PUBLISHER: Allied Market Research | PRODUCT CODE: 1298256
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298256
The rapid prototyping market size was valued at $2.4 billion in 2021, and is projected to reach $14.9 billion by 2031, registering a CAGR of 20.4%. 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 scope of the report discusses the potential opportunities for the key players to enter the rapid prototyping market. Furthermore, it provides an in-depth analysis of the market, outlining current trends, key driving factors, and key areas of investment. The report includes Porter's five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. Moreover, it features the strategies adopted by key market players to maintain their foothold in the market.
The rapid prototyping market is segmented on the basis of material, technology, end user industry and region. On the basis of material, it is segmented into thermoplastics, metals & alloys, ceramics, and others. By technology, the market is classified into stereolithography (SLA), selective laser sintering (SLS), digital light processing (DLP), fused deposition modeling (FDM), and others. By end-user industry, the market is categorized into aerospace & defense, healthcare, manufacturing & construction, consumer goods & electronics, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key factors driving the growth of the rapid prototyping market 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.
The key players operating in the rapid prototyping market are: 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.