Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Rapid Prototyping Material market.
Trusted Business Insights presents an updated and Latest Study on Rapid Prototyping Material Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Rapid Prototyping Material market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Rapid Prototyping Material Market
The global rapid prototyping material market size was estimated at USD 400.9 Million in 2018 and is expected to progress at a CAGR of 30.9% over the forecast period. Growing demand for products manufactured using 3D printing technology from various end-use industries is anticipated to promote the growth of the market for rapid prototyping materials over the forecast period.
Increasing demand for the technology to improve the overall efficiency of designing and production process is expected to propel the market growth. Technological advancements coupled with inventions across the globe are anticipated to boost the demand for rapid prototyping materials in several industries including aerospace & defense and healthcare.
The U.S. market for rapid prototyping materials is expected to witness growth owing to rising production of 3D printed products. In addition, increased adoption of 3D printed components in critical industries such as medical and aerospace is expected to drive the market. Growth in the number of R&D initiatives regarding rapid prototyping in the U.S. is also expected to benefit the market growth. Growing industrialization in Asia Pacific along with increased adoption of technology is expected to propel the demand for rapid prototyping materials in the region. Low cost and easy availability of raw materials are projected to further promote the market growth in the region over the forecast period.
Prototyping in construction and manufacturing industries helps in studying the models before their actual implementation. It also aids in testing manufactured parts, leading to high precision. The growth of construction and manufacturing industries across the globe is expected to promote the growth of the market for rapid prototyping materials over the forecast period. Implementation of the technology allows preliminary assessment of a product and verification of possible weak points of the design. It also helps minimize the production cost and decrease the overall development time. This is likely to propel the demand for prototypes, further boosting the market growth over the forecast period.
Material Insights of Rapid Prototyping Material Market
Materials used in rapid prototyping include thermoplastics, metals & alloys, ceramics, and others. The use of the aforementioned materials in prototyping allows for ease of molding in the end-product, thus, attaining superior precision in product design. Material selection depends on mechanical properties, manufacturing characteristics, appearance, and cost. Thermoplastics are used on a large scale owing to their low cost and high availability across the economies and the segment is expected to progress at a CAGR of 30.4% over the forecast period. End-use industries such as manufacturing, consumer goods, and others use thermoplastics owing to their properties such as high strength, durability, stiffness, and resistance to temperature & moisture.
Factors such as high strength and corrosion resistance coupled with the ability to produce complex prototypes in one fluid build are anticipated to promote the use of metals & alloys in building prototypes. Metals are widely used for rapid prototyping across industries such as transport, aerospace & defense, and healthcare. Healthcare industry majorly uses metals in rapid prototyping of medical equipment such as surgical instruments, implants, and others. Aluminum and steel are among the majorly used metals in rapid prototyping owing to their heat resistance, strength, and versatility. Expanding healthcare industry across the economies is anticipated to drive the overall market over the forecast period.
Technologies such as stereolithography, fused deposition modeling, selective laser sintering, laminated object manufacturing, and direct metal laser sintering are used to build prototypes from metals & alloys, thermoplastics, and ceramics, and others. These technologies are widely used across the globe and many new technologies are in the developmental stage. Rapid prototyping materials are used in various forms such as liquid, sheets, powder, and filaments. The material form depends on the technology used to develop the prototypes. For instance, selective laser sintering makes use of thermoplastics in powder form, whereas, laminated object manufacturing makes use of thermoplastics in sheet form.
End use Insights
Based on end use, rapid prototyping material market is segmented into aerospace & defense, healthcare, manufacturing & construction, consumer goods & electronics, transportation, and others. Manufacturing & construction industry is anticipated to advance at a CAGR of 31.9% from 2019 to 2025. Expanding manufacturing & construction industry in developing economies, owing to rising industrial manufacturing and rapid infrastructure development, is anticipated to propel the growth of the market for rapid prototyping materials over the forecast period. Rising demand for steel and aluminum on account of the expansion of automotive and transportation industries is expected to promote market growth.
Healthcare industry is anticipated to progress at a CAGR of 26.7% from 2019 to 2025, owing to the rising use of rapid prototyping in surgical planning and simulation applications. In healthcare industry, prototypes help create a realistic view of a target organ in the body, which is extremely beneficial for surgeons. Further, rapid prototyping materials find application in the development of medical devices and instruments. Aerospace & defense industry is anticipated to witness growth over the coming years on account of growing research & development activities and rising demand across the globe. It accounted for USD 50.1 Million and is anticipated to propel at a CAGR of 25.5% from 2019 to 2025.
Regional Insights of Rapid Prototyping Material Market
Asia Pacific is anticipated to witness the highest growth rate over the forecast period owing to the rapid development of manufacturing & construction industry in several economies including China and Japan. In addition, growing demand for consumer goods owing to burgeoning population is anticipated to propel the market growth. Asia Pacific market is anticipated to advance at a CAGR of 41.7% from 2019 to 2021. It is expected to account for USD 1,386.8 Million by 2025, owing to low cost and easy availability of raw materials in the region.
The adoption of rapid prototyping in various sectors including healthcare, education, construction, and retail in the Middle East & Africa is anticipated to promote market growth in the region. Increasing need for the rapid prototyping in oil & gas industry is projected to fuel the market growth in the region over the forecast period.
Market Share Insights of Rapid Prototyping Material Market
Various players in the market for rapid prototyping materials invest in research & development activities with the intention of developing technologically advanced and highly-efficient prototypes. They also focus on developing new applications for the product in order to attract a large consumer base. Some of the key strategic initiatives undertaken by the players to strengthen their presence and boost sales include new product development, expansion, mergers & acquisitions, and partnerships.
Prominent players in the market include 3D Systems Corporation, EOS GmbH (Electro Optical Systems), Renishaw Plc, Stratasys Ltd., Carpenter Technology Corporation, Arcam AB, Oxford Performance Materials, Royal DSM N.V., and Arkema S.A.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Rapid Prototyping Material Market Research Report
This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global rapid prototyping material market report on the basis of material, end use, and region:
Material Outlook (Revenue, USD Million, 2019 – 2030)
Metals & Alloys
End use Outlook (Revenue, USD Million, 2019 – 2030)
Aerospace & Defense
Manufacturing & Construction
Consumer goods & Electronics
Quick Read Table of Contents of this Report @ Rapid Prototyping Material Market Size, Share, Market Research and Industry Forecast Report, 2025 (Includes Business Impact of COVID-19)
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