Rapid Prototyping Market
Rapid Prototyping Market (Technology - Subtractive, Additive (Stereolithography, Selective Laser Sintering, Fused Deposition Modeling, Ink Jet Printing Techniques); Material - Metal, Polymer, Ceramic, Plaster and Starch, Foundry Sand Parts; End use Industry - Aerospace and Defense, Consumer Goods &Electronics, Automotive, Healthcare) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
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Global Rapid Prototyping Market - Snapshot
According to a new market report published by Transparency Market Research titled “Rapid Prototyping Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,” the global rapid prototyping market is expected to reach US$ 6,513.9 Mn by 2026. The market is projected to expand at a CAGR of 12.91% during the forecast period from 2018 to 2026. According to the report, the global rapid prototyping market will continue to be influenced by a range of factors such as rising demand for 3D printing technology worldwide, and increasing demand for rapid prototyping to speed-up the design and production process. Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at above 14% through 2026.
Metal as a material used for rapid prototyping expected to be more lucrative for the market
The global rapid prototyping market is bifurcated by components into metal, polymer, ceramic, plastic & starch, and foundry sand parts. Metal is expected to surpass US$ 1,700.00 Mn by 2026. Metal type material is extensively used for rapid prototyping across heavy load industry verticals such as automotive and aerospace & defense. Additionally, metal also finds application across industry verticals such as healthcare, for rapid prototyping of medical equipment such as implants, surgical instruments, and more.
Additive rapid prototyping technology expected to dominate the rapid prototyping market around the globe
Based on technology, the rapid prototyping market is segmented into subtractive and additive. Additive rapid prototyping technology is projected to surpass US$ 3,000 Mn by 2026. As compared to subtractive rapid prototyping technology, additive rapid prototyping technology offers prototyping of any part at a much faster speed that helps in ramping up the designing and production process. Furthermore, subtractive prototyping is limited to relatively simple shapes, while additive manufacturing can create complex geometries that are not possible with any other technology.
Consumer goods &electronics end-use industry segment expected to expand at a significant growth rate during the forecast period
On the basis of end-use industry, the rapid prototyping market is segmented into aerospace & defense, consumer goods & electronics, automotive, healthcare, and others. Others industry vertical segment includes entertainment and oil & gas. Rapid prototyping is being used largely by the consumer goods & electronics industry vertical, as time to market is vital for consumer products. Rapid prototyping plays a vital role in reducing the time to market alongside maintaining the quality. Unlike traditional prototyping techniques, rapid prototyping is a process where the part is built from the ground up, layer by layer, based on data from a CAD file. Furthermore, rapid prototyping helps in achieving higher designing and production speed that eventually reduces the time to market.
North America to continue to hold significant share in the overall market
In terms of value, North America was the leading contributor to the global rapid prototyping market in 2017. The contribution is primarily due to the booming rapid prototyping marketplace along with the presence of well-established players across the region, especially driven by the U.S. and Canada. The U.S. is home to many well-established players from the rapid prototyping domain including 3D Systems, Inc., Stratasys Ltd., and Carpenter Technology Corporation. Furthermore, North America is witnessing higher adoption of rapid prototyping due to continuously rising automotive and healthcare industry. Many companies are trying to innovate novel products pertaining to rapid prototyping to compete with the other well-established players across the region and globe. For instance, in April 2018, Stratasys Ltd. advanced its products, namely J750 and J735 3D printers, to reduce the time-to-market and development cycles. Furthermore, it will help customers and various designers to build rapid prototypes with streamlined design-to-prototype workflows for faster time-to-market.
Stratasys Ltd., 3D Systems, Inc., GE Additive,Carpenter Technology Corporation, and Sandvik AB among others are some of the major players operating in the rapid prototyping market profiled in this study. Details such as financials, SWOT analysis, business strategies, recent developments, and other such strategic information pertaining to these players have been duly provided as part of company profiling. Various players are providing novel rapid prototypingto be used across various industry verticals to reduce the time to market. Also, market players are establishing partnershipsto support the growth of consumer demand.
Rapid Prototyping Market to Rise Notably Owing to Increasing Adoption of 3D Printing Technology
The increasing adoption of 3D printing technology is likely to promote the growth of the global rapid prototyping market. Expanding interest for innovation to improve the general productivity of the planning and creation measure is required to impel the market development. Mechanical progressions combined with creations across the globe are expected to support the interest for rapid prototyping materials in a few businesses including aviation and safeguard and medical care.
Prototyping in development and assembling ventures helps in examining the models before their real execution. The development of development and assembling businesses across the globe is relied upon to advance the development of the market for rapid prototyping materials over the figure time frame. Execution of the innovation permits starter appraisal of an item and check of conceivable flimsy parts of the plan. It additionally limits the creation cost and reduction the general advancement time. This is probably going to push the interest for models, further boosting the market development in the coming years.
Rapid prototyping has acquired critical consideration and has gotten perhaps the most sought after innovative progressions. Rapid prototyping helps in the assembling of an item successfully by lessening the time between the plan and last creation. Introductory expense of a 3D printer utilized for rapid prototyping is high and this underlying expense is one of the conspicuous elements keeping down the development of 3D printing and rapid prototyping. For example, top notch 3D printers can cost upward of up to US$ 2 million. Besides, one of the issues with rapid prototyping is that 3D printers will in general be little and accordingly the size of the created item is additionally little. Despite this, there are tremendous 3D printers accessible on the lookout, yet the expense of such printers is exceptionally high for more modest estimated organizations. Regarding cost, greater businesses, for example, auto and aviation have no issues in utilizing the greater 3D printers. Be that as it may, numerous organizations actually need to utilize conventional techniques for assembling until the expense of greater machines goes down. Numerous major parts in the rapid prototyping space are attempting to create and offer financially savvy 3D printers to dominate in the constantly expanding rivalry and to advance rapid prototyping.
Scope of Technologies in Rapid Prototyping Market for Biomaterials Fabrication Attractive
Rapid prototyping has been considered as a breakthrough for various manufacturing industries. They have use the process to save costly modifications in the product design at the later stages of production. Advances made in 3D printing technologies, along with constant improvements in computing systems, have expanded the functionalities of rapid prototyping. Together with this, a few industries have made massive changes in the tooling and instrumentation to fit rapid prototyping. New computer-aided designs have come to the fore, expanding the horizon for end users in the rapid prototyping market. Over the decades, market players have been tapping into new revenue streams. An emerging application area has been the adoption of rapid prototyping to optimize workflows in the healthcare and medical industries. A number of biomaterials have been explored that show good compatibility with 3D printing process. Ongoing research in biomaterials fabrications are enriching the landscape. Another key avenue is the use of new materials. A case in point is the use of reinforced waste thermoplastics. Strides made in the chemistries of composite are expected to expand the avenue for end-use industries in the rapid prototyping market. These show promising potential in the medical industry, such as in regeneration of damaged bone tissues.
The COVID-19 virus that hit the world in 2019 is still emerging with devastating health consequences and economic repercussions. In 2020, the fallout of the pandemic led to stringent government-imposed lockdowns of unessential economic and firm activities in numerous countries across the world. This has also shaped the business models, including strategic, operational, and tactical frameworks, for businesses in rapid prototyping market. Manufacturing sector in numerous industries suffered from massive lockdowns, evident in the steady availability of raw materials and unskilled and semi-skilled labor in various developing and developed countries. However, in recent months, as manufacturing processes have picked up some pace, the application of rapid prototyping processes and technologies has also grown. Further, big players across the world are ramping up investments in manufacturing sector, which will spur demand.
Global Rapid Prototyping Market: Overview
The “Rapid Prototyping Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026” report provides analysis of the rapid prototypingmarket for the period 2016–2026, wherein 2018 to 2026 is the forecast period and 2017 is considered as the base year. Data for 2016 has been included as historical information. The report covers all the trends and technologies playing a major role in the growth of the rapid prototyping market over the forecast period. It highlights the drivers, restraints, and opportunities expected to influence the market growth during this period. The study provides a holistic perspective on the market’s growth in terms of revenue (in US$ Mn) across different geographical regions, namely North America, Europe, Asia Pacific, Middle East & Africa, and South America. The report highlights the key trends affecting the market on a global scale. Furthermore, region wise prominent countries/regions covered in the report includes the U.S, Canada, Germany, France, the UK, India, China, Japan, GCC countries, South Africa, and Brazil.
This report analyzes and forecasts the market for rapid prototyping at the global and regional level. The market has been forecasted based on revenue (US$ Mn) from 2018 to 2026. The study includes drivers and restraints of the global rapid prototyping market. It also covers the impact of these drivers and restraints during the forecast period.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global rapid prototyping market. Porter’s Five Forces model has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
Global Rapid Prototyping Market: Taxonomy
This research study on the global rapid prototyping market provides a detailed cross segment and cross country analysis based on the different segments including technology, material, and end-use industry. Based on technology, the market is segmented into subtractive and additive; additive is further bifurcated into stereolithography, selective laser sintering, fused deposition modeling, ink jet printing techniques, and others. On the basis of material, the market is divided into metal, polymer, ceramic, plaster and starch, and foundry sand parts. Furthermore, on the basis on end-use industry, the market is bifurcated as aerospace & defense, consumer goods & electronics, automotive, healthcare, and others.
Global Rapid Prototyping Market: Research Methodology
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, national government documents, statistical databases, and market reports, Factiva, etc.
Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on the market size, market trends, growth trends, competitive landscape, and outlook, etc. These help us to validate and strengthen secondary research findings. These also help to develop the analysis team’s market expertise and understanding.
Global Rapid Prototyping Market: Competitive Dynamics
The report covers well-established players such as 3D Systems, Inc., Stratasys Ltd., EOS GmbH, Sandvik AB, and Royal DSM. These players are innovating novel products pertaining to rapid prototyping as well as expanding their regional presence for additional revenue generation. For instance, in November 2017, 3D Systems, Inc. announced the availability of its on demand manufacturing services named, “Quickparts” e-commerce platform in Europe, the Middle East, and Africa. Quickparts includes services such as rapid prototyping, advanced prototyping, and low-volume production.
Global Rapid Prototyping Market Segments