Dublin, Sept. 23, 2024 (GLOBE NEWSWIRE) -- The "Rapid Prototyping Materials Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The global rapid prototyping materials market is anticipated to grow at a CAGR of 21.85% during 2024-2029
Plastics comprise the majority of materials utilized in rapid prototyping methods. Although some plastics have the same name and chemical makeup as home-grown polymers like nylon or ABS, RP systems provide very different outcomes compared to machining or injection molding. Moreover, photopolymers have diverse chemistry and are rapidly evolving. Photopolymers mimic several plastics, including polypropylene, ABS, and polyethylene, as well as unique materials for optical and medical purposes. Inkjet printers may also produce plastic components. MultiJet Modelling (MJM) uses a soft thermoplastic substance similar to hot melt adhesives. Other inkjets use polyester or wax-based materials.
There are very few commercially accessible options for directly fabricating metal parts using rapid prototyping. Currently, injection molds are often manufactured from metal parts created through rapid prototyping. RP technology can bring significant time and cost reductions, as well as features that would be hard to provide otherwise.
Rapid prototyping is currently less expensive due to the integration of additive manufacturing, also commonly referred to as 3D printing. An organized methodology to engage its components speeds up the rate of designing the next prototype to tackle design issues. CNC machining serves as a good combination with rapid prototyping as it offers accuracies and the need to do surface finishing, especially where tight tolerance or special material is needed. It tends towards speed and accuracy in an organization, thereby ensuring that prototypes that are produced are functional and developed.
Autodesk Fusion 360 is an all-in-one platform that includes design tools for CAD design and part fabrication through fused deposition modeling, 3d printing, and Computer Numer Control milling. Integrative tools help fasten the overall design-process-production cycle, which makes it the most suitable choice for firms looking to get the most out of RP in manufacturing.
GLOBAL RAPID PROTOTYPING MATERIALS MARKET DRIVERS:
The automobile industry's expansion greatly increases the use of rapid prototyping materials. Rapid prototyping is becoming increasingly important as manufacturers rush to bring new models and novel components to market as quickly as possible. These technologies allow for rapid design iteration, rapid testing of novel concepts, and efficient validation of performance indicators.
Furthermore, as customer demand for customized automobiles and sophisticated features grows, rapid prototyping makes it easier to create prototypes for bespoke designs and specialized components. As per the PIB, two-wheelers, motors, and passenger automobiles took the major market shares for the FY 2021-22. The market share was 77% for two-wheeler motors and 18% for passenger automobiles.
Based on the end-user industry, the construction sector is one of the fastest-growing segments.
Several significant factors drive the construction industry's use of rapid prototyping materials. These materials make it possible to create comprehensive architectural models, prototypes for structural components, and customized construction parts quickly and precisely. Rapid prototyping enables the speedy iteration and testing of new building processes and materials as the industry changes towards sustainable practices and inventive designs.
Thus, the global market of rapid prototyping materials is expanding alongside the increasing construction of buildings worldwide. US Census Bureau with the US Department of Housing and Urban New residential construction data gave permit data for April 2024, which stated a total permit of 1,440,000 and completions of 1,623,000.
According to the figures from the Canadian Construction Association, the construction sector of the nation contributes approximately USD 151 billion to its economy every year. This stands at roughly 7.4% of Canada's gross domestic product. Furthermore, the capacity to visualize promotes efficient project planning and execution, increasing the use of rapid prototyping materials in the construction sector.
Asia Pacific's rapid prototyping materials market is anticipated to grow significantly.
The Asia Pacific rapid prototyping materials market is growing rapidly due to robust industrialization, mainly in the automotive manufacturing, electronics, and consumer products sectors. The advancement in technology in additive manufacturing, coupled with government support, is fueling the market. An increase in client-specific product demands and an increased focus on eco-friendly strategies are the major market drivers.
As mentioned, the electronics industry is emerging as a potential segment that is contributing to the growth of the market for rapid prototyping materials at a faster rate than other segments. In 2023, India's electronics sector was estimated at US$155 billion, with local manufacturers accounting for 65%, as stated by Invest India. In addition to this, China remains the world's largest market for the sale of automobiles and the production of cars. The manufacturing of automobiles within the domestic market is expected to be over 35 million automobiles in 2025 in China. Under the NIP, India has a $1.4 trillion infrastructure investment budget, with 24% allocated to renewable energy, 18% to roads and highways, 17% to urban infrastructure, and 12% to railroads.
The major drivers for the regional rapid prototyping materials market are the well-developed automotive and aerospace industries, pushing for faster prototyping to enhance design and component realization. For instance, the Airports Entity of India (AAI), which functions under the Ministry of Civil Aviation, is in charge of the development and management of civil aviation infrastructure in India. Currently, AAI controls 137 airports among which 24 are international airports, 80 are domestic, 23 are military airports for domestic flights, and 10 airports have customs.
Market Dynamics
Market Drivers
- Growing Adoption in Various End-User Industries
- Advancements in Technology
Market Restraints
- High Initial Investment
- Regulatory and Certification Challenges
Porter's Five Forces Analysis
Industry Value Chain Analysis
Competitive Environment And Analysis
- Major Players and Strategy Analysis
- Market Share Analysis
- Mergers, Acquisitions, Agreements, and Collaborations
- Competitive Dashboard
Company Profiles
- 3D Systems
- Arkema
- Henkel Adhesives
- 3ERP
- Star Rapid
- Rapid Made
- Quickparts
- Autodesk
- Axis Prototypes
- Renishaw Plc.
Scope of the Report
By Material Type
- Ceramics
- Metals and Alloys
- Plastics
- Others
By End-User Industry
- Automotive
- Aerospace and Defense
- Medical
- Electronics
- Construction
- Others
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Rest of South America
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Rest of the Middle East and Africa
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Thailand
- Indonesia
- Rest of Asia-Pacific
For more information about this report visit https://www.researchandmarkets.com/r/t8km93
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
