The rapid prototyping materials market size was valued at USD 455.3 million in 2020. The market is projected to rise from USD 491.7 million in 2021 to USD 1,496.7 million by 2028 at a CAGR of 17.2% during the forecast period 2021-2028. Fortune Business Insights™ has deep-dived into these insights in its latest research report titled, “Rapid Prototyping Materials Market, 2021-2028.”
According to the study, rapid prototyping technologies have gained traction to test the innate ability of materials. Prominent companies are slated to inject funds into advanced materials for tremendous chemical and physical properties. For instance, in November 2021, Arkema introduced a custom UV-curable formulation to streamline 3D printing technology. Leading companies are expected to boost their strategies to keep up with the demand for advanced polymer resins in 3D printing technology. Meanwhile, the emergence of the COVID-19 pandemic did not augur well for the business outlook.
Information Source - https://www.fortunebusinessinsights.com/rapid-prototyping-materials-market-106524
Material, Application, and Region are Studied
Based on material, the market is segmented into metal & alloys, thermoplastics, ceramics, and others.
In terms of application, the market is segregated into electronics & consumer goods, construction & manufacturing, automotive, medical & healthcare, aerospace & defense, and others.
With respect to geography, the market is studied across North America, Asia Pacific, Europe, and the Rest of the World.
The report highlights top-down and bottom-up approaches to offer a holistic view on product mapping of both emerging players and well-established companies. Besides, primary sources, including interviews with major stakeholders and opinion leaders have also been used in the report-making. The report includes secondary sources, such as SEC filings, press releases, and website reports, fostering the veracity of the report. The report includes qualitative and quantitative analysis to provide a comprehensive view of the global market.
Drivers and Restraints
Strong Demand from Manufacturing Sector to Augment the Uptake of Advanced Technologies
Stakeholders expect strong demand for rapid prototyping technologies in the manufacturing sector over the next few years. End-users are likely to seek cost-efficiency as a major driver to have the upper hand over traditional prototyping techniques. Leading companies are expected to explore opportunities in evaluation and testing to minimize risk and flaws during mass production. Major attributes, such as functionality, cost-effectiveness, and aesthetics, are expected to foster the rapid prototyping materials market growth.
However, surging cash outflow, along with lag in accuracy & surface finishing, could dent the industry outlook during the forecast period.
North America to Provide Lucrative Opportunities with Expanding Industrial Sector
Industry players are expected to expand their footprint across the U.S. and Canada due to burgeoning urbanization. Besides, the industrial sector is poised to exhibit profound demand for rapid prototyping materials. The North America market size was valued at USD 175.7 million in 2020 and will witness a similar trend due to the inclination for 3D printing technologies.
Stakeholders envisage Europe as a favorable investment hub due to soaring demand for rapid prototyping across aerospace & military, consumer goods, electronics, and automotive sectors. The Europe rapid prototyping materials market share will witness a notable gain, owing to investments in metals and thermoplastics. Advanced economies, such as the U.K., are slated to seek robust technologies to expand their global presence.
Rapid prototyping materials are expected to be in demand across Asia Pacific, with Japan, China, and South Korea leading from the front. Easy availability of raw materials and expansion of service centers will be noticeable in the ensuing period. Moreover, an exponential rise in industrialization will encourage leading companies to bolster their footfall.
Stakeholders to Infuse Funds into Organic and Inorganic Strategies to Tap Markets
Both well-established players and new entrants are slated to invest in product launches, mergers & acquisitions, technological advancements, and R&D activities. Prevailing trends indicate leading companies are slated to focus on geographical expansion during the forecast period.
Key Industry Developments
Major Players Profiled in the Report: