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.
3D printing is used in the healthcare sector to create personalized hearing aid shells, braces, and dental implants. Manufacturers are now investing in research and development for the fabrication of prosthetic components using biological materials such as bone, skin, and cartilage. The introduction of binder jetting has aided in the reduction of total manufacturing time and costs. This is predicted to augment the uses of binder jet 3D printers specifically in the aerospace sector for creating lighter aircraft structures, frames and parts.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 12 Billion |
| Projected Market Value in 2033 | US$ 30 Billion |
| Growth Rate (2023 to 2033) | 9.6% CAGR |
The North American region is projected to dominate the binder jet industry, as it has in terms of technological adoption. A slew of new product releases and improvements are likely to fuel market expansion even further. Several binder jet 3D printing solution suppliers are extending their presence in the North American market in order to strengthen their market position.
In addition, there has been a slew of new product launches, mergers, and acquisitions in North America to capitalise on the promise of 3D printing. ExOne, for example, announced cooperation with Maxxwell Motors in August 2021 to produce 3D-printed copper windings. The region is seeing a surge in investment in North America's healthcare, aerospace and defence, industrial, and consumer products industries, all of which are predicted to increase considerably in the coming years. Various government agencies, such as NASA, have noticed that significant expenditures in 3D printing technology may significantly contribute to space applications and the development of zero-G technologies, hence boosting the market growth.
Fitness trackers and smart clothing are also predicted to drive binder jet technology in the United States. Changing consumer tastes and an increasing desire for personalization have created a need for flexible bands and electronics systems that may be achieved using binder jet technology, propelling its expansion.
In 2022, the hardware sector led the market, accounting for a hefty share of worldwide sales. The increased importance of quick prototyping and improved production processes has benefited the hardware industry substantially. The rising industrialization, expanding penetration of consumer electronic items, developing civil infrastructure, rapid urbanisation, and streamlined labour costs are the primary drivers of the hardware segment's growth.
Initially, desktop 3D printers were exclusively utilized by research scholars and small enterprises. However, they are increasingly being used for personal and household duties, making them a portable category for binder jet market participants worldwide.
The growing tendency of developing small-scale businesses for such services is expected to fuel category expansion at a pace of 9.5%CAGR over the forecast years.
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 8-9% in the forecast period 2021 to 2031. Historically, the market saw a steady growth in the analytic period 2016 to 2020, with only 2020 creating a plunge in sales.
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
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.
Owing to the early adoption of technology combined with the availability of multiple key market players in the region, USA 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.
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.
Some of the leading manufacturers and suppliers of Binder Jet are
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.
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Binder Jet Market
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