Rapid Prototyping Market

Rapid Prototyping Market Research, 2031

The global rapid prototyping market was valued at $2.5 billion in 2021, and is projected to reach $15 billion by 2031, growing at a CAGR of 20.4% from 2022 to 2031.

Rapid prototyping is a quick way of fabrication of a physical part, model, or assembly using 3D computer aided design (CAD). It creates product simulations for testing and validation during the product development process, with multiple iterations generated during a short period on the basis of user feedback and analysis. The creation of the part, model, or assembly is usually completed using additive manufacturing, more commonly known as 3D printing. However, other technologies used for rapid prototyping include high-speed machining, casting, molding, and extruding.

The rapid prototyping 3D printing industry is driven by the rise in demand for customization of products in order to gain competitive advantage. The use of rapid prototyping for in-house development of prototypes is projected to lead to regular introduction of products. Rapid prototyping delivers quick visualization of the final product and eliminates time-consuming processes of outsourcing; therefore, this acts as a major driving factor for increasing the scope of the rapid prototyping market. Further, Traditional prototyping machines can utilize only one type of material; however, modern rapid prototyping equipment can utilize multiple materials simultaneously. They support a wide variety of materials such as polymers, ceramics, and metals for printing. This technology is expected to reduce the cost of overheads required for manufacturing. The utilization of materials is done in an efficient manner and no excess material is used in unwanted spaces.

On the other hand, the high cost related to rapid prototyping, along with the need of skilled professionals is holding back the market. If a manufacturing company adopts rapid prototyping technology, it would eventually result in high initial investment. Furthermore, software required to run rapid prototyping is expensive. As the application area changes, rendering software needs to be changed, thereby increasing the cost of entire system. Software needs to be updated periodically to keep it efficient and effective. In future, as the software development reaches maturity, the price of software packages is expected to decrease.

In the meantime, digital manufacturing’s increased adoption of rapid prototyping is expected to boost the market in the forecast period. Artificial intelligence (AI), augmented reality (AR), advanced robotics, smart devices, and 3D printing have revolutionized the manufacturing process in various industries. Decentralization in 3D printing is expected to determine the future of rapid prototyping in the next few years. 3D printing has led to significant advancements in heavy industry, automotive, consumer products, medical, healthcare, and aerospace sectors. Rapid prototyping services help the manufacturing industry by promoting quick product development. They enable lean manufacturing and boost product adaptability. These technological advancements in the sector assure high product customizations and boost revenues.

The rapid prototyping market has witnessed mixed impact of the outbreak of the COVID-19 pandemic. With governments of several nations imposing and extending lockdowns, production and manufacturing facilities across the globe have been shut down, leading to crisis and unavailability of workforce. Considering the inputs from various industry experts belonging to various stages of the value chain, such as OEMs, suppliers, integrators, end users, and distributors, and the financial release of various companies in the rapid prototyping ecosystem, it is calculated that the market has experienced a decline during 2019–2020. Furthermore, the outbreak of the pandemic has disrupted the global supply chain, thereby creating significant gap in supply chain. Economic impact of the pandemic has been disruptive. Key players operating in the rapid prototyping industry temporarily witnessed a slowdown, owing to lack of availability of raw materials, which has led to decline in revenues for the financial year 2020 to 2021. However, it is expected that the market started recovering from 2021 and will remain in the growth stage during the forecast period. The measures taken by the major players in the temperature detection screen market to counter the negative effects of covid-19 include making moderate cuts to R&D budgets and focusing on next-generation products.

The rapid prototyping industry is segmented into Material, Technology and End User Industry.

On the basis of material, the rapid prototyping market size is segmented into thermoplastics, metals & alloys, ceramics, and others. In terms of market segmentation by material, the market was dominated by thermoplastics segment in 2021, whereas the metals and alloys segment is expected to witness a higher growth rate during the forecast period. Thermoplastics or plastic rapid prototyping are extensively used for rapid prototyping due to their availability, ease of use, strength & durability, cost-effectiveness, and versatility.

By technology, the rapid prototyping market share is classified into stereolithography (SLA), selective laser sintering (SLS), digital light processing (DLP), fused deposition modeling (FDM), and others. In terms of market segmentation by technology, the market was dominated by the stereolithography segment in 2021, whereas the fused deposition modeling segment is expected to witness a higher growth rate during the forecast period. The factors driving the stereolithography technology market growth include wide choice of materials available, high-resolution, shortened development cycles, and highly accurate & durable outputs.

By end-user industry, the rapid prototyping market growth is categorized into aerospace & defense, healthcare, manufacturing & construction, consumer goods & electronics, and others. In terms of market segmentation by end user industry, the market was dominated by manufacturing and construction segment in 2021, whereas the consumer goods and electronics segment is expected to witness a higher growth rate during the forecast period. Increase in need of consumers for new & varied products and rise in disposable income of people are some important growth opportunities for rapid prototyping in this market.

By region, the rapid prototyping market analysis is carried-out across North America, Europe, Asia-Pacific, and LAMEA. In terms of region, the market was dominated by North America in 2021, even though Asia-Pacific is expected to grow at a faster rate during the forecast period. North America is one of the major regions in the global rapid prototyping market, in terms of revenue generation and market share. Key players operating in this region such as Stratasys Ltd. and3D Systems Corporation have been adopting various strategies to provide advanced solutions, which is expected to fuel market growth, leading to its high market share.

Competitive Analysis

Competitive analysis and profiles of the major rapid prototyping market players that have been provided in the report include 3D Systems, Inc., 3DFortify, Inc., Arcam AB (General Electric), Carbon 3D, Desktop Metal, Inc., ExOne Company, Hoganas AB, Markforged, Optomec, Inc. and Stratasys, Ltd. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration and business expansion to increase their market share in the global rapid prototyping market during the forecast period.

Top Impacting Factors

Some of the significant factors impacting the global rapid prototyping market forecast include the rise in demand for customization of products to gain competitive edge and surge in adoption of multiple materials for prototyping. On the other hand, the high costs related to rapid prototyping, alongwith the requirement for skilled professionals acts as a restraint on the market. Meanwhile, the increase in adoption of rapid prototyping in digital manufacturing is an opportunity during the forecast period.

Historical Data & Information

The rapid prototyping market outlook is fairly competitive, owing to the strong presence of existing vendors. Market vendors are expected to gain a competitive advantage over their competitors because they can cater to market demands with a wide range of products. The competitive environment in this market is expected to increase as technological innovations, product extensions, and different strategies are adopted by key vendors.

Key Developments/Strategies

3D Systems, Inc., 3DFortify, Inc., Arcam AB (General Electric), and Carbon 3D are among the top companies which hold a prime share in the rapid prototyping market opportunity. Top market players have adopted various strategies such as product launches, contracts, and others to expand their foothold in the rapid prototyping market.

• 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 January 2020, GE Additive signed a five-year cooperative research and development agreement with ORNL to combine the lab's research capabilities with GE's experience in developing real-world products. The agreement is an extension of ORNL's work with Arcam, a company GE acquired in 2016. Arcam manufactures refrigerator-sized 3D printers that use electron beams to weld together millions of grains of fine-powdered metal, one hair-thin layer at a time, to build things like intricately detailed jet engine parts.
• 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.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the rapid prototyping market analysis from 2021 to 2031 to identify the prevailing rapid prototyping market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the rapid prototyping market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global rapid prototyping market trends, key players, market segments, application areas, and market growth strategies.

 Rapid Prototyping Market Report Highlights