Binder Jetting Technology Market Report Overview
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The global binder jetting technology market size is USD 97.2 million in 2022 and is expected to reach USD 254.24 million in 2031, exhibiting a CAGR of 11.3% during the forecast period.
In the construction and interior design industries, binder jetting technology has several uses. This method can print objects that are exceedingly large, and it has been used to construct architectural projects that take up a whole space. Application areas for binder jetting include furniture production, displays, and retail fitting. It has several uses, such as the creation of full-color prototypes (like figurines), sizable sand-casting cores and molds, and inexpensive 3D printed metal parts. To reduce one's carbon footprint, there has been a gradual shift toward ecologically friendly manufacturing and consumer goods.
A few companies have started to create reusable, sustainable, and environmentally friendly materials for binder jetting 3D printers that are perfect for contemporary interior design. In binder jetting, materials like metals, sand, and ceramics in granular form are frequently employed. Metals used for 3D printing are referred to as 3D printing metals and are used to create a range of solid items. Engineers, designers, doctors, architects, and other professionals frequently use them to create realistic models for their clients or pupils.
COVID-19 Impact: Industry Shutdown Causes Market Distortion
The global COVID-19 pandemic has been unprecedented and staggering, with binder jetting technology industry experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The rise in CAGR is attributable to the binder jetting technology market growth and demand returning to pre-pandemic levels once the pandemic is over.
The COVID-19 outbreak caused unstable markets, a drop in consumer confidence, and problems with import and export commerce for producers of machinery and equipment. Markets were shuttered as a result of the lockdown, and many people stayed inside. Supply chain breaches, stock market inefficiencies, and vendor instability are the result of this evolution. The market as a whole was impacted by the shutdown of the machinery and equipment industry. Because there was no longer a market for the product, it has become obsolete as those markets closed. In order to maintain stability amidst the disruptions, organizations were forced to redesign their entire operational structures as a result of the pandemic. The financial imbalance brought on by the closure of numerous stores and significant sectors was the primary factor that distorted the entire market. In addition, the outbreak has a negative impact on the business operations of the enterprises, which affects the market as a whole. The binder jetting technology industry has been somewhat impacted by this.
"3D Printing Technology to Boost the Market Growth"
Technology for 3D printing is the main trend influencing the entire market. The dental business uses additive manufacturing (AM) to create partial dentures, bridges, and other dental goods that are ideal for patients. The standard manufacturing process is typically ineffective for low-volume production because the size of the equipment varies, a problem that the AM technology solves. Over the following few years, the market will benefit greatly from this. Manufacturers are using additive manufacturing to create forceps, prosthetic limbs, hemostats, clamps, and scalpel handles. For several crucial applications in healthcare, many businesses use AM techniques. To give an example, the medical sector and 3D Systems Healthcare will work together to advance additive manufacturing in the dental and medical sectors, which will benefit the entire binding jetting business. The players will have new chances as a result of different industries moving away from quick prototyping and toward 3D printing in the upcoming years. Thus, during the forecast period, the aforementioned factors are anticipated to fuel market growth. The global market will benefit from these factors. Thus, a key trend that is opening up potential for the industry to grow is the growing use of 3D printing technology. These new developments are mostly to blame for the market's overall growth.
Binder Jetting Technology Market Segmentation
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- By Types
Based on type, the market is classified into Metallic Material, Ceramic Material, Plastic Material, Sand Material & Other.
- By Application
Based on the market is categorized into Industrial Parts, Aerospace, Car, Medical, Model Mold & Other.
"Advancement by Companies that Gives the Market Extra Boost"
The market is being fueled mostly by company advancements, which are expected to increase in the upcoming years. The majority of businesses have adopted improved business and technology strategies, which have increased market revenue and profitability. By eliminating the need for intricate tooling, ExOne and 3D printers, a pioneer in additive manufacturing for more than 20 years, have helped foundries and pattern shops enhance sand casting. Through the use of their binder jet process, digital foundries are now able to produce previously unimaginable forms, simplify intricate cores to speed up assembly, and repeat design modifications without the time or cost associated with conventional tooling. The company provides comprehensive systems and support, engineering services, casting simulation for high-level finished pours, on-demand 3D printing of intricate molds and cores, and penetrating sand tooling for a variety of applications. This increases market sales and revenue for the entire sector. As a result, the growth, and the increasing development by companies will boost the market. It will contribute to the expansion of the machinery and equipment industry and it will improve the overall binder jetting technology market growth.
"Building & Interior Design to Encourage Market Expansion"
The building and interior design industries are another element driving the market. Binder jetting technology has a lot of potential uses in the building and design sectors. With this technique, very enormous things, even architectural pieces taking up an entire room, can be printed. The market for binder jetting is important for developing furniture as well as for retail fitting and exhibitions. To lessen one's carbon footprint, it is increasingly shifting toward eco-friendly production and consumption practices. A few businesses have started producing scalable and environmentally friendly materials for binder jetting that are recyclable, long-lasting, and ideal for contemporary interior design. Over the course of the forecast period, the market is anticipated to grow as a result of all these advanced features. As a result, these factors are collectively promoting market expansion, increasing company revenues. As a result, above mentioned factors will help the market to boost.
"High Cost of Jetting Services to Impede Market Expansion"
Binder jetting speed and cost are the issue limiting market expansion. It seems unlikely that cost will be the primary driver of interest in this technology. Manufacturing with the binder jetting technology approach takes a lot longer than with most other manufacturing methods. It may also require numerous builds to optimize a part's design for mass production when using binder jetting services. This factor is impeding market expansion. This may be a significant issue limiting market expansion. If this problem is fixed, the market will start to grow right away.
Binder Jetting Technology Market Regional Insights
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"North America Dominating the Market Across the Globe"
The market for binder jetting technology is in North America has benefited from the region's expanding industrial development, and various driving factors which has increased the potential sectors as this region is the largest user of the product. The key factor driving the growth of the binder jetting technology market share is the growing demand of product in industrial parts, aerospace, car, medical & model mold sector is one of the major reasons to drive the market. Rapid urbanization developments will further boost the overall market.
KEY INDUSTRY PLAYERS
"Leading Manufacturers to Boost Product Demand"
Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.
List of Market Players Profiled
- ExOne (U.S.)
- Voxeljet (Germany)
- Desktop Metal (U.S.)
- Digital Metal (Sweden)
- 3D Systems (U.S.)
The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost binder jetting technology industry share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.
Market Size Value In
US$ 97.2 Million in 2022
Market Size Value By
US$ 254.24 Million by 2031
CAGR of 11.3% from 2022 to 2031
Historical Data Available
Type and Application
Frequently Asked Questions
What value is the binder jetting technology market expected to touch by 2031?
Based on our research, the binder jetting technology market is projected to touch USD 254.24 million by 2031.
What CAGR is the binder jetting technology market expected to exhibit by 2031?
The binder jetting technology market is expected to exhibit a CAGR of 11.3% by 2031.
Which are the driving factors of the binder jetting technology market?
Advancement by companies that gives the market extra boost building & interior design to encourage binder jetting technology market expansion.
What is the restraining factor of the binder jetting technology market?
High cost of jetting services to impede binder jetting technology market expansion.