Binder Jet Market Size & Share, by Component (Hardware, Software, Service Material); End-Use (Healthcare, Automotive, Aerospace & Defense) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Growing Advancements and Inventions that Businesses Are Producing- The binder jet market is expected to expand in the next years as a result of the firms' increasing advancements. The majority of the businesses have adopted improved technology and business strategies, which have raised market revenue and profitability. For example, by eliminating the need for intricate tooling, ExOne and 3D printers, a pioneer in additive manufacturing for more than 20 years have assisted foundries and pattern shops in improving sand casting. Digital foundries can now produce forms that were previously unachievable, simplify complex cores to reduce assembly time, and repeat design changes without the time or cost associated with traditional tooling thanks to their binder jet 3D printing technology.
• Technology for 3D Printing to Accelerate Market Growth- The primary trend driving the whole market is 3D printing technology. Additive manufacturing (AM) is used by the dental industry to produce patient-specific partial dentures, bridges, and other dental products. The market will gain a great deal from this over the next few years. Additive manufacturing is being used by producers to make clamps, forceps, hemostats, prosthetic limbs, and scalpel handles. Several companies employ AM methods for a number of important applications in the healthcare industry. In the coming years, various industries will shift away from rapid prototyping and towards 3D printing, giving the players new opportunities. In 2021, 2.2 million 3D printers were shipped.
• Construction and Furnishings to Promote Market Growth- The interior design and construction sectors are other factors propelling the market. There are numerous applications for binder jetting technology in the construction and design industries. The market for binder jet is crucial for exhibitions, retail fitting, and furniture development. Consequently, these elements are working together to encourage market growth and raise corporate profits.

Challenges

• High Prices for Jetting Services Prevent Market Growth- The cost and speed of binder jetting is the problem impeding market growth. Cost isn't expected to be the main factor influencing interest in this technology. It takes a lot longer to manufacture with the binder jetting technology approach than it does with most other manufacturing techniques. It might also call for a lot of utilizing binder jetting services to optimize a part's design for mass production. The growth of the market is hampered by this issue. This could be a major problem impeding market growth. As soon as this issue is resolved, the market will expand.
• For manufacturers of machinery and equipment, the COVID-19 epidemic resulted in unstable markets, a decline in customer trust, and issues with import and export trade. Because of the lockdown, markets were closed, and a lot of people stayed indoors. This evolution has led to supply chain breaches, stock market inefficiencies, and vendor instability.
• Obstacles like size restrictions and material selection limitations could somewhat impede the market expansion.