Rapid Prototyping Materials Market Size, By Material (Polymer, Metal, Ceramic), By Technology (Additive [Fused Deposition Modelling {FDM}, Stereolithography {SLA}, Selective Laser Sintering (SLS}], Subtractive & Compressive [CNC Machining, Casting]), By A

Rapid Prototyping Materials Market Size, By Material (Polymer, Metal, Ceramic), By Technology (Additive [Fused Deposition Modelling {FDM}, Stereolithography {SLA}, Selective Laser Sintering (SLS}], Subtractive & Compressive [CNC Machining, Casting]), By Application (Automotive, Consumer Goods, Medical, Academic, Aerospace, Government & Military), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022-2030

The rapid prototyping materials market is anticipated to amass substantial gains by 2030 owing to growing popularity of prototyping in the automotive industry. In addition, government support for the adoption of advanced technologies to amplify aerospace and military equipment manufacturing, along with substantial product penetration across the education sector in emerging countries, are likely to further propel market growth over the forecast period.

During the COVID-19 pandemic, the industry witnessed new opportunities in the healthcare sector as a result of a shortage of medical instruments and precautionary supplies, such as PPE kits, face shields, and more. Rapid prototyping aids in mass production since it involves reduced cost and time consumption, and thus, various countries are opting for the process, thereby elevating the demand for rapid prototyping materials. For instance, a January 2021 study on the development of custom-made face masks with a rapid prototyping system concluded that 3D printed masks cost less and promoted them as a novel solution to fight against the coronavirus pandemic.

Furthermore, market players are adopting effective strategic growth mergers and acquisitions to broaden their consumer bases, thereby augmenting the overall market outlook. For instance, in January 2022, Höganäs AB, a Sweden-based producer of powered metals, partnered with Piab AB, a machinery company, to increase the sustainability and efficiency of the additive manufacturing process.

The rapid prototyping materials market has been bifurcated in terms of material, technology, application, and region.

Based on material, the rapid prototyping materials industry has been divided into polymer, metal, ceramic, and others. The others segment, which includes composites, wood, and so on, is foreseen to grow at a CAGR of about 6.4% through the estimated timeline. Favorable trends associated with aircraft manufacturing are primed to drive industry growth.

With respect to technology, the rapid prototyping materials market has been classified into additive and subtractive & compressive. The subtractive & compressive segment has further been classified into CNC machining and casting. The casting segment is anticipated to gain a market share of nearly 9.7% by the end of the review period attributed to the positive outlook for automotive prototyping. Casting includes vacuum casting and investment casting processes.

On the basis of application, the rapid prototyping materials industry has been segregated into consumer goods, automotive, academic, government & military, medical, aerospace, and others. The consumer goods segment accounted for over $110 million in revenue in 2021 and is poised to reach a valuation of more than $200 million by 2030. The segment growth is propelled by a soaring population with a high spending tendency, which is set to fuel the sales of consumer goods during the study timeframe.

In the regional context, the Latin America rapid prototyping materials market is expected to progress at a CAGR of around 8% from 2022 to 2030 due to the burgeoning consumption of consumer goods in the LATAM region.