Dublin, June 24, 2021 (GLOBE NEWSWIRE) -- The "Rapid Prototyping Materials Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Rapid Prototyping Materials Market is projected to register a CAGR of over 7% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. Several countries were forced to go in lockdown owing to the pandemic scenario, which led to the shutdown of manufacturing facilities of almost every industry worldwide for a specified time. Automotive production decreased around the world due to lockdown regulations. Furthermore, owing to contractual obligations, resource availability, deliverables, health and safety measures, and project delays or cancellations created by pandemic, the construction industry across most countries around the world was affected badly thus decreasing the market studied.
However, the medical industry was positively impacted by the pandemic. The demand for medical devices has been increasing as many manufacturing companies increased the production of devices, which in turn is expected to drive the growth of the market studied.
Over the medium term, increasing applications from the medical sector and growing demand from the manufacturing sector are the major factors driving the market growth. On the flip side, the outbreak of COVID-19 is expected to hinder the market growth. North America region dominated the market, while Asia-Pacific region is expected to register the fastest growth through the forecast period.
Key Market Trends
Growing Demand from the Manufacturing Sector
Rapid prototyping (RP) is a new manufacturing technique that allows for fast fabrication of computer models designed with 3D computer-aided software.
Manufacturing sectors such as automotive, aerospace, defense, and other industries are the key end-users for rapid prototyping.
Epoxies, colorable resins, filled resins ABS, polyacrylate, etc., wax, nylon, metals, and ceramics are the materials being used in Laser Sintering (SLS), Stereolithography Apparatus (SLA), FDM, Inkjet based printing techniques.
Rapid prototyping is in high demand in North America and Europe because of its advantages. RP can be as a fast and inexpensive method of prototyping design ideas, multiple design iterations, physical validation of design, thereby reducing product development time largely.
Rapid prototyping finds applications in the automobile sector such as gearbox housing, driver control system, metal engine block, production tooling, and dashboards.
Aerospace sector applications include airline electrical generators, engine components, air inlet housing, and other lightweight parts.
Additionally, rapid prototype materials in vehicle weight reduction processes that support in increasing the performance and efficiency of the vehicles.
However, the automobile manufacturing sector has been decling due to COVID-19. According to International Organization of Motor Vehicle Manufacturers (OICA), global production of vehicles, declined by 16% in 2020 when compared to 2019. This is expected to significantly impact the market growth in the short to medium-term.
Still, increasing applications for manufacturing units, technological advancements in materials that are being in production in developed regions are expected to drive the demand for rapid prototyping materials market through the years to come.
North America to Dominate the Market
North America is expected to dominate the global market owing to the developed industrial sector in this region, coupled with the continuous investments done in the region to advance the medical and aerospace technologies through the years.
Medical sector is one of the major end-users that use rapid prototyping technology to make surgery equipment, implants, scaffolds for tissue engineering, stents, prosthetics, and many others.
The healthcare sector in the United States is by far one of the most advanced sectors in the country. The country's expenditure in healthcare stood at USD 3.8 trillion in 2019, an increase of around 4.8% over 2019. For 2020-2027, national healthcare spending is projected to grow at an average of 5.7% and reach approximately USD 6 trillion by 2027.
According to the SelectUSA, a program by The International Trade Administration (ITA), U.S. Department of Commerce, the medical devices market in the country is the largest medical devices market in the world, is valued at USD ~168 billion in 2019 and is estimated to reach USD 208 billion by 2023.
Metal materials, ceramics, and alloys are being used in the manufacturing of aerospace and defense products. The United States has the largest aerospace industry in the world. According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to reach 8,270 in 2037, owing to the growth in air cargo. Also, the United States mainliner carrier fleet is expected to grow at a rate of 54 aircraft per year, due to the existing fleet getting older.
Additionally, Canada ranks first in civil flight simulation, third in civil engine production, and fourth in civil aircraft production globally. It is the only nation that ranks among the top five in all key sector categories.
The aerospace industry in Canada is at a turning point, and exponential growth is predicted for the global industry over the next 20 years, which is expected to significantly drive the consumption of market studied for application in the aerospace industry.
The outbreak of COVID-19 has affected the economic growth of all the countries at present, as almost all the manufacturing and service sectors has affected due to lockdown.
The global rapid prototyping materials market is fragmented in nature. Some of the major players of the market studied include Sandvik AB, Arkema, CRS Holdings Inc., EOS, and DSM, among others.
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Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Applications for the Medical Industry
4.1.2 Growing Demand from the Manufacturing Sector
4.2.1 Unfavourable conditions arising due to COVID-19 Outbreak
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Material Type
5.1.2 Metals and Alloys
5.1.4 Other Types
5.2 End-user Industry
5.2.2 Aerospace and Defense
5.2.6 Other End-user Industries
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.3.2 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.3.4 South America
126.96.36.199 Rest of South America
5.3.5 Middle-East and Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 3D Systems, Inc.
6.4.3 CRS Holdings Inc.
6.4.6 GENERAL ELECTRIC
6.4.7 Hoganas AB
6.4.8 Oxford Performance Materials
6.4.9 Renishaw plc.
6.4.10 Sandvik AB
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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