New York, May 26, 2020 (GLOBE NEWSWIRE) — The global Rapid Prototyping Materials Market is forecast to reach USD 2.70 Billion by 2027, according to a new report by Reports and Data. Rising demand for products manufactured with the help of 3D printing technology from various industries will enhance the growth of the market for rapid prototyping material in the next few years. Rising demand for the technology to better the overall efficiency of the production and designing process is anticipated to propel the market growth. Inventions across the globe combined with Technological advancements are anticipated to boost the demand for rapid prototyping materials in many industries, including healthcare and aerospace & defense.
The rapid prototyping materials market in the U.S. is expected to witness growth because of increasing manufacturing of 3D printed products. Along with this, the rising adoption of 3D printed products in critical industries like aerospace and medical is expected to thrive in the market. The rising number of R&D initiatives relating to the rapid prototyping in the U.S. is also anticipated to benefit market growth.
Increasing industrialization in the Asia Pacific, combined with increased adoption of technology is anticipated to boost the demand for rapid prototyping materials in this regional market. Further, low cost and easy availability of raw materials are anticipated to further enhance the market growth in this region over the next few years.
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The COVID-19 impact:
The mining industry accounts for the vital share of the global economy and is responsible for supplying key raw materials for several applications and industries, thus being an important sector of focus during the ongoing COVID-19 pandemic. Mining industries in China are estimated to return to normal by the 3rd Quarter of 2020 as enterprises have indicated the returning of their workforce soon.
Further, the Iron ore market is known to be the least impacted. Key players like BHP and Vale reported experiencing no significant influence on their operations due to the COVID-19 virus. The iron ore rates have reached above USD 90 per ton during this pandemic situation, which might negatively impact the end-use industries.
Further key findings from the report suggest
- Among the type segment of this market, polymers are presently leading the market, and it will continue to dominate the market with an estimated CAGR of 26.5% over the forecasted period.
- Metal type material is in extensive use for rapid prototyping across heavy load industries like aerospace & defense and automotive. Additionally, metal also finds application in the healthcare industry, for rapid prototyping of equipment such as surgical instruments, implants, and more.
- Among the form segment of this market, filament leads the market presently, and it will continue to dominate with an estimated CAGR of 26.7% over the forecasted period. The material form depends on the technology being used for developing the prototypes. For example, in selective laser sintering, the use of thermoplastics is done in the form of powder, whereas in laminated object manufacturing, the use of thermoplastics is done in the form of sheet.
- The Asia Pacific is currently dominating the market, and it is also estimated to register decent growth because of the rapid development of the construction and manufacturing industry in several economies like Japan and China. Along with this, rising demand for consumer goods owing to the increasing population is expected to propel the market growth.
- The adoption of rapid prototyping in many sectors like education, healthcare, retail, and construction retail in the Middle East & Africa is expected to boost the market growth in this region. The rising need for rapid prototyping in the oil & gas industry is also projected to enhance the market growth in this region over the next few years.
- Key participants include 3D Systems Corporation, Arkema S.A, Stratasys, Ltd., Royal DSM N.V., EOS GmbH Electro Optical Systems, Materialise NV, Oxford Performance Materials, Golden Plastics, Renishaw PLC, Arcam AB, among others.
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For the purpose of this report, Reports and Data have segmented into the rapid prototyping material market on the basis of type, form, end-users and region:
Type Outlook (Revenue, USD Million; 2017-2027)
End- User Outlook (Revenue, USD Million; 2017-2027)
- Aerospace & Defense
- Healthcare
- Transportation
- Construction Goods & Electronics
- Manufacturing & Construction
- Others
Form Outlook (Revenue, USD Million; 2017-2027)
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Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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