LONDON--(BUSINESS WIRE)--The global 3D-printed composite materials market is expected to post a CAGR of more than 38% during the forecast period 2019-2023, according to the latest market research report by Technavio.
Because of their superior strength, high-temperature resistance, and low weight, 3D-printed composite materials are increasingly used in aircraft engines. These materials reduce fuel consumption, decrease emissions, and increase the overall efficiency of the engine. Also, 3D-printed composite materials ensure convenience in the production of complex geometries and shapes. Such advanced manufacturing processes can be easily achieved when the carriers want to increase their passenger space. The growing adoption of 3D-printed composite materials in the aerospace sector is one of the key factors that will drive the market’s growth.
This market research report on the global 3D-printed composite materials market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period.
In this report, Technavio highlights the increased demand for carbon fiber composites as one of the key emerging trends in the global 3D-printed composite materials market.
Global 3D-printed composite materials market: Increased demand for carbon fiber composites
Many automotive and aircraft manufacturers are increasingly employing 3D-printed carbon fiber composite materials. 3D-printed carbon fiber components have a high strength-to-weight ratio when compared to conventional metal counterparts. These materials are lightweight and reduce the curb weight of the vehicle, thereby increasing efficiency. In the automotive sector, the 3D-printed carbon fiber composite materials are used in pickup boxes, interior headliners, and door modules. Moreover, the abrasion and strain resistance properties of these composite materials increase the durability of the components. With the increase in global automobile sales, the demand for 3D-printed carbon fiber composite materials will also increase.
“The increasing demand for 3D printing from various industries such as aerospace and defense, consumer electronics, and medical sectors is contributing to the growth of 3D-printed composite materials. For instance, Boeing uses a variety of 3D-printed components in its aircraft, ranging from the F-15 fighter jet to 787 Dreamliner commercial aircraft. Harris, a technology company, recently tested the performance of 3D-printed radio frequency circuits. The performance of these circuits were found to be equivalent to the circuits manufactured by conventional techniques. The growing use of 3D-printing technology among such industries will boost the market’s growth during the forecast period,” says an analyst at Technavio.
Global 3D-printed composite materials market: Segmentation analysis
This market report segments the global 3D-printed composite materials market by type (polymer matrix composites, metal matrix composites, and ceramic matrix composites) and geography (APAC, Europe, MEA, North America, and South America).
North America led the market in 2018 with a market share of more than 37%, followed by Europe, APAC, South America, and MEA respectively. The dominance of North America can be attributed to the increasing investments by government and industry participants in additive manufacturing that is fueling the development and adoption of 3D printers.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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