Composite AM Market to Grow by 21% in 2023
Last week, VoxelMatters Research published its market report on composite additive manufacturing in 2023. The market research and consultancy arm aims, with its regularly published reports, to provide important insights into additive manufacturing and identify industry trends. For the report on composite additive manufacturing (AM), VoxelMatters Research used data from approximately 7,000 companies. The report features well-known companies in the industry, including 3DSystems, Stratasys, BASF, Arkema, EOS, Evonik, Formlabs, HP and many more.
The report focuses on the entire process chain of additive manufacturing for composite materials. To do this, data from 172 hardware manufacturers, 421 service providers and 153 material manufacturers were analyzed. The data sets cover all technologies and fields of application, from industry, automotive and aerospace to design and consumer goods. With around 250 pages of reports and 140 charts and tables, there are some interesting insights into the state of the composite market in AM.
The report comprises 250 pages and various tables and diagrams (image credits: Voxelmatter Research)
Overall, the composite AM market was found to have grown by 21% in 2023, reaching a value of $785 million. With this growth rate, it can be suggested that the composites market is performing very well within the AM market.
Who Is Driving the Composite AM Market Forward?
The largest growth within the composite AM market was in hardware. This sector generated $330 million, $53 million more than in the previous year. The leading hardware companies include many well-known names, led by Markforged, Stratasys and EOS. Markforged, for its part, specializes in Continuous Fiber Fabrication (CFF) technology, which is used in various industries.
The F123CR series for carbon fiber-reinforced 3D printing secured Stratasys second place. In third place was EOS, which manufactures systems for processing fiber-reinforced nylon powders as well as those that process high-performance composite PEKK. Also listed in the top 10 are Airtech, 3DSystems and Inversoll, among others.
The second-highest growth in the composite AM segment was generated by services, with the market in this segment growing from $221 million to $268 million. In terms of total sales, Materialise emerged as the largest provider of AM services for composites.
However, in terms of revenue generated, material manufacturers lag behind hardware manufacturers and service providers. Nevertheless, with growth from $148 million to $187 million, the largest percentage growth was achieved from 2022 to 2023. The list is topped by Mitsubishi Chemical Performance Polymers (MCPP), which acquired Dutch Filaments in 2018 and now also offers composite materials in pellet form for large-format 3D printing. MCPP is followed by SABIC, which has also secured a top spot with its THERMOCOMP AM product line – which includes ABS, PPE, PCE and PEI resins.
Projected growth including 2028 and 2033 (image credits: Voxelmatter Research)
The data obtained provides a global overview of the current state of the AM market for composite materials. The listed companies can classify themselves in the market thanks to the data and companies that want to enter the composite materials market for the first time also benefit from the orientation aid provided by the report evaluation. The projection of the AM composites market for the coming years contained in the report also contributes to this. By 2028, $2.646 million is expected to be generated and by 2033, the AM composites market is expected to reach $7.822 million. To get more insights you can find the report HERE.
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*Cover Photo Credits: Markforged
