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The rising need for reducing the manufacturing costs in various industries is one of the strongest drivers for the expansion of the global product prototyping market. Furthermore, the benefits offered by the solutions provided by the players in global product prototyping market, such as aiding in identifying as well as addressing the missing features in order to clear out any design flow or confusion early on in the process, saving time and resources over the manufacturing processes, also attract attention of various manufacturers in diverse set of end use industries. However, high cost associated with development of high end and functional prototypes may restrict the growth in the global product prototyping market in coming years.
Few of the distinct types of materials used in the processes within the global product prototyping market include polymer, plaster and starch, metal, ceramic, and foundry sand parts, among others. Key types of services and solutions provided by the manufacturers and players working in the global product prototyping market include PoC or proof of concept, visual prototype, functional prototypes, such as injection moulded prototypes as well as CNC machined prototypes, and user experience prototypes, among others.
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Rising Demand from Automotive Industry Favours Growth in Product Prototyping Market
Key end users that heavily avail the solutions and services offered by the industry players in the global product prototyping market include consumer goods and electronics, healthcare, manufacturing and construction, aerospace and defence, automotive, and industrial, among others. The constantly rising demand from the automotive industry is one of the strongest motivators propelling the growth in the global product prototyping market. The stakeholders and manufacturers in the automotive industry constantly use the solutions in the global product prototyping market to check the design validation, ensure the proper materials are used in the manufacturing processes that come later, and offer insight as well as advice on potential new products the auto manufacturers are thinking about rolling out.
The leading developers, manufacturers, and players operational in the global product prototyping market include ARRK North America, Inc., Avid Product Development LLC, Graphler Technology Solutions, Kickr Design, LLC, Pivot International, Stratasys, Ltd., Fathom Digital Manufacturing Corporation, Fictiv, ProtoCAM, 3E Rapid Prototyping, Ltd., Avench Systems, CADX Tools & Technologies Pvt. Ltd., Hidden Brains Infotech, Model Solution, Co., Ltd., Star Rapid, Ltd., Proto Labs, Inc., Fast Radius, Inc., and Core Molding Technologies, Inc., among others. The major incumbent players in the global product prototyping market are engaged in development and design processes of low cost yet high quality product prototyping solutions in a bid to attract a large consumer base.
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Players in Product Prototyping Market Focused on M & A and Product Innovations
Some other notable corporate growth and development strategies adopted by the players and stakeholders in the global product prototyping market include mergers and acquisitions as well as product innovations. For instance, ARRK Automotive USA, Inc., and ARRK Product Development Group USA, Inc., merged with one another to form the ARRK North America, Inc. in April of 2020. Elsewhere, Lubrizol Corporation was acquired by the Avid Product Development LLC in August of 2020.
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Geographically, the global product prototyping market can be segmented into four distinct regions, namely, North America, Asia Pacific, Europe, and Rest of the World. The developed regions, such as Europe as well as North America contribute heavily to the development of the global product prototyping market. This trend can be attributed to the high rate of adopting latest and smart technologies in these regions. Furthermore, another prominent region, expected to fast track the development of the global product prototyping market in coming years is Asia Pacific. The Asia Pacific product prototyping market is most likely to offer lucrative increment opportunities for the global players, owing to the rising demands for new and high tech products from regional aerospace as well as automotive industries.
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