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

Market Insights

The 3D-printed composites market is projected to grow at an impressive rate in the coming five years to reach an estimated value of USD 187.7 million in 2024.

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.

Market Dynamics

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.

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Segment Analysis

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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Critical Questions Answered in the Report

• What are the key trends in the global market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

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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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 

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

For calculating the market size, our analysts follow either a Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are 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.

We leverage the multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentations, white papers, and articles to gather the data.

More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.

Report Features

This strategic assessment report, from Stratview Research, identifies and explores the opportunities for 3D printing in the composites industry for the forecast period of 2019 to 2024. The report provides the market assessment and competitive landscapes in the most comprehensive manner and can be decisive for the decision-makers in formulating their growth strategies based on the opportunities available in the market.

What Deliverables Will You Get in this Report?

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.