Global Rapid Prototyping Materials Market Overview
Rapid Prototyping Materials are used for making physical prototypes directly from digital data. This technology has been growing widely in order to manufacture various automotive, building and healthcare machinery parts. The application of rapid prototyping has led to the application of new forms of materials with higher durability as well as flexibility to standardize according to the prototype. Rapid prototyping are also used in making of customized jewelries, military weapons, and aerospace parts. The wide range applications of rapid prototyping in various industries help with not just marketing of the products at reduced time range but also in maintaining the quality of the products. The materials generally used for rapid prototyping include metals, polymers and ceramics out of which polymers are the highest demanded materials in the industries. Rapid prototyping is extensively used consumer goods and electronics market as well on account of vitality of time being in sales of consumer products. Rapid prototyping is being used on account of this technology providing higher production speed and achieving better prototype designing than traditional prototyping techniques. Rapid prototyping is thus, a group of techniques that utilize three-dimensional computer aided design (CAD) data to fabricate a scale model of assembly. Rapid prototyping is also used in software engineering to try out new application architectures and business models.
Market Size & Forecast
Rapid prototyping materials market is anticipated to record a significant CAGR of 14.8% over the forecast period. The rapid prototyping materials market is expected to reach USD 11.3 million at the end of the forecast period. Many multi-national companies are concentrating towards new product advances in rapid prototyping materials. Moreover, the many advantageous properties of rapid prototyping materials are exploited in the field of automotive and business modeling and building now and then. New uses for rapid prototyping materials are discovered on regular basis which is expected to drive the rapid prototyping materials market rapidly.
Currently the global rapid prototyping materials market is observing vibrant growth on account of increasing demand of consumer goods in viable time period in the market. Advances in various end-use industries in the past few years and growing technological explorations are projected to drive rapid prototyping materials market besides the wide range of functions of rapid prototyping materials in an immense range of industries such as healthcare, automotive, electronics, aerospace and defense during the forecast period. On the basis of regional platform, global Rapid Prototyping Materials market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
As a precursor to building materials in various end-user industries, North America is panned to observe substantial rapid prototyping materials market growth on account of its innate nature of adopting technological advanced products and materials in their nascent stage. North America is expected to be followed by Asia-Pacific in terms of consumption due to expanding rapid prototyping materials requirements in healthcare and aerospace industries. On the back of multiplying uses of rapid prototyping materials in 3-D printing technology and growing R&D activities regarding the same, Asia Pacific is budding as a regional rapid prototyping materials consumption market. Europe is expected to drive demand and positively impact rapid prototyping materials market growth owing to increasing rapid prototyping materials application for building processes used in aerospace and defense machineries. However, weak economic conditions in countries such as Russia, Spain and others is expected to showcase a more modest growth of the rapid prototyping materials market across the region over the forecast period.
Our-in depth analysis of the global Rapid Prototyping Materials market includes the following segments:
By End-User Industries
Global Rapid Prototyping Materials Market is further classified on the basis of region as follows:
Growth Drivers & Challenges
The rising demand for rapid prototyping materials for various processes in pharmaceutical, aerospace, automotive, electronics industries are expected to drive the market rapidly over the forecast period. The increasing R&D activities associated to rapid prototyping materials have led to the discovery of newer innovations and advancements which are further expected to expand the market on account of discovery of new applications. Applications of rapid prototyping materials in the building and construction of components of a production system resulting in speedier designing and reduction of marketing time are estimated to propel the rapid prototyping market sturdily. Rapid industrialization has resulted in economic development with thriving manufacturing sector which is expected to boost the rapid prototyping materials market across the globe. Moreover, increasing demand for higher production speed on account of changing manufacturing practices and consumer behavior is expected to drive the rapid prototyping market further during the forecast period.
However, higher cost constraints and low awareness regarding these materials among the manufacturer population in developing regions of the world is expected to serve as a hindrance in the sturdy growth of the rapid prototyping materials market.
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