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

  • Report ID: 5445
  • Published Date: Dec 06, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Binder Jet Market size is expected to cross USD 40 Billion by the end of 2036, growing at a CAGR of 10% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of binder jet was over USD 12 Billion. The growth of the market is due to a consistent move to minimize one's carbon footprint by purchasing consumer goods and production that is ecologically friendly. A few companies have started to create materials that are sustainable, recyclable, and perfect for contemporary interior design that are both scalable and eco-friendly for use in binder jets. Seventy-eight percent of consumers think sustainability matters. 55% of buyers are prepared to pay extra for environmentally conscious products.

In addition, governments all throughout the world have already started investing in 3D printing research and development, which has positively impacted the adoption and dissemination of technology. For instance, the Dutch government committed an extra USD 150 million to innovation and research in the field of 3D printing.


Binder Jet Market
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Binder Jet Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~ 10%

Base Year Market Size (2023)

 ~ USD 12 Billion

Forecast Year Market Size (2036)

 ~ USD 40 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Binder Jet Sector: Growth Drivers and Challenges

Market-Growth-Drivers

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.


Binder Jet Segmentation

Component (Hardware, Software, Service Material)

The hardware segment is expected to hold 50% share of the global binder jet market during the forecast period. Rapid prototyping and enhanced production methods have become increasingly important, and this has greatly helped the hardware sector. The main factors driving the expansion of the hardware industry include increasing industrialization, growing consumer electronics penetration, developing civil infrastructure, rapid urbanization, and reduced labor costs. Desktop 3D printers first used by small businesses and researchers are being more and more utilized for domestic and personal purposes, which makes them a transportable category for global binder jet industry participants. Annually, consumers spend more than USD 8722 on 3D printing, with over 23% spending close to USD 87227. More than 68% of businesses that use 3D printing do so for pre-series manufacturing and prototyping. It is anticipated that the growing trend of creating small-scale enterprises for these services would encourage category expansion.

End-Use (Healthcare, Automotive, Aerospace & Defense)

The automotive segment in the binder jet market is anticipated to hold the largest revenue share of about 42% during the forecast period. The growth of the market is due to increasing demand for customization in the automotive sector. Numerical control manufacturing is best suited for large-scale production and highly customized automotive parts. Custom auto parts can be produced with the help of binder jetting services. Customers can customize it to their preferences. Many automakers utilize binder jetting for serial item production and customization.

Our in-depth analysis of the global market includes the following segments:

Component

  • Hardware
  • Software
  • Service Material

End-Use

  • Healthcare
  • Automotive
  • Aerospace & Defense

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Binder Jet Industry - Regional Synopsis

North American Market Forecast

Binder jet market in the North America region is expected to hold the largest revenue share of about 32% during the forecast period. The binder jet business is expected to be dominated by North America, just as it has been in terms of technical adoption. Numerous 3D printing binder jet solutions in order to increase their market share in North America, suppliers are expanding their bolster their standing in the market. For instance, the value of 3D printing goods and services was predicted to be close to USD 10 billion, and the US emerged as the nation with the most 3D printing patents. To further capitalize on the potential of 3D printing, a plethora of new product launches, mergers, and acquisitions have occurred in North America. Numerous government organizations, including NASA, have observed that large investments in 3D printing technology might have a substantial impact on space applications and the development of zero-G technologies, which would accelerate industry expansion.

European Market Statistics

The binder jet market in the Europe region is projected to hold the second largest share of about 28% by the end of 2036. Due to the recent announcement from a well-known manufacturer that it will start using binder jet 3D printing in production, Germany is expected to gain a significant market share in the upcoming years. This manufacturer is reportedly the first in the automotive industry to employ 3D printing technology in its production process, to cut costs and boost manufacturing productivity.

Research Nester
Binder Jet Market size
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Companies Dominating the Binder Jet Landscape

top-features-companies
    • ExOne
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Proto3000 Inc.
    • Desktop Metal Inc
    • GE Additive
    • Voxeljet AG
    • 3D Systems, Inc.
    • Stratasys, Ltd.
    • Renishaw plc.
    • Proto Labs Inc.
    • HP Development Company, L.P.

In-the-news

In The News

  • Desktop Metal, a prominent vendor of binder jet 3D printing technology, secured a $7.9 million purchase from a large German vehicle manufacturer. The business would employ its new binder jet 3D printers to mass produce metal vehicle engine parts in large quantities. Desktop Metal already services multiple worldwide automobile firms, several of which 3D print series end-use car components using the company's technology. BMW, Continental, Ford, and Renault are among the companies involved.
  • GE Additive, GE's industrial 3D printing subsidiary, revealed the commercial launch of its Series 3 binder jet platform. The Series 3 is capable of swiftly depositing a unique binder into pieces up to 25 kilos in size, with a diameter of less than 500m, thanks to the technology underlying its alpha and beta predecessors. According to Josh Mook, an Innovation Leader at GE Additive, it is feasible to make metal parts like casting on an industrial scale using machines, which can be integrated into automated manufacturing lines.

Author Credits:  Rushikesh, Richa Gupta


  • Report ID: 5445
  • Published Date: Dec 06, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing advancements in nations and minimization of carbon footprints are the major factors driving the growth of the binder jet market.

The market size of binder jet is anticipated to attain a CAGR of 10% over the forecast period, i.e., 2024-2036.

The major players in the market are 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.

The hardware segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Binder Jet Market Report Scope
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