Global Rapid Prototyping Market Is Expected to Reach $15.0 Billion by 2031: Allied Market Research
The rise in demand for customization of products to gain competitive edge and surge in adoption of multiple materials for prototyping drive the growth of the rapid prototyping market. By material, thermoplastics segment accounted for the highest share in 2021. The Asia-Pacific region is expected to see the fastest growth in the market, with a high CAGR projected by 2031.
Portland, OR, March 27, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global rapid prototyping market generated $2.5 billion in 2021 and is estimated to reach $15.0 billion by 2031, witnessing a CAGR of 20.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2022–2031 |
Base Year | 2021 |
Market Size in 2021 | $2.5 Billion |
Market Size in 2031 | $15.0 Billion |
CAGR | 20.4% |
No. of Pages in Report | 321 |
Segments covered | Material, Technology, End User Industry, and Region |
Drivers | The growing craves for product customization to gain a competitive benefit |
Surge in adoption of multiple materials for prototyping | |
Opportunities | The implementation of 3D printing technology for both manufacturing applications and rapid prototyping applications |
The increasing need for rapid prototyping to speed up the design and production process | |
Restraints | High cost of materials caused by low utilization capacity |
Covid-19 Scenario:
The outbreak of the COVID-19 pandemic had a mixed impact on the rapid prototyping industry, due to disruptions in the supply chain, a shortage of labor, and strict transportation regulations that caused production delays in manufacturing activities.
Additionally, the economic slowdown impacted the development of rapid prototyping. Due to a temporary slowdown in manufacturing activities caused by the scarcity of raw materials, major players in the rapid prototyping sector had seen a decline in revenues for the fiscal years 2020 to 2021.
However, as the global situation began to recover, the major players in the market have reduced their R&D budgets moderately and have shifted their attention to next-generation products as a response to the negative effects of COVID-19.
The report offers a detailed segmentation of the global rapid prototyping market based on material, technology, end user industry, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on material, the thermoplastics segment accounted for the highest share in 2021, for nearly half of the global rapid prototyping market revenue and is expected to continue its lead during the forecast period. The metals and alloys segment, however, would manifest the fastest CAGR of 21.5% during the forecast period. The report also discusses ceramics and others segments.
Based on technology, the stereolithography (SLA) segment contributed to more than one-third of the global rapid prototyping market revenue and is projected to rule the roost by 2031. On the other hand, the fused deposition modeling (FDM) segment would portray the fastest CAGR of 21.6% throughout the forecast period. The other segments assessed in the report include selective laser sintering (SLS), digital light processing (DLP), and others.
Based on the end use industry, the manufacturing and construction segment accounted for the highest share in 2021, generating around two-fifths of the global rapid prototyping market revenue and is projected to maintain its dominant share in terms of revenue during the forecast period. However, the consumer goods and electronics segment would showcase the fastest CAGR of 23.8% throughout the forecast period. The aerospace and defense, healthcare, and others segments are also analyzed throughout the report.
Based on region, North America held the major share in 2021, garnering more than one-third of the global rapid prototyping market revenue and is projected to maintain its dominance by 2031. Additionally, the Asia-Pacific region would display the fastest CAGR of 22.0% throughout the forecast period. The other provinces studied in the report include Europe and LAMEA.
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The prominent market players analyzed in the global rapid prototyping market report include Arcam AB (General Electric), Optomec, Inc., Carbon 3D, Hoganas AB, 3DFortify, Inc., Desktop Metal, Inc., 3D Systems, Inc., Mark forged, Ex One Company, and Stratasys, Ltd. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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 Key Segments:
Material
Thermoplastics
Metals and Alloys
Ceramics
Others
Technology
Stereolithography (SLA)
Selective Laser Sintering (SLS)
Digital Light Processing (DLP)
Fused Deposition Modeling (FDM)
Others
End User Industry
Aerospace and Defense
Healthcare
Manufacturing and Construction
Consumer Goods and Electronics
Others
By Region
North America (U.S., Canada, Mexico)
Europe (UK, Germany, France, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
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