Rapid Prototyping Materials Market size is forecast to reach $1822.60 million by 2025, after growing at a CAGR of 32.52% during 2020-2025. Growing demand for the technology is expected to fuel market growth to increase the overall efficiency of design and production processes. Technological advances coupled with inventions around the globe are expected to boost demand for rapid prototyping materials in various industries including aerospace & defense and healthcare. Recent advancements in the field of rapid prototyping, such as the introduction of prototyping 3D printing technology as well as manufacturing applications will enhance the growth of rapid prototyping materials industry in the forecast era.
By Type - Segment Analysis
Metal is widely used in Rapid Prototyping Materials Market. A metal rapid prototype is commonly used in 3D metal printing. Metal rapid prototyping is widely used in many industries because of its numerous advantages such as increased speed, design freedom, parts consolidation, and cost-effectiveness. To promote the use of metals & alloys in building prototypes, factors such as high strength and corrosion resistance coupled with the ability to produce complex prototypes in one fluid build are anticipated. Metal is commonly used in sectors such as shipping, aerospace & defense, and healthcare for rapid prototyping. Due to these properties metal is anticipated to boost the market in the forecast period.
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By Technology - Segment Analysis
Additive Manufacturing held the largest share in the Rapid Prototyping Materials Market in 2019. Using computer-aided design (CAD) or 3D object scanners, additive manufacturing enables objects with specific geometric forms to be produced. They are constructed layer by layer which contrasts with conventional manufacturing, which often involves machining or other techniques to remove excess material. Also, the number of users of these technologies has gradually grown, from artists, designers, and individuals to large corporations and businesses that use additive manufacturing to manufacture a wide variety of final goods. Also, additive manufacturing is used in the manufacture of end-use products in vehicles, dental restorations, surgical devices, automobiles, and even fashion products is expected to drive the demand for rapid prototyping materials market over the next few years.
By End Use – Segment Analysis
Aerospace and Defense held the largest share in the Rapid Prototyping Materials Market in 2019 and is projected to grow at a CAGR of 22.85% during the forecast period 2020-2025. The Aerospace and Defense industry continues to benefit from advancements in materials and technologies, primarily by reducing weight and consolidating the number of parts and designs, resulting in improved performance. Applications in aerospace, such as the fuel nozzles for the GE LEAP engine, underline AM's potential in this demanding sector. Selective laser sintering is used in limited-run manufacturing to produce end-use parts for aerospace and defense. Additive Manufacturing has enabled engineers to design a fuel nozzle that is lighter and durable than the previous part. Hence, the demand for power and energy is anticipated to rise in the heat resistant coating market during the forecast period.
Geography- Segment Analysis
Asia Pacific held the largest share with 52.62% in Rapid Prototyping Materials Market in 2019. Furthermore, increasing demand for consumer products due to a burgeoning population is expected to propel market growth. Owing to the low cost and easy availability of raw materials in the region there is a growing demand from Asia-Pacific. The adoption of rapid prototyping in the aerospace and defense industry demands stringent product composition and dimensions in the APAC region. According to India Brand Equity Foundation, India has set to become 3rd largest aviation market by 2020. By 2020, passenger traffic at Indian airports is expected to increase to 421 million from 223.61 million in 2016. Also, on 31.05.2017, the Policy on Strategic Partnerships in the Defense Sector was issued as Chapter VII of the 2016 Defense Procurement Procedure (DPP) entitled 'Revitalizing the Industrial Ecosystem of Defense through Strategic Partnerships’. The Strategic Partnerships Policy is intended to institutionalize a transparent, objective, and functional mechanism to promote wider private sector involvement in the manufacture of defense platforms and equipment such as aircraft, submarines, helicopters, and armored vehicles, in addition to DPSUs / OFB.
Drivers – Rapid Prototyping Materials Market
The growing need for rapid prototyping in the healthcare industry
Rapid prototyping techniques brought a new approach to surgical simulation and preparation. The technologies allow one to create a three-dimensional image of anatomical objects, giving the surgeon a clear depiction of the target organ in the body. Other important applications of prototyping technology are in medical device and instrumentation production. Medical instruments upgraded using the 3D technology include surgical fasteners, scalpels, retractors, display systems among many others. Also, most hearing aid device is designed using the stereolithography or the selective sintering laser. Another area that adapts to the rapid prototyping technology is teeth replacement. Owing to these properties increasing the need for rapid prototyping in the healthcare industry is projected to fuel the market growth in the region over the forecast period.
Increasing demand for rapid prototyping in constructions
Rapid prototyping is becoming a trend in many industries, as architects, constructors, and manufacturers of all kinds are searching for new ways to bring their innovations to life and rapidly solve the problems. In construction projects, a design dimension, 3-D modeling, and prototyping have now become a part of the process at various construction levels. This method of modeling was initially created to help architects and architecture students bring their designs to life and provide a more accurate representation of the ideas. The construction industry is starting to move towards a more mass-produced building model, in which off-site parts are built and then pieced together in various configurations, like a puzzle. Also, much development takes place in which various components are created using 3-D printing and other techniques, producing prototypes of different structures. Also, a prototype model includes a comprehensive design guide allowing the actual building to be properly prepared and scheduled for. Fused Deposition Modeling is an additive manufacturing technique that is commonly used for modeling, prototyping & manufacturing applications using layer manufacturing technique for building part. Hence, these properties of rapid prototyping in construction will further drive the market in the forecast period.
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Challenges – Rapid Prototyping Materials Market
Quality control a major pitfall of rapid prototyping
If the focus is on a small prototype, the product developers can be diverted from doing the product analysis of the complete project. They may miss a better approach, or they may not complete the specification resulting in poorly designed projects that may be difficult to maintain. Since the product design can be seen from many eyes, quality assurance is still a major pitfall in rapid prototyping. In-house prototyping or outsourcing once developed is always developed according to specification. Due to the time issue, quality control becomes the first thing to think about. Also, rapid prototyping contributes to the low-quality product making it into the prototyping process where rigorous quality control during the design phase has been performed. The cost of the design failure would be marginal in small-scale development. Hence, in a more complex product like a more complicated project that would take months to complete, one or two-component is unsuccessful, and the results suffer.
Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Rapid Prototyping Materials Market. In 2019, the market of Rapid Prototyping Materials has been consolidated by the top five players accounting for xx% of the share. Major players in the Rapid Prototyping Materials Market are 3D Systems Corporation, Renishaw Plc, Stratasys Ltd., EOS GmbH (Electro-Optical Systems), Carpenter Technology Corporation, Arcam AB, LPW Technology Ltd., Oxford Performance Materials, Royal DSM N.V., Arkema S.A. among others.
Key Takeaways
The Asia Pacific dominates the Rapid Prototyping Materials Market due to the increase in investments and manufacturing technologies in the aerospace and defense industry.
Increasing the use of metal rapid prototyping in several medical products such as prosthetics & implants, surgical equipment, and tissue engineering products will thereby boost the use of rapid prototyping materials in the healthcare sector during the forecast period.
Increasing the use of Stereolithography (SLA) the most widely used rapid prototyping technology that can produce highly accurate and detailed polymer parts will enhance the demand for the rapid prototyping materials market in the forecast era.
Due to COVID-19 palindrome in 2020-2021, many construction projects are rendered and are impossible to complete at this stage. Due to causing delay and chaos, supply chains are seriously affected. Many projects have even halted, intending to resume work later.
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