As per Future Market Insights, the binder jet market is anticipated to attain a value pool of US$ 12 billion by 2023-end. Global demand for binder jets is expected to rise at a CAGR of 9.6% to US$ 30 Billion in 2033.
With the advent of Additive Manufacturing, Binder Jet sales forecast shows a healthy growth in the long run along with high growth prospects in the short term. According to research study estimates, the market growth is anticipated to flourish with CAGR around 9.6% in the forecast period 2023 to 2033. Historically, the market saw a steady growth in the analytic period 2016-2020, with only 2020 creating a plunge in sales.
What is Driving Demand?
Binder jetting technology utilizes a liquid based binder material and a powder building material for the 3D additive process. The technology does not incorporate the use of heat in the manufacturing process, which in turn causes reduction in overall manufacturing costs, and is thus widely adopted.
Another factor for such high rate of acceptance of such technology is that it causes less harm to environment since the technology facilitates fast manufacturing the usage of heavy machinery gets reduced saving ample of high voltage of electricity.
Greater number of items gets produced in a given time span with cutting edge precision thus saving thousands of dollars for frequent quality control. The technology requires no support structures, is accurate and repeatable, and is said to eliminate dimensional distortion problems common in some high-heat 3D technologies, which again creates void to fill by Binder jet and driving its demand.
Demand from 3D printing and additive manufacturing in food, construction materials, medical etc. is expected to usher in healthy growth opportunities for Binder Jet market
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Binder Jet Market Dynamics
There has been immense research and developments in the field of additive manufacturing held in the past decade, discovering numerous merits of it. Today, it has become the broadest category of manufacturing. It is the beginning of a transformation.
The technology still is known to a small portion of industry and the amount of public research related to the field is small too yet the rate of innovation is high and the market is set to boom drastically ones drawbacks like complex sintering process and post processing gets solved. The technology carries the potential to cannibalize metal injection molding and powder metallurgy applications.
U.S. Market Outlook
Owing to the early adoption of technology combined with the availability of multiple key market players in the region, U.S. holds a prominent position in the global market for the technology. The region accounts for one of the largest automotive industry and defense industry in the world, where the technology is currently applied, thus is in constant demand.
The technology being costly at initial level than conventional manufacturing techniques, the new manufacturer finds it difficult to procure. The technology is ideal for the production of cost-efficient sand cores and moulds as well as plastic parts. The application of these parts range from functional prototypes and display models to metal casting.
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Germany Market Growth Prospects
Germany is anticipated to acquire a major market share in the coming years owing to the latest announcement from a prominent manufacturer to commence manufacturing with binder jet 3D printing, reportedly becoming the first automotive manufacturer to use the 3D printing technology in its production process, with the aim of reducing costs and increasing the productivity of its manufacturing process.
Moreover, the country is a quiet welcoming to new market entrants which introduce new manufacturing methods and sow developments in this wide sector.
Who are the Key Manufacturers and Suppliers of Binder Jet?
Some of the leading manufacturers and suppliers of Binder Jet are
- Desktop Metal
- Digital Metal
- ExOne
- GE Additive
- HP
- Viridis3D
- Voxeljet
- 3DEO
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
Key Segment
By Component:
- Hardware
- Software
- Service
- Material
By End-Use:
- Healthcare
- Automotive
- Aerospace and Defense
- Others
By Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- Italy
- France
- U.K.
- Spain
- BENELUX
- Russia
- Nordics
- East Asia
- China
- Japan
- South Korea
- South Asia and Pacific
- India
- ASEAN Countries
- Oceania
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- GCC Countries
- Turkey
- Northern Africa
- South Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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