Rapid Prototyping Materials Market

According to Stratistics MRC, the Global Rapid Prototyping Materials Market is accounted for $2.93 billion in 2022 and is expected to reach $7.59 billion by 2028 growing at a CAGR of 17.2% during the forecast period. Rapid prototyping is the speedy production of a physical item, model, or assembly using 3D computer-aided design. In the early stages of product development, iterating fast on an original design is a frequent phase. Rapid Prototyping Materials that are often utilized includes ABS, acrylic, polyphenylsulfone, polycarbonate, and nylon. These materials provide exceptional performance, toughness, and longevity. They offer excellent visualization, enabling designers to quickly receive input from clients and customers based on a real-world physical product.

According to the United States Food & Drug Administration surveys, the 3D printing technology, including rapid prototyping, helped the country to produce & test necessary medical parts during COVID-19.



Market Dynamics:

Driver:

Numerous benefits in different applications

The adoption of rapid prototyping technologies benefits designers, developers, and engineers in a clear way. In fast prototyping, cost and time efficiency are important factors. Simple assessment and testing enable designers to provide a clear path for product improvement. To get the necessary final product qualities, a wide range of materials, geometries, and designs can be evaluated. Rapid prototyping may be used to create a special synthesis of affordability, usability, and aesthetics.

Restraint:

Not applicable for complex products

Complex items don't benefit as greatly from rapid prototyping. If the prototypes are not sufficiently similar to the final product in terms of look and functionality, it could not be the optimal option for testing. RP methods are used to manufacture moulds and tools in addition to visualizing design concepts (concept modeling). Many components are difficult to manufacture because of their peculiar shapes. These factors are limiting the market expansion.

Opportunity:

Growing plastic waste management

The major decision-makers have adopted recycled plastics for quick prototyping due of the growing concern about plastic pollution. Together, many major firms created a polycarbonate filament appropriate for 3D printing using discarded bottles obtained from Nongfu Spring in China. Less carbon footprints were left behind in the finished product, which also complies with industry requirements.

Threat:

High cost of materials and process

The expense of setting up rapid prototyping equipment is expensive initially. In compared to thermoplastics, ceramic materials and smart materials for rapid prototyping are costlier. The operation's overall cost is increased by the need for experienced labor and modern technology. Additionally, the market's expansion is being hampered by accuracy delays and inadequate complicated designs.

Covid-19 Impact

Rapid prototyping end-user operations were suspended entirely or in part as the COVID-19 epidemic spread in almost all significant nations. The global market's growth was stunted by a lack of thermoplastics, alloys, and other prototype materials. In addition, the providers of fast prototyping services encountered significant difficulties such slow delivery of raw materials, unpredictable downstream demand, a shortage of workers, and restricted access to the production and operating site.

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

The thermoplastics segment is estimated to have a lucrative growth. A thermoplastic is the most common type of material utilized for rapid prototyping. Thermoplastics are traditionally utilized in manufacturing processes such as injection molding, compression molding, and machining; but, since the development of 3D printing, they have also been made accessible for additive extrusion and sintering procedures. Suitable for demanding applications, they are stable and resilient enough.

The healthcare segment is expected to have the highest CAGR during the forecast period

The healthcare segment is anticipated to witness the fastest CAGR growth during the forecast period. The use of rapid prototyping in surgical planning and simulation applications has created a tremendous demand in the healthcare industry. A realistic representation of a target organ in the body can be portrayed using prototypes. A rapid prototyping material finds application in the development of medical devices and instruments and extremely benefits the surgeons.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period. Due to low costs and easy access to raw resources, the manufacturing and construction industries have developed quickly in this region, notably in China and Japan. Additionally, it is predicted that the market would develop due to the rising demand for consumer products brought on by the expanding population.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period. This region has well-established 3D printing technologies and larger number of service providers. The U.S. is the largest consumer of rapid prototyping technologies across all major end-use industries. It is also witnessing massive urbanization. Moreover, the aerospace & medical sector is flourishing in the U.S., which is further expected to grow demand for prototyping materials.



Key players in the market

Some of the key players profiled in the Rapid Prototyping Materials Market include General Electric, Golden Plastics, Arcam AB, 3D Systems Corporation, LPW Technology Ltd, Arkema, Materialise NV, CRS Holdings Inc, CRP Group, Royal DSM N.V., Stratasys, Ltd., EOS GmbH Electro Optical Systems, Tethon 3D, 3D Ceram, Lithoz GmbH, Hoganas AB, Oxford Performance Materials, Sandvik AB and Renishaw plc.

Key Developments:

In May 2022, GE Renewable Energy launched Sierra, its newest onshore wind turbine platform designed specifically for the North America region. The Sierra platform launched with two prototypes, one in Lubbock, TX and one in Kamataka, India, with more than a year of successful run time on each.

In November 2021, Arkema announced to showcase the custom UV-curable formulations for 3D printing technology at Formnext 2021 Exhibition held in Germany. The product portfolio includes formulations such as N3D-TOUGH 784, HT-511, DMT-303, IC-163, and LF-053.

Forms Covered:
• Powder
• Ink
• Filament

Materials Covered:
• Ceramics
• Metals & Alloys
• Thermoplastics
• Polymers
• Other Materials

Functions Covered:
• Functional Prototype
• Conceptual Model

Technologies Covered:
• Fused Deposition Modelling (FDM)
• Selective Laser Sintering (SLS)
• Stereolithography (SLA)
• Digital Light Processing (DLP)
• CNC Machining
• Casting
• Polyjet
• Multi Jet Fusion
• Other Technologies

End Users Covered:
• Aerospace
• Healthcare
• Transportation
• Consumer Goods & Electronics
• Manufacturing & Construction
• Government & Military
• Academic

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 2020, 2021, 2022, 2025, and 2028
- 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
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances