The global rapid prototyping market was valued at US$ 1,928.2
Mn in 2016 and is projected to register compound annual growth rate (CAGR) of
over 12.91% from 2018 to 2026, according to a new report published by
Transparency Market Research (TMR) titled “Rapid Prototyping Market – Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.”
The report suggests that rising use of rapid prototyping across automotive,
consumer goods & electronics, and healthcare industries worldwide along
with the rising trend of 3D printing technology around the globe is likely to
spur the demand for rapid prototyping in the coming years (2018 to 2026). As
key players introduce new rapid prototyping in developed markets such as North
America, Europe, and Asia Pacific, these regions are likely to account for
dominating share of the global rapid prototyping market. Growing demand for
rapid prototyping from the growing consumer goods & electronics industry in
emerging markets such as China, Japan, and India is likely to boost growth of
the Asia Pacific rapid prototyping market at a growth rate of around 15% from
2018 to 2026.
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Higher initial cost of 3D printer rapid prototyping
for heavy applications to affect the expansion of rapid prototyping worldwide
Rapid prototyping has gained significant attention and has become one of
the most sought after technological advancements. Rapid prototyping helps in
the manufacturing of a product effectively by reducing the time between the
design and final production. Initial cost of a 3D printer used for rapid
prototyping is very high and this initial cost is one of the prominent factors
holding back the growth of 3D printing and rapid prototyping. For instance,
high quality 3D printers can cost upward of up to US$ 2 million. Furthermore,
one of the issues with rapid prototyping is that 3D printers tend to be small
and as a result the size of the developed product is also small. However, there
are huge 3D printers available in the market, but the cost of such printers is
very high for smaller sized companies. With respect to cost, bigger industries
such as automotive and aerospace have no problems in using the bigger 3D
printers. However, many companies still have to use traditional methods of
manufacturing until the cost of bigger machines goes down. Many players in the
rapid prototyping space are trying to develop and offer cost effective 3D printers
to excel in the continuously increasing competition and to promote rapid
prototyping.
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ANALYSIS –
Demand for rapid prototyping is continuously
increasing across many industry verticals around the globe
Rapid prototyping is the creation of models at a higher speed, which are
examined functionally and/or visually during the process of product
development. Although the terms 3D printing and rapid prototyping are used
interchangeably, 3D printing is the method and rapid prototyping is the end
result. Furthermore, rapid prototyping is used in physical and non-physical
product development. For instance, in software development, as an alternative
to the traditional “waterfall” method, it uses “rapid application development”
(RAD) rapid prototyping. Many industry verticals including automotive,
aerospace, and healthcare are using rapid prototyping for product development,
as it gives engineers and designers the benefit of design modification during
the development stage until it is considered for production. Additionally, it
is also a great way to test various finishes and materials on the product at a
much faster rate before launch to market.
North America is the leading contributor to the
rapid prototyping market
In terms of value, North America was the leading contributor to the
global rapid prototyping market in 2017. The contribution is primarily due to
the booming rapid prototyping marketplace along with the presence of
well-established players across the region, especially driven by the U.S. and
Canada. The U.S. is home to many well-established players from the rapid
prototyping domain including3D Systems, Inc., Stratasys Ltd., and Carpenter
Technology Corporation. Furthermore, North America is witnessing higher
adoption of rapid prototyping due to continuously rising automotive and healthcare
industry. Many companies are trying to innovate novel products pertaining to
rapid prototyping to compete with the other well-established players across the
region and globe. For instance, in April 2018, Stratasys Ltd. announced
advancement in its products namely J750 and J735 3D printers, to reduce the
time-to-market and development cycles. Furthermore, it will help customers and
designers to build rapid prototypes with streamlined design-to-prototype
workflows for faster time-to-market.
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Key players such as Stratasys Ltd., 3D Systems,
Inc., GE Additive, and Sandvik AB likely to lead the global rapid prototyping
market
Stratasys Ltd., 3D Systems, Inc., GE Additive, and Sandvik AB among
others are some of the major players operating in the rapid prototyping market
profiled in this study. Various players are building partnerships to meet the
continuously rising consumer demand with respect to rapid prototyping. In May
2017, Sandvik AB announced that it is partnering with Desktop Metal, a company
that designs and markets metal 3D printing systems to supply the gas atomized metal
powders designed for rapid prototyping for its 3D printing systems.
Furthermore, this partnership will help both the companies in supporting the
consumer demand for new additive manufacturing or rapid prototyping
technology.
Chemicals
and Materials Sector
Companies in the Polyether EtheRapid Prototyping
market have increasingly shifted gears with wide application of digital
technology across the continuum, from raw material sourcing to manufacturing to
generation of final output, to warehousing to final distribution operations.
Among the various affects, the market is witnessing new growth economics due to
thinning of line between specialty and commodity businesses that are associated
with the larger ecosystem. At the same time, new growth parameters are being
vigorously being debated as industry stakeholders put greater emphasis on the
circular economy processes.
