NEW YORK, Feb. 11, 2021 /PRNewswire/ -- The global binder jetting services market is anticipated to expand around 20% annually through the period of 2021 to 2031, as adoption of smart products and solutions is rising, which leads to the introduction of complex-designed solutions. Thus to fulfill increasing demand for complex designs, adoption of binder jetting solutions and services in increasing at a significant rate.
As binder jetting technology industrializes, software solutions are playing an increasingly major role across all areas of the additive manufacturing workflow. Computer-aided Designing (CAD) and simulation have always been a major requirement for the production of lightweight industrial-grade parts. These software solutions can adequately cope with the specific dimensional and physical requirements of a manufacturing process. Developers are estimated to continue marketing their workflow software solutions, as service providers and Original Equipment Manufacturers (OEMs) continue to feel the requirement for automation, centralization and visibility in manufacturing processes.
Key Takeaways from Binder Jetting Services Market Study
- North America was the dominant market in 2020 in terms of value for binder jetting services and solutions. Over the coming years, Canada is expected to be one of the key markets for sustainable revenue generation from binder jetting services, owing to increasing adoption in this region.
- Adoption of advanced technologies and smart solutions is also increasing across developing countries, which is expected to create potential growth opportunities for the binder jetting services market.
- Strategic initiatives undertaken by national governments, especially in China and India, are facilitating the creation of a sustainable additive manufacturing ecosystem, which is fueling adoption of binder jetting services.
- The European region is expected to remain a key market in the global binder jetting services market, as enhanced manufacturing and supply chain realignment are boosting market growth.
- Demand is highest from the healthcare & medical devices sector, which will be close to 24% of overall market share by 2031. Automotive and aeronautics & aerospace follow next.
- Overall, the global binder jetting services market expanded around 20% in 2020, and long-term growth through 2031 is projected at 21%.
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"One of the primary trends prevailing in the market suggests that, across industries, such as consumer electronics, medical, and architecture, customers are highly interested in product personalization services. Instead of purchasing a mass-produced product, customers are more commonly wanting an item that is designed and manufactured for them specifically, and gratifies their personal preferences and tastes," says an analyst at Persistence Market Research.
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COVID-19 Pandemic Impact Analysis
While ensuring employee safety and business continuity remained paramount, companies were simultaneously challenged by a sudden decline in consumer demand, and continuing reduction or halt in global supply chain and onsite activities issues, which began in China shortly before impacting binder jetting services in Europe and the Americas regions. Disruption caused in the global supply chain forced companies to look at technologies that allow for remote manufacturing capabilities without the need for investment in large areas, as such, binder jetting.
Although there is a near-term focus on optimization, cost reduction, and ensuring liquidity, 3D printing businesses are positive in their long-term outlook. Key industries are expected to remain structurally unaffected, with markets returning to the new normal in the second half of 2021, and additive manufacturing's increased relevance has reinforced optimism in the industry's long-term growth. No major shifts in long-term strategy or investment have been made yet due to COVID-19, with investments in on-going R&D continuing.
Find More Valuable Insights on Binder Jetting Services Market
Persistence Market Research puts forward an unbiased analysis of the global binder jetting services market, providing historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. To understand the opportunities in binder jetting services, the market is segmented on the basis of application (prototypes, tools & fixtures, and production parts) and industry (automotive, healthcare & medical devices, aerospace & aeronautics, consumer goods, heavy equipment, oil & gas, and others), across seven major regions.
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