Wilmington, Delaware, United States, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global rapid prototyping market was worth US$ 8.8 Bn in 2021. Market forecast estimates industry growth at a CAGR of 14.9% during the forecast period, from 2022 to 2031. The global industry is projected to be valued at US$ 32.4 Bn by 2031. Rise in use of rapid prototyping in research & development activities of aerospace & defense parts, vehicles, consumer goods, industrial parts, and medical products is anticipated to drive the global rapid prototyping market. Rapid prototyping aids in the development as well as acceptance of new ideas or products. It allows designers to receive client inputs based on a real, tangible prototype of the product instead of a concept.
Government policies that support growth of the manufacturing sector in Asia Pacific are projected to drive market growth in the region. Major rapid prototyping businesses are investing significantly in the R&D of novel goods and services to maintain their position as industry leaders.
Rapid prototyping has a number of advantages. These include a reduction in design and development time, elimination of risks, and lower cost of total product development and functionality testing. Additionally, it can be used to analyze ergonomics and human elements by allowing for more user input throughout the product design phase.
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Key Findings of Market Report
- In terms of end-use, the aerospace & defense industry is the leading segment. Rapid prototyping is used for a diverse range of applications in the aerospace and military sector. It includes making of lightweight components, workflow optimization, reduction of assembly part numbers, and making high quality products. Despite the adverse effects of the COVID-19 pandemic, the aerospace and defense sector is expected to make significant contribution toward market growth. Market demand for rapid prototyping is projected to rise in the aerospace and military sectors throughout the forecast period.
- Based on process, the Fused Deposition Modeling (FDM) segment accounted for a significant market share of 31% in 2021. Given the widespread availability of low-cost FDM printers, it is the most economical means of producing customized thermoplastic prototypes. In comparison to other additive manufacturing technologies, FDM makes manufacturing processes more affordable. It is utilized frequently to create usable prototypes, concept models, high-quality parts, and manufacturing tools.
- The polymer material segment led the global industry in 2021, holding 44.0% share of the overall market. Polymer has several advantages, including affordability, durability, and ease of manufacture, all of which are helpful during the exploratory phases of research.
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Global Rapid Prototyping Market: Growth Opportunities
- Rise in usage of digital manufacturing is predicted to fuel market development. Computer systems are used in digital manufacturing for analytics, 3D visualization, and simulation. These devices facilitate the production of goods. Rapid prototype development is increasingly relying on AI. Some of the significant attributes of rapid prototyping that are projected to support market expansion include the ability to make data-driven decisions and carry out seamless testing.
- Increase in research and development for autonomous driving is also anticipated to boost market statistics for rapid prototyping in the next few years. Demand for new sensor and control platforms is increasing as autonomous vehicle technology advances quickly. Rapid prototyping can help the automobile industry meet these needs and create the essential foundation for testing and development.
Global Rapid Prototyping Market: Regional Landscape
- North America is anticipated to have the dominant share of the rapid prototyping market. Based on value, the region held around 34% share of the market in 2021. Presence of well-known companies and increase in R&D spending in the aerospace & military, automotive, and healthcare sectors are expected to fuel market development in the region.
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Global Rapid Prototyping Market: Key Players
- Fathom Digital Manufacturing Corporation
- CADX Tools & Technologies Pvt. Ltd.
- Xometry Europe GmbH
- Laser Prototypes Europe Ltd.
- Avid Product Development, LLC
- 3E Rapid Prototyping Ltd
Global Rapid Prototyping Market: Segmentation
Process
- Stereolithography (SLA)
- Selective Laser Sintering (SLS)
- Fused Deposition Modeling (FDM)
- Multi Jet Fusion (MJF)
- Others
Type
- Proof-of-Concept (PoC) Prototype
- Functional Prototype
- Visual Prototype
- User Experience Prototype
Material
- Metal
- Polymer
- Ceramic
- Others
End-use Industry
- Aerospace & Defense
- Consumer Goods & Electronics
- Automotive
- Healthcare
- Others
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
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