Research Nester assesses the growth and market size of global binder jet market which is anticipated to be on account of the increasing construction and furnishing and technology for 3D printing.
New York – December 1, 2023 - Research Nester’s recent market research analysis on “Binder Jet Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global binder jet market in terms of market segmentation by component, end-use, and by region.
Growing Concern for Minimization of Carbon Footprint to Promote Global Market Share of Binder Jet Market
The market has grown as a result of people making constant efforts to reduce their carbon footprint by buying consumer items and supporting environmentally friendly production. A small number of businesses have begun to provide materials for use with binder jets that are eco-friendly, scalable, and ideal for modern interior design. 78% of consumers believe that sustainability is important. For products that care about the environment, 55% of consumers are willing to pay more. Furthermore, governments everywhere have already begun to fund research and development related to 3D printing, which has helped spread and accept technology. For example, the Dutch government increased its funding for 3D printing innovation and research by USD 150 million.
Some of the major growth factors and challenges that are associated with the growth of the global binder jet market are:
Growth Drivers:
• Surge in Advancements and Interventions that Businesses are Producing
• Rising Technology for 3D printing
Challenges:
The issue preventing market expansion is binder jetting's speed and expense. It is not anticipated that cost will be the primary factor determining interest in this technology. Compared to most other manufacturing procedures, the binder jetting technology approach requires a significantly longer manufacturing process. To optimize a part's design for mass manufacturing, binder jetting services may also need to be used extensively. This problem is impeding the market's expansion. This can be a significant issue preventing market expansion. The market will grow as soon as this problem is fixed.
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By component, the global binder jet market is segmented into hardware, software, and service material. The hardware segment is to garner the highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. Rapid prototyping and improved production techniques have grown in significance, and the hardware industry has benefited immensely due to this factor. Growing industrialization, rising consumer electronics penetration, building civil infrastructure, fast urbanization, and falling labor costs are the primary drivers of the hardware industry's rise. Desktop 3D printers, which were once employed by researchers and small enterprises, are increasingly being adopted for home and personal usage, making them a transportable segment for players in the worldwide binder jet sector. Consumers use 3D printing to spend over USD 8722 per year, with over 23% spending about USD 87227. More than 68% of companies that use 3D printing do so for prototype and pre-series production. It is expected that the increasing tendency of establishing small businesses for these services would promote category growth.
By region, the Asia Pacific binder jet market is to generate the highest revenue by the end of 2036. This growth is anticipated by aerospace industries that have been using additive manufacturing products to improve their performance. These products are lightweight and resistant to extreme weather, and because they require less material and form materials layer by layer, they provide an advantage to the aerospace industry in terms of waste reduction and weight reduction, both of which are critical for producing aerospace parts for large corporations. Hence, the market in the region is projected to grow during the projection period.
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This report also provides the existing competitive scenario of some of the key players of the global binder jet market which includes company profiling of Proto3000 Inc., Desktop Metal Inc, GE Additive, Voxeljet AG, 3D Systems, Inc., Stratasys, Ltd., Renishaw plc., Proto Labs Inc., HP Development Company, L.P., and others.
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