Rapid Prototyping Market

According to Stratistics MRC, the Global Rapid Prototyping Market is accounted for $14.25 billion in 2023 and is expected to reach $37.69 billion by 2030 growing at a CAGR of 14.9% during the forecast period. Rapid prototyping is the employing of a variety of techniques to rapidly produce a scale model of a physical item or connection using three-dimensional computer-aided design data. It generates several iterations over a short period of time based on user feedback and analysis to build product simulations for testing and validation during the product development process. While many different manufacturing techniques are used in rapid prototyping, layered additive manufacturing is the most prevalent. The advantages of rapid prototyping include reduced overall product development costs and reduced design and development time.

According to International Organization of Motor Vehicle Manufacturers (OICA), global production of vehicles, declined by 16% in 2020 when compared to 2019. This is expected to significantly impact the market growth in the short to medium-term.



Market Dynamics:

Driver:

Increasing demand for the manufacturing sector

A new manufacturing method called rapid prototyping enables the quick creation of computer models created with 3D computer-aided software. The primary end-users of fast prototyping include manufacturing sectors like automotive, aerospace, defence, and other industries. Because of its benefits, rapid prototyping is highly sought-after in North America and Europe. It can be used as a quick and affordable technique for prototyping design concepts, several design modifications, and physical validation of designs, greatly lowering the time period required for product development.

Restraint:

High cost of materials and the processes

Rapid prototyping tools have a significant initial setup cost. The price of rapid prototyping is determined by a variety of elements, such as the type of prototype, the material, the final properties, and the purpose and nature of the prototype design. In comparison to thermoplastics, quick-prototyping ceramic materials and smart materials are more expensive. The overall cost of the operation rises due to the need for qualified labour and modern technology.

Opportunity:

Product development and increased customization

Rapid prototyping enables businesses to quickly and affordably create working prototypes of new products or components. Because of the quicker testing and iterations made possible by this, product development cycles are shortened, and innovation is raised. Before spending money on full-scale production, businesses can use rapid prototyping to test new design concepts, validate ideas, and get feedback from stakeholders. Companies can employ rapid prototyping to make customised versions of their products to meet the needs of particular market groups or unique client preferences. This gives businesses the chance to provide distinctive and customised products, increasing client pleasure and loyalty.

Threat:

Standards and quality assurance

It can be difficult to ensure uniform quality across various technologies, materials, and producers as the rapid prototyping business continues to develop and grow. The dependability and performance of prototypes can be impacted by a lack of standardisation and variations in the output quality of various rapid prototyping technologies. To maintain quality control, businesses must carefully assess and choose dependable service suppliers or make internal investments.

Covid-19 Impact

The outbreak of the COVID-19 pandemic had a mixed impact on the rapid prototyping industry, due to production delays in manufacturing activities caused by supply chain interruptions, a labour shortage, and stringent transportation requirements. Major participants in the fast prototyping industry experienced a reduction in sales for the fiscal years 2020 to 2021 as a result of a temporary delay in manufacturing activities caused by a lack of raw materials. The leading market participants, however, have moderately reduced their R&D budgets and redirected their focus to next-generation technologies in reaction to COVID-19's negative consequences when the world economy started to improve.

The thermoplastics segment is expected to be the largest during the forecast period

The thermoplastics segment is estimated to have a lucrative growth, because thermoplastics provide a broad range of material prospects with a variety of properties, enabling the creation of prototypes with different mechanical, thermal, and chemical capabilities. Polylactic acid (PLA), PETG (polyethylene terephthalate glycol), nylon, polycarbonate, and polypropylene are a few examples of common thermoplastics used in prototyping. Other materials include ABS (acrylonitrile butadiene styrene), PLA (polylactic acid), and PETG. In comparison to other materials used for prototyping, such as metals or ceramics, thermoplastics are typically more affordable. Thermoplastic filaments are a practical option for quick prototyping projects due to their accessibility and cost. These elements are propelling the segment growth.

The Aerospace & Defence segment is expected to have the highest CAGR during the forecast period

The Aerospace & Defence segment is anticipated to witness the fastest CAGR growth during the forecast period, because the rapid prototyping allows aerospace and defence companies to quickly transform digital designs and CAD models into physical prototypes to validate concepts. By doing this, engineers and designers can assess the viability and functionality of new aircraft or defence system ideas before committing to large-scale production. These factors are accelerating the segment growth.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to the world's largest aerospace market is in the United States. The aerospace industry in Canada is at a turning point, and over the next 20 years, exponential growth is envisaged for the industry globally. This is anticipated to have a substantial impact on the consumption of market research for use in the aerospace industry. Canada is the world leader in civil flight simulation, third in the production of civil engines, and fourth in the production of civil aircraft. Additionally, one of the largest end users of rapid prototyping technology is the medical industry, which uses it to create a variety of products, including surgical instruments, implants, scaffolds for tissue engineering, stents, and implants. The American healthcare industry is unquestionably one of the most developed in the world. North America is the only country to place in the top five in each important sector category.

Region with highest CAGR:

Asia-Pacific region is projected to have the highest CAGR over the forecast period, owing to its rapid prototyping technologies, materials, and processes have made significant advancements. A wider number of sectors may now use rapid prototyping because of improvements in accuracy, speed, and cost-effectiveness. Rapid prototyping is now being used for product development processes in a variety of industries, including electronics, automotive, aerospace, healthcare, consumer products, and consumer packaged goods in Asia pacific region. Rapid prototyping technology adoption has been made easier by the region's robust manufacturing base and expanding technological capabilities.



Key players in the market

Some of the key players profiled in the Rapid Prototyping Market include 3D Systems Corporation, Stratasys, Ltd., EOS GmbH Electro Optical Systems, Materialise NV, Golden Plastics, Arcam AB, LPW Technology Ltd., Sandvik AB, Tethon 3D, Lithoz GmbH, Arkema S.A., Royal DSM N.V., CRP Group, Oxford Performance Materials, Renishaw PLC, Höganäs AB, GKN PLC, Carpenter Technology Corporation, 3D Ceram and Fathom Digital Manufacturing Corporation

Key Developments:

In September 2021, 3D System Corporation expended its material portfolio with the launch of Certified Scalmalloy (A) and Certified M789 (A). This material will be used to develop high strength part for energy, mold making, automotive, electronics, aerospace and defense application. Also, the consumer can use direct metal printing platform to develop part with the help of Scalmalloy (A) and M789 (A).

In November 2021, Desktop Metal, Inc. completed its acquisition of the ExOne Company. This acquisition reinforces Desktop Metal's leadership in additive manufacturing (AM) for mass production. ExOne extends Desktop Metal's product platforms with complementary solutions to create an unparalleled AM portfolio that offers industry-leading throughput, flexibility, and materials breadth, providing customers with a variety of options to address their specific application.

Types Covered:
• Proof-of-Concept (PoC) Prototype
• Visual Prototype
• Functional Prototype
• User Experience Prototype
• Other Types

Forms Covered:
• Filament
• Powder
• Ink

Materials Covered:
• Metals and Alloys
• Ceramic
• Plaster
• Liquid Silicone Rubber (LSR)
• Starch
• Polymer
• Thermoplastics
• Other Materials

Functions Covered:
• Functional Prototype
• Conceptual Model

Technologies Covered:
• Stereolithography (SLA)
• Fused Deposition Modeling (FDM)
• Digital Light Processing [DLP]
• Selective Laser Sintering (SLS)
• Electron Beam Melting [EBM]
• Multi Jet Fusion (MJF)

End Users Covered:
• Aerospace & Defense
• Automotive
• Film & Animation
• Consumer Goods and Electronics
• Architecture
• Transportation
• Medical
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances