Market Trends of Rapid Prototyping Materials Industry
This section covers the major market trends shaping the Rapid Prototyping Materials Market according to our research experts:
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.
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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.
- This is expected to slowdown the market for rapid prototyping materials in the short term. However, the market is expected to grow during the forecast period.
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