PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1148033
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1148033
The global conventional and rapid prototyping market was valued at USD 21,804.1 Million in 2021, expanding at a CAGR of 15.1% during the forecast period.
Product prototyping is the use of subtractive and additive manufacturing processes to rapidly build physical parts of a product directly from its CAD model. It may be applied to any stage of the product development cycle for components or sub-components. Product prototypes and design testing are essential components of new product development. It has various advantages, including reduced design and development time, lower overall product development costs, and risk removal or reduction. It offers low-cost functionality testing and enhances and expands user interaction during the design stages of product development.
Market Dynamics
The use of traditional prototyping methods is hampered by the high volume of manufacturing and the geometrical complexity of components. As a result, customers are pushed to employ procedures and instruments that drive the ultimate cost of the manufactured part. Additive manufacturing techniques provide substantial competitive advantages because they adapt to the geometrical complexity and unique design of the item being made.
Elegant geometrical forms, hollow interiors, internal channels, varying thicknesses, and irregular shapes may be precisely made by 3D printing technologies when a geometrical template developed from 3D CAD is used. Products that are identical or wholly different can be obtained without disrupting the process or incurring additional costs. This personalization is one of the most significant contemporary breakthroughs in high-value product manufacture.
Rapid prototyping is used in tissue engineering and the production of biologically active implants. This application makes use of selective laser sintering of ceramics. This is increasing the use of traditional and fast prototyping in the medical industry.
The COVID-19 pandemic has had a detrimental influence on fast prototyping share since manufacturing operations have been temporarily suspended throughout key industrial centres, resulting in a considerable output slowdown. People are becoming increasingly isolated as a result of new limitations on public gatherings and travel. Due to supply chain disruptions, stock market volatility, and aircraft groundings, businesses involved in fast prototyping are also suffering the consequences of the COVID-19 pandemic. It has had a direct influence on the industry's usage of fast prototyping, generating supply chain and market disruption.
Segmentation Analysis:
The conventional and Rapid Prototyping Market is divided on the basis of Product Type, Application, and Region.
The global conventional and rapid prototyping market has been segmented by type, including proof-of-concept (POC) prototypes, functional prototypes, visual prototypes, and others. In 2021, the functional prototype sector held 43.18% of the worldwide conventional and fast prototyping market. Furthermore, during the projection period, the category is predicted to increase at a CAGR of 15%.
A functional prototype is often a product subsystem that allows for the testing of functional characteristics. Functional prototypes provide a new approach for design engineers to test designs before mass production. A crucial phase in the development process is the creation of functional or rapid visual prototypes.
The market is categorized by application into construction & manufacturing, electronics & consumer goods, automotive, medical & healthcare, aerospace & military, and others. In 2020, the electronics and consumer products category held the biggest worldwide fast prototyping materials market share. The adoption of high-tech devices and consumer electrical items has expanded as a result of increasing digitalization. Rapid prototyping is used to build and test a wide range of electrical and consumer goods items, including PCBs and home consumer goods like sporting goods. The construction and manufacturing category is expected to increase at the slowest rate due to the global construction and manufacturing sector's moderate but consistent expansion.
Competitive Landscape:
Key operating leaders are primarily investing in the development of innovative materials that can be utilised for fast prototyping more effectively. Major firms like 3D Systems Corporation, Arkema, Covestro, and Tethon 3D are concentrating on developing next-generation thermoplastics for additive manufacturing, 3D printing, and fast prototyping.
For instance, in February 2021, 3D Systems Corporation announced intentions to build its headquarters in South Carolina, along with sophisticated material development laboratories, training centres, customer service centres, and advanced metal and polymer production facilities. Such strategic actions expand the company's competence in fast prototyping technologies, hence affecting the market growth.
Key features of the study:
This proposed research study on Conventional and Rapid Prototyping Market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2022-2028), considering 2021 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Conventional and Rapid Prototyping Market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Conventional and Rapid Prototyping Market
Impact of COVID-19 on Conventional and Rapid Prototyping Market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Conventional and Rapid Prototyping Market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Conventional and Rapid Prototyping Market, we have also included competitive landscape and key innovator analysis for the Conventional and Rapid Prototyping Market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offersdetailed company profiling featuring major market participantswhich will help users to understand their financial information and strategic initiatives of players operating in the Conventional and Rapid Prototyping Market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Conventional and Rapid Prototyping Market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL CONVENTIONAL AND RAPID PROTOTYPING MARKET KEY PLAYERS
3E Rapid Prototyping Ltd.
ARRK North America, Inc.
Avench Systems INC
Avid Product Development, LLC,
CADX TOOLS & TECHNOLOGIES PVT LTD.
Graphler Technology Solutions
Model Solution Co., Ltd.
Star Rapid. Ltd
Protolabs
Fictiv's
ProtoCAM
Fathom Digital Manufacturing
Core Molding Technologies, Inc.
Materialise NV
Ant Studio Co., Ltd.
IMAGE MODEL Company Limited
Empire Group USA, Inc.
Kayra Global
GLOBAL CONVENTIONAL AND RAPID PROTOTYPING MARKET, BY PRODUCT TYPE
Proof-of-Concept (PoC) Prototype
Functional Prototype
Visual Prototype
Others (User Experience Prototype, etc.)
GLOBAL CONVENTIONAL AND RAPID PROTOTYPING MARKET, BY APPLICATION
Construction & Manufacturing
Electronics & Consumer Goods
Automotive
Medical & Healthcare
Aerospace & Defense
Others
GLOBAL CONVENTIONAL AND RAPID PROTOTYPING MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA