Growth Trends in the 3D-Printed Composites Market during the forecast period of 2019-2024 as predicted by Stratview Research
December 12, 2019
Stratview Research’s report states about the segment-wise current market condition, and also offers an estimation about future growths. The report has been generated after accumulating data from various authenticated sources such as journals, white papers, fact book, etc. As per the estimation, 3D-Printed Composites Market is expected to inflate at impressive CAGR by the forecast period (2019-2024).
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Highlights of the Report:
The global 3D-Printed composites market is projected to grow at an impressive rate in the coming five years to reach an estimated value of US$ 187.7 million in 2024. 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 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 in launching carbon fiber-based 3D-printed composites. For an 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.
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Market Segments:
Based on the composites type, the market is segmented as 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.
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.
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.
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.
Market Players:
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 major players to gain a competitive edge in the market.
Features of the Report
Here are the key features of the report:
- Strategic Segmentation
- Competitive Analysis
- Strategic Growth Opportunities
- Swot Analysis
- Key Players
- Forecast Analysis & Future Growth
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