Fort Collins, Colorado, Oct. 09, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the rapid prototyping market size was valued at USD 2.8 Billion in 2022 and is expected to reach USD 19.9 Billion by 2032 with a CAGR of 21.7%.
The rapid prototyping process involves an idea prototyping and testing a physical part or a model using computer-aided design (CAD). Manufacturing the part or a model or the assembly is done using additive manufacturing. Manufacturing and the production cost for the element/part are reduced, which helps control the access expenditure. Therefore, an increase in research and development activities conducted by several players in various industries will help the market grow.
Prototyping can be described into two types or functions, i.e., conceptual and functional. Conceptual models are used to study static features of a model or specimen. For example, various packaging models can be used to study the product's aesthetics, whereas functional prototypes can be used for studying the body components, engine parts, machine components, and others. They are used for studying the dynamic strength and hardness of the components.
The materials used in prototyping are mainly thermoplastics, alloys & metals, and ceramics. Various technologies are used in the prototyping process, like stereolithography, fused deposition, modeling, selective laser sintering, laminated object manufacturing & direct metal lasering used for building prototypes. For example, the laser sintering process uses thermoplastic in liquid form, whereas laminated object manufacturing uses thermoplastics in sheet form. Customization has become a trend in the current scenario, and prototyping helps customize the products according to the end-user's needs.
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Segmentation Overview:
The global rapid prototyping market has been segmented into materials, technology, end-user, and region. Fused deposition modeling (FDM) accounted for a dominant share in 2022. It is majorly known for its popularity and is widely used for various thermoplastics applications. Based on end-user, the construction segment is a fast-growing to apply prototyping methods and techniques for design modeling.
North America is a leading region for rapid prototyping due to technological advancements and faster adoption of 3D printing services. Prototyping is used in the aerospace and defense sector, which is further expected to propel the demand in this region. Europe is a fast-growing market attributed to the vast landscape of industrialization and abundant availability of raw materials.
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Rapid Prototyping Market Report Highlights:
- The global rapid prototyping market growth is anticipated at a CAGR of 21.7% by 2032.
- The rapid prototyping market growth is largely driven by the rise in the adoption of 3D-printed services and the need for customized products in the consumer market. Besides, technological spending is high, which enables more avenues for market growth.
- Thermoplastics are widely used based on materials due to their low cost and availability. The industrial use of thermoplastics is mainly for its heat resistance, flexibility, and strength.
- Based on technology, the fused deposition method (FDM) is dominant owing to its wide-end uses.
- Based on end-user, the electronics and consumer segment accounted for a significant market share in 2022.
- Some prominent players in the rapid prototyping market report include 3D Systems Corporation, Arkema S.A, Stratasys Ltd, Royal DSM N.V, Oxford Performance Materials, Golden Plastics, Arcam AB, and Renishaw.
Industry Trends and Insights:
- In 2023, Beijing-based GigaDevice, introduced the GD-xD-W515-Eval Board, all under a single and comprehensive kit. The kit comprises a compact LCD board, fingerprint board, and a mainboard.
- In 2023, Ubuntu launched its real-time and cloud-based operating system for prototyping through AWS with features like low latency, memory optimization, and 10-year annual maintenance from the release date.
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Rapid Prototyping Market Segmentation:
- By Materials: Polymers, metals, ceramics, thermoplastics.
- By Technology: Stereolithography (SLA), selective laser sintering (SLS), digital light processing (DLP), fused deposition modeling (FDM).
- By End-user: Aerospace & defense, healthcare, manufacturing & construction, consumer goods.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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