In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
On 17th June, 2019, CyBe Construction – a Dutch concrete 3D printing company was chosen to build 3D printed houses in the Sharjah Technology and Innovation Park in the UAE.
3D construction printing (3DCP), often referred as 3D concrete printing, is the process of manufacturing additives that are used to fabricate buildings and construction components in ground-breaking forms which were previously not possible with traditional concrete formwork. In extrusion generally concrete or cement, wax, foam, polymers are used; polymer bonds and sintering are used in powder bonding and additive welding. These fabrications can be done both on-site or off-site using industrial robots and tethered autonomous vehicles.
3D concrete printing offers tremendous possibilities for new designs and to achieve the “form follows function” efficiency by optimal structure forms. The most important factor to be considered in construction business is the costs associated. By employing 3D concrete printing technology, it is expected to bring down the construction costs. Other benefits such as reduction in construction wastes, improving quality of production and less time for setting are attributed to adopting the 3D concrete printing technology. Digital revolution in construction is aimed at constructing structures with integrity, higher life cycles and less maintenance.
Some factors such as reduction in costs of construction, rapid urbanization and the increasing demand for affordable housing with structural integrity and design-customizability are anticipated to boost the market growth. Additionally, these technologies help in developing complex building geometrics with higher precision and less construction wastes. Driven by these prominent features along with favorable government regulations for permitting 3D construction technology in public and private infra projects, the global 3D concrete printing market is estimated to grow with notable CAGR during the forecast period, i.e., 2020-2028. On the basis of mix type, the market is further segmented into shotcrete, ready-mix concrete, lime crete and others, out of which, the leading market share is estimated to be held by ready-mix concrete segment. This can be attributed to this being a preferred mix type by masons due to its less setting time. The market is further segmented by technique into power based and extrusion based segments. Among these, the extrusion based segment was the largest revenue generating segment in 2019 owing to the availability of various buying options pertaining to the material, and design preference of consumers. Additionally, the option of fabricating the components that is done both on-site and off-site using automation tools further contributes to the growth of the segment.
Based on the end user segment, the market is categorized by industrial infrastructure, buildings and others. Out of these, the buildings segment is projected to hold the leading market share on the back of rising utilization of 3D concrete printing tech for building complex structures at affordable costs.
Rapid Urbanization and Cost-affordable housing
According to the World Bank, the urban population accounted for 55.27% of the total population globally in the year 2018. This rapid urbanization in the last few decades is drawing a huge demand for affordable housing. The time-saving ability of the 3D concrete printing technology while ensuring structural integrity of the buildings with less construction wastes is anticipated to enormously increase the affordability of homes.
Enriched lifestyles looking for architectural finesse and customizability in the homes is driving architects to adopt 3D concrete printing technology as a mode of making fashionable designs. These are some of the considerable factors that are estimated to promote the growth of the market. Additionally, this growth is backed by rising number of initiatives taken by governments of different regions to promote real estate, housing and construction from across the globe.
Rise Concerns Related to Global Warming and Climate Change
On the back of growing technological advancements and concerns towards developing ecofriendly solutions in order to minimize carbon emissions from construction activities and construction wastes, the global 3D concrete printing market is estimated to witness substantial opportunities throughout the forecast period. This, in turn, is driving manufacturers to come up with consumer and nature-friendly solutions.
High Costs Associated with 3D Printing Technology
The potential factor that is predicted to hamper the growth of the market is the high cost associated with 3D concrete printing machinery as compared to the conventionally used construction equipment.
Lack of Awareness
The lack of product awareness in the developing countries across the globe might act as a barrier to the growth of the market. In order to increase the market size, it is important to increase the awareness about the available technologies in both developed and developing countries.
Our in-depth analysis of the 3D concrete printing market includes the following segments:
By Mix type
By End User
On the basis of regional analysis, the 3D concrete printing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market 3D concrete printing machinery. Moreover, the increase in demand for complex buildings construction in this region is estimated to increase the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of rapid urbanization and industrialization along with a high population in the region. The rising awareness pertaining to utilization of ecofriendly construction practices in the region, especially in countries such as China, India and Japan, is further anticipated to result in the increased demand for 3D concrete printing.
The 3D concrete printing market is further classified on the basis of region as follows: