Rapid Prototyping Materials Market Size

Rapid Prototyping Materials Market Size

Rapid Prototyping Materials Market size was recorded at over USD 700 million in 2021. Driven by rising awareness regarding the benefits of rapid prototyping in mass manufacturing, the industry is expected to grow at more than 7% CAGR from 2022 to 2030.

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Rapid prototyping is gaining significant attention as a modern and quick solution for fabricating physical objects directly from parts created in CAD, using addictive layer manufacturing techniques. This process reduces the time and cost of planning, tooling, or fixating components. Increasing penetration of prototyping in the automotive and aerospace sectors is set to foster market growth. Advancements in prototyping materials have also encouraged manufacturers to adopt additive manufacturing technology.

Moreover, government emphasis on utilizing rapid prototyping to integrate efficient IT modernization in varied industries is also fueling the product demand. For Instance, in June 2021, the U.S. Department of Defense introduced new strategies and policies to bolster the adoption of additive manufacturing, including fused deposition modelling, selective laser sintering, and 3D printing. Such initiatives are anticipated to reduce the production cost while developments in the technology will help in producing spare parts for aircraft and weapons systems, tools, and medical supplies through rapid prototyping.

High cost of material may restrain industry progression

High investment and maintenance cost are major factors restraining market growth. Rapid prototyping materials are fairly expensive as they enable manufacturers and marketers to go over every aspect of the product in detail. Each component of the prototyping process cuts down production prices, thereby raising the material cost. Nonetheless, government initiatives and strategies to boost the use of these materials are likely to combat the issue.