3D-Printed Composites Market to Reach US$ 187.7 Million in 2024, Says Stratview Research
DETROIT, May 9, 2019 /PRNewswire/ -- Stratview Research announces the launch of a new research report on 3D-Printed Composites Market by Composite Type (Continuous and Discontinuous), by Reinforcement Type (Carbon Fiber, Glass Fiber, and Others), by End-Use Industry Type (Aerospace & Defense, Transportation, Medical, Consumer Goods, and Others), by Technology Type (Extrusion, Powder Bed Fusion, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024.
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 market assessment and competitive landscapes in the most comprehensive manner and can be decisive for the decision makers for formulating their growth strategies based on the opportunities available in the market.
Global 3D-Printed Composites Market: Highlights
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, ability to create variable geometries, reduction in waste, no need for expensive tools, and compatibility with all possible material combinations.
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 the mass-produced applications. Over the past two decades, the composites industry has experienced a sheer transformation in the development of manufacturing process in terms of automation; however, end-use industries such as automotive are still demanding further reduction in the overall cycle time. At the same time, they are also looking for a process that curtails wastage during production. Here, 3D printing plays a vital role in fulfilling the customers' expectation by making parts in lesser time with reduced wastage.
As per Stratview Research, the global 3D-printed composites market offers an impressive CAGR during the forecast period and reach US$ 187.7 million in 2024, which offers an opportunity to the industry players to align themselves with the market growth. 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. The continuous advancements in AM technologies and rising interest of AM companies in composite part manufacturing will take the penetration of AM in the composite part manufacturing market to new heights.
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In the report, the global 3D-Printed composites market has been segmented based on composite type as continuous fibers and discontinuous fibers. Continuous fiber is projected to remain the most preferred composite type for 3D printing during the forecast period. Discontinuous fiber-based composite is also gaining market traction because of its higher strength.
Carbon fiber is projected to remain the largest reinforcement type in the global 3D-printed composites market during the forecast period. The fiber type is also likely to witness the highest growth during the same period. High demand for lightweight components in the structural applications for improving fuel efficiency or reducing carbon emissions is the leading growth driver for carbon fibers in major industries, such as aerospace & defense and automotive.
Based on the technology type, extrusion process 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.
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In terms of region, 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 the 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.
Stratasys Ltd., 3D Systems Corporation, Arevo Labs, MarkForged, Inc., Cincinnati Incorporated, Graphite Additive Manufacturing Limited, and CRP Group are some of the well-known 3D printing research labs offering 3D-printed composite parts in the market. Development of advanced technology, collaboration among composite stakeholders including 3D printers, and development of new applications are some of the key strategies adopted by the major players to gain a competitive edge in the market. Major players have been at the forefront in 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.
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 on the market dynamics and will enable strategic decision making for the 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, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
This report studies the global 3D-printed composites market and has segmented the market in five ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the five ways in which the market is segmented:
3D-Printed Composites Market by End-Use Industry Type:
- Aerospace & Defense
- Transportation
- Medical
- Consumer Goods
- Others
3D-Printed Composites Market by Composite Type:
- Continuous Fiber
- Discontinuous Fiber
3D-Printed Composites Market by Reinforcement Type:
- Carbon Fiber Composites
- Glass Fiber Composites
- Other Composites
3D-Printed Composites Market by Technology Type:
- Extrusion Process
- Powder Bed Fusion
- Others
3D-Printed Composites Market by Region:
- North America
- Europe
- Asia-Pacific
- Rest of the world
Stratview Research has several high value market reports in the composites industry. Please refer to the following link to browse through our reports:
Click Here for Other Reports from Stratview Research in the Composites Industry
Related premium market reports in the advanced materials industry are:
Aerospace 3D Printing Market by Vertical Type (Materials and Printers), by Industry Type (Aircraft, UAV, Spacecraft), by Application Type (Engine Components, Structural Components and Space Components), by Printer Technology Type (SLA, SLS, DMLS, FDM, CLIP, and Others) and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023.
AFP/ATL Machines Market by Machine Type (AFP, ATL, and Hybrid AFP/ATL), by End-User Type (Tier Players, OEMs, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024.
About Stratview Research
Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.
We have a strong team of industry veterans and analysts with an extensive experience in executing custom research projects for mid-sized to Fortune 500 companies, in the areas of Market Assessment, Opportunity Screening, Competitive Intelligence, Due Diligence, Target Screening, Market Entry Strategy, Go to Market Strategy, and Voice of Customer studies.
Stratview Research is a trusted brand globally, providing high quality research and strategic insights that help companies worldwide in effective decision making.
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