3D-Printed Composites Market to Reach USUSD 187.7 Million in 2024, Says Stratview Research
DETROIT:
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 and 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.
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.
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.
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.