Growing demand for Rapid Prototyping Material from end-user industries, application of 3D printing, development of cost effective prototyping materials, are some of the factors to boost the Rapid Prototyping Material Market.
JERSEY CITY, N.J., Feb. 14, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Rapid Prototyping Material Market" By Material Type (Ceramics, Metals, and Alloys), By End-User (Aerospace and Defense, Medical, Electronics), and By Geography. According to Verified Market Research, the Global Rapid Prototyping Material Market size was valued at USD 658.6 Million in 2020 and is projected to reach USD 2282.8 Million by 2028, growing at a CAGR of 28.50% from 2021 to 2028.
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Global Rapid Prototyping Material Market Overview
Driver- Rapid prototyping is used in the additive manufacturing process to build testing models, which are particularly important for casting and tooling, and are expected to drive the rapid prototyping materials industry. The use of 3D printing technology for prototyping applications has been introduced in highly important end-use industries such as aerospace and defense and healthcare. Rapid prototyping is a word that refers to a set of technologies that are used to generate actual products from computer-aided design (CAD) data in a step-by-step fashion. These "three-dimensional printers" allow designers to readily build tangible prototypes of their designs instead of only two-dimensional sketches.
Cos of the significance of time in consumer product sales, rapid prototyping is commonly employed in the creation of consumer products and electronics. Rapid prototyping has led to the development of novel materials with improved performance and the ability to standardize based on the prototype. The most widely utilized materials for rapid prototyping are metals, polymers, and ceramics, with polymers being the most prevalent in the industry.
Restraints- High material costs, synchronization between prototyping and production materials, and a low adoption rate of rapid prototyping in emerging economies are all major issues limiting the Rapid Prototyping Materials Market's growth. The Rapid Prototyping Materials Market is likely to be driven by high R&D investments by leading industry players.
Opportunity – Rapid prototyping (RP) is a novel manufacturing process that enables the rapid manufacture of computer models created using 3D computer-aided design software. The automotive, aerospace, defense, and other manufacturing industries are the primary end-users of rapid prototyping.
Key Developments in Rapid Prototyping Material Market
August 17, 2020, Continuous Composites, the inventor of Continuous Fiber 3D Printing technology, is deepening its collaboration with Arkema (CF3D).
September 10, 2021. 3D Systems introduces VisiJet Wax Jewel Red, a new material for jewelry design.
Dec 20, 2021, Oxford Performance Materials (OPM) has been hired by Boeing to 3D print parts for the CST-100 Starliner spacecraft. Early next year, the Starliner will take to the skies OPM has already started shipping the OXFAB parts to Boeing, where they will be installed.
The major players in the market are Arkema, 3D Systems, Inc., CRS Holdings Inc., EOS, DSM, Oxford Performance Materials, Sandvik AB, Höganäs AB, Renishaw plc., GENERAL ELECTRIC.
Verified Market Research has segmented the Global Rapid Prototyping Material Market On the basis of Material Type, End-User, and Geography.
Rapid Prototyping Material Market, By Material Type
Rapid Prototyping Material Market, By End-User
Rapid Prototyping Material Market by Geography
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