth Analysis | 2019-2024

3D-Printed Composites Market Growth Analysis | 2019-2024

3D-Printed Composites Market Growth Analysis | 2019-2024
Report code - SRAM143 Published On : Feb,2019 No. of Pages: 148
3D-Printed Composites Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysi See more...

Market Insights

The 3D-printed composites market is likely to grow at a healthy CAGR during 2019-2024 to reach an estimated value of USD 187.7 million in 2024.

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Market Dynamics

3D printing or additive manufacturing (AM) is still at a nascent stage in the composites industry, but the technology possesses huge opportunities in most of the industry verticals including aerospace & defense and automotive. The technology offers several benefits over existing processes, such as lower part cycle time, efficient part manufacturing, the ability to create variable geometries, reduction in waste, no need for expensive tools, and compatibility with all possible material combinations.

3D printing is currently deployed for the development of prototype composite parts and composite tools. The technology currently accounts for less than 0.1% of the total composites part manufacturing market. This brings a significant growth potential for 3D-printing technology to the table. Continuous advancements in AM technologies and the rising interest of AM companies in composites will take the penetration of AM in the composite part manufacturing market to new heights. Major players have been at the forefront of launching carbon fiber-based 3D-printed composites. For instance; in 2017, Stratasys, a leading 3D-printing company, launched a carbon fiber-filled nylon product for prototyping, tooling, and high-end applications by replacing metals.

Currently, most of the composite parts are fabricated through labor-intensive manufacturing processes, such as hand layup, which places this versatile material behind in the race compared with other competing materials used in mass-produced applications. Over the past two decades, the composites industry has experienced a sheer transformation in the development of the manufacturing process in terms of automation; however, end-use industries such as automotive are still demanding further reduction in the overall cycle time of finished parts. At the same time, they are also looking for a process that curtails wastage during production. Here, 3D printing plays a vital role in delivering the customers’ expectations by making parts in less time with reduced wastage.

Segment Analysis

Segmentations

List of Sub-Segments

Segments with High Growth Opportunity

Composite Type Analysis

Continuous and Discontinuous

Continuous fiber is projected to remain the most preferred composite type for 3D printing during the forecast period.

Reinforcement Type Analysis

Carbon Fiber, Glass Fiber, and Others

Carbon fiber is projected to remain the largest reinforcement type in the market during the forecast period.

Technology Type Analysis

Extrusion, Powder Bed Fusion, and Others

Extrusion is expected to remain the most dominant technology for the fabrication of 3D-printed composite parts during the forecast period.

Regional Analysis

North America, Europe, Asia-Pacific, and Rest of the World

North America is projected to remain the most dominant 3D-printed composites market during the forecast period.

By Composite Type

Based on the composite type, the market is segmented into continuous fibers and discontinuous fibers. Continuous fiber is projected to remain the most preferred composite type for 3D printing during the forecast period. However, discontinuous fiber composite is also gaining market traction because of its higher strength.

By Reinforcement Type

Based on the reinforcement type, the market is segmented as carbon fiber composites, glass fiber composites, and other composites. Carbon fiber is projected to remain the largest reinforcement type in the market during the forecast period. This fiber type is also likely to witness the highest growth during the same period. Carbon fiber offers a wide array of advantages over competing materials, such as lightweight, higher strength and stiffness, and exceptional fatigue and corrosion resistance. The penetration of carbon fiber is incessantly increasing, owing to its excellent properties and external market factors. High demand for lightweight components in the structural applications for improving fuel efficiency or reducing carbon emissions is the leading growth driver of the increased demand for carbon fibers in major industries such as aerospace & defense and automotive.

By Technology Type

The market is segmented based on technology type as extrusion, powder bed fusion, and others. Extrusion is expected to remain the most dominant technology for the fabrication of 3D-printed composite parts during the forecast period, as it is considered to be a superior technology in terms of withstanding high temperature; however, powder bed infusion technology is estimated to grow at the highest rate during the same period.

Regional Insights

In terms of regions, North America is projected to remain the most dominant 3D-printed composites market during the forecast period. The region is also the largest manufacturer of advanced composites globally. Additionally, many ongoing R&D projects favor the growth of 3D-printed composite parts in this region. Europe is likely to remain the second-largest market for 3D-printed composite parts during the same period.

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Key Players

Some of the well-known 3D printing research labs offering 3D-printed composite parts in the market are:

  • Stratasys Ltd.
  • 3D Systems Corporation
  • Arevo Labs
  • MarkForged, Inc.
  • Cincinnati Incorporated
  • Graphite Additive Manufacturing Limited
  • CRP Group 

Note: The above list does not necessarily include all the top players in the market.

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Development of advanced technology, collaboration among composite stakeholders including 3D printers, and development of new applications are some of the key strategies adopted by major players to gain a competitive edge in the market.

Research Methodology

  • This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects 3D-printed composites market realities and future market possibilities for the forecast period.
  • The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
  • The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
  • This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
  • More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
  • We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis.
  • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
  • Market trend and forecast analysis.
  • Market segment trend and forecast.
  • Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
  • COVID-19 impact and its recovery curve
  • Attractive market segments and associated growth opportunities.
  • Emerging trends.
  • Strategic growth opportunities for the existing and new players.
  • Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The 3D-printed composites market is segmented into the following categories.

By End-Use Industry Type

  • Aerospace & Defense
  • Transportation
  • Medical
  • Consumer Goods
  • Others

By Composite Type

  • Continuous Fiber Composites
  • Discontinuous Fiber Composites

By Reinforcement Type

  • Carbon Fiber Composites
  • Glass Fiber Composites
  • Other Composites

By Technology Type

  • Extrusion Process
  • Powder Bed Fusion
  • Others

By Region

  • North America (Country Analysis: The USA, Canada, and Mexico)
  • Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
  • Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
  • Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

  • Detailed profiling of additional market players (up to three players)
  • SWOT analysis of key players (up to three players)

Market Segmentation

  • Current market segmentation of any one of the end-use industries by composite type.

Competitive Benchmarking

  • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

Frequently Asked Questions (FAQs)

The 3D-printed composites market is likely to grow at a healthy CAGR during 2019-2024 to reach an estimated value of USD 187.7 million in 2024.

Stratasys Ltd., 3D Systems Corporation, Arevo Labs, MarkForged, Inc., Cincinnati Incorporated, Graphite Additive Manufacturing Limited, and CRP Group are among the top players in the market.

North America is expected to remain the largest market during the forecast period.

Extrusion is expected to remain the most dominant technology type in the market in the coming years.

Carbon fiber is expected to remain the largest reinforcement type in the market during the next five years.