Driving Innovation: A Deep Dive into the 2023 Composite Additive Manufacturing Market and Future Projections

The landscape of manufacturing is continually evolving, with Additive Manufacturing (AM), commonly known as 3D printing, at the forefront of this transformation. Within this dynamic sector, composite materials are emerging as a pivotal game-changer, offering unparalleled strength-to-weight ratios, enhanced durability, and design flexibility. Recognizing this critical trend, VoxelMatters Research, a leading authority in market intelligence and consultancy for additive manufacturing, recently unveiled its comprehensive market report on composite additive manufacturing for 2023. This eagerly anticipated report is designed to equip industry stakeholders with essential insights, illuminate emerging trends, and provide a clear understanding of the composite AM market’s current state and future trajectory.

For this groundbreaking report, VoxelMatters Research leveraged an extensive dataset, meticulously gathering and analyzing information from approximately 7,000 companies across the globe. This robust data foundation ensures a holistic and accurate representation of the market. The report proudly features contributions and data points from a wide array of prominent industry leaders, including but not limited to 3DSystems, Stratasys, BASF, Arkema, EOS, Evonik, Formlabs, and HP, underscoring its authority and relevance within the additive manufacturing ecosystem.

The analytical scope of the report is exceptionally broad, encompassing the entire process chain of additive manufacturing specifically tailored for composite materials. To achieve this comprehensive overview, VoxelMatters Research meticulously analyzed data from 172 hardware manufacturers, 421 service providers, and 153 material manufacturers. This detailed segmentation allows for a granular understanding of each component driving the composite AM market forward.

Furthermore, the data sets cover an exhaustive range of technologies and application fields. From demanding industrial applications and high-stakes sectors like automotive and aerospace, which continuously seek advanced material solutions, to creative design and consumer goods industries looking for innovative production methods, the report captures the diverse utilization of composite AM. Spanning approximately 250 pages and featuring 140 illuminating charts and tables, the report offers invaluable insights into the dynamic state of the composite additive manufacturing market, making it an indispensable resource for anyone involved in this rapidly expanding field.

Overall, the findings of the 2023 report painted a highly encouraging picture: the composite AM market experienced a robust growth of 21%, elevating its total value to an impressive $785 million. This significant growth rate is a clear indicator of the composites market’s exceptional performance within the broader additive manufacturing landscape. It highlights a growing recognition among industries of the unique advantages offered by 3D printing with composite materials, such as enhanced performance, weight reduction, and customization capabilities, which are crucial for innovation in sectors like aerospace, automotive, and consumer electronics. The substantial increase in market value underscores a strong and accelerating adoption curve for these advanced manufacturing techniques, promising a transformative impact on product development and production processes globally.

Key Drivers: Unpacking the Growth Segments in Composite AM

A deeper analysis of the VoxelMatters Research report reveals that the largest growth within the composite AM market was observed in the hardware sector. This segment alone generated a substantial $330 million in revenue, marking an increase of $53 million from the previous year. This growth is testament to the continuous innovation in 3D printing technologies capable of processing composite materials, including specialized printers designed for continuous fiber reinforcement and those optimized for high-performance engineering plastics with fiber fillers. The availability of more advanced, reliable, and user-friendly hardware is crucial for broader industrial adoption, allowing companies to produce stronger, lighter, and more complex parts than ever before.

Leading the charge in hardware innovation are several well-known industry titans. Markforged stands out at the forefront, recognized for its pioneering Continuous Fiber Fabrication (CFF) technology. CFF enables the embedding of continuous fibers like carbon fiber, fiberglass, or Kevlar directly into parts during the printing process, creating components with exceptional strength and durability that can rival or even surpass traditional metal parts. This technology has found widespread application across diverse industries, from aerospace and defense to automotive and industrial tooling, where high-performance, lightweight components are paramount.

Securing a strong second place, Stratasys demonstrated its commitment to composite AM with its innovative F123CR series. This line specializes in carbon fiber-reinforced 3D printing, offering manufacturers the ability to produce robust, functional prototypes and end-use parts with improved mechanical properties. The F123CR series addresses the growing demand for accessible, industrial-grade composite printing solutions that can integrate seamlessly into existing manufacturing workflows. In third place, EOS continues to solidify its position by developing advanced systems capable of processing both fiber-reinforced nylon powders and high-performance composite PEKK (Polyetherketoneketone) materials. EOS’s solutions cater to highly demanding applications, providing materials with excellent thermal stability, chemical resistance, and mechanical strength, essential for extreme environments. The report also acknowledges other significant players contributing to hardware advancements, including Airtech, 3DSystems, and Ingersoll, highlighting a vibrant and competitive landscape driving continuous development.

The second-highest growth segment within the composite AM market was generated by services, further underscoring the increasing demand for expert assistance in leveraging composite 3D printing. This segment saw its market value climb from $221 million to $268 million, reflecting a robust expansion. Service providers play a crucial role in making composite additive manufacturing accessible to a broader range of businesses, particularly small and medium-sized enterprises (SMEs) that may not have the capital for in-house hardware investments or the expertise for complex material processing. These bureaus offer prototyping, low-volume production, design optimization, and material selection consultation, effectively lowering the barrier to entry for composite AM adoption. Materialise, a global leader in additive manufacturing software and services, emerged as the largest provider of AM services for composites, testament to their comprehensive offerings and deep industry knowledge.

While material manufacturers currently lag behind hardware manufacturers and service providers in terms of total sales revenue, they demonstrated the largest percentage growth from 2022 to 2023, with their market segment expanding from $148 million to $187 million. This substantial proportional increase signifies a burgeoning demand for specialized composite materials and an acceleration in material development and availability. The innovation in materials is fundamental to unlocking new applications and improving the performance envelope of composite AM parts. The list of top material providers is spearheaded by Mitsubishi Chemical Performance Polymers (MCPP), a formidable force in the market. MCPP significantly bolstered its capabilities in 2018 through the acquisition of Dutch Filaments, allowing them to expand their portfolio to include high-quality composite materials in pellet form, specifically designed for large-format 3D printing. This strategic move addresses the need for cost-effective and efficient material solutions for larger parts and higher throughput applications. Following MCPP, SABIC has also secured a top spot with its innovative THERMOCOMP AM product line. This extensive product family includes high-performance resins such as ABS, PPE (Polyphenylene Ether), PCE (Polycarbonate-Ether), and PEI (Polyetherimide), all engineered to deliver superior mechanical, thermal, and chemical properties required for demanding additive manufacturing applications across various industries.

The meticulously compiled data within VoxelMatters Research’s report provides not only a snapshot of the current global state of the AM market for composite materials but also offers invaluable strategic foresight. For established companies, the detailed market segmentation and competitive analysis allow them to accurately classify their position within the evolving landscape, identify growth opportunities, and benchmark their performance against industry leaders. For new entrants, the report serves as an indispensable orientation aid, outlining market dynamics, key technologies, and high-growth application areas, thereby significantly reducing the barriers to market entry and informing strategic investment decisions.

Crucially, the report includes compelling projections for the AM composites market in the coming years, painting a picture of exponential growth. By 2028, the market is expected to surge to an impressive $2.646 billion, reflecting a compounded annual growth rate (CAGR) that underscores the accelerating adoption and expansion of composite 3D printing. Looking further ahead, the long-term outlook is even more optimistic, with the AM composites market projected to reach a staggering $7.822 billion by 2033. This forecasted growth is driven by several key factors: continued technological advancements in hardware and materials, increasing industrial adoption across critical sectors, the expansion of application possibilities, and a growing emphasis on lightweighting and performance optimization in product design. These projections highlight the immense potential of composite additive manufacturing to revolutionize various industries, offering sustainable and high-performance solutions for the challenges of modern engineering and manufacturing.

The VoxelMatters Research 2023 Composite Additive Manufacturing Market Report is more than just a collection of data; it’s a strategic guide for navigating one of the most exciting and rapidly developing segments of the global manufacturing industry. For those eager to delve deeper into these insights and leverage this critical information for their business strategies, the full report is available for purchase HERE.

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*Cover Photo Credits: Markforged