The Global Rapid Prototyping Market Expected To Reach Usd 6,513.9 Million By 2026:
Global Rapid Prototyping Market – Snapshot
According to a new market report published by Transparency Market Research titled "Rapid Prototyping Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026," the global rapid prototyping market is expected to reach US$ 6,513.9 Mn by 2026. The market is projected to expand at a CAGR of 12.91% during the forecast period from 2018 to 2026. According to the report, the global rapid prototyping market will continue to be influenced by a range of factors such as rising demand for 3D printing technology worldwide, and increasing demand for rapid prototyping to speed-up the design and production process. Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at above 14% through 2026.
Metal as a material used for rapid prototyping expected to be more lucrative for the market
The global rapid prototyping market is bifurcated by components into metal, polymer, ceramic, plastic & starch, and foundry sand parts. Metal is expected to surpass US$ 1,700.00 Mn by 2026. Metal type material is extensively used for rapid prototyping across heavy load industry verticals such as automotive and aerospace & defense. Additionally, metal also finds application across industry verticals such as healthcare, for rapid prototyping of medical equipment such as implants, surgical instruments, and more.
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Additive rapid prototyping technology expected to dominate the rapid prototyping market around the globe
Based on technology, the rapid prototyping market is segmented into subtractive and additive. Additive rapid prototyping technology is projected to surpass US$ 3,000 Mn by 2026. As compared to subtractive rapid prototyping technology, additive rapid prototyping technology offers prototyping of any part at a much faster speed that helps in ramping up the designing and production process. Furthermore, subtractive prototyping is limited to relatively simple shapes, while additive manufacturing can create complex geometries that are not possible with any other technology.
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Consumer goods &electronics end-use industry segment expected to expand at a significant growth rate during the forecast period
On the basis of end-use industry, the rapid prototyping market is segmented into aerospace & defense, consumer goods & electronics, automotive, healthcare, and others. Others industry vertical segment includes entertainment and oil & gas. Rapid prototyping is being used largely by the consumer goods & electronics industry vertical, as time to market is vital for consumer products. Rapid prototyping plays a vital role in reducing the time to market alongside maintaining the quality. Unlike traditional prototyping techniques, rapid prototyping is a process where the part is built from the ground up, layer by layer, based on data from a CAD file. Furthermore, rapid prototyping helps in achieving higher designing and production speed that eventually reduces the time to market.
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