Binder Jetting Services Market Analysis by Business Developing Strategies, Growth Key Factors and Forecast to 2031

The global market for binder jetting services about to value US$ 613 million by 2031. Due to service providers' ongoing emphasis on product innovation, the industry is expected to experience tremendous growth over the next few years.

Persistence Market Research's study covers comprehensive insights about market trends, value (US$ Bn) projections, recent developments, and dynamics in the binder jetting services market by the forecast period to 2031. The report tracks the global value of binder jetting services in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the binder jetting and overall 3D printing industry.

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Which Technologies are Fueling Demand for Binder Jetting Services?

Digitization is driven by new Internet of Things (IoT)-enabled devices, along with breakthroughs in Artificial Intelligence (AI), cloud-based services, and web 3.0. Companies addressing this new digital age are focusing on finding ways of responding to changing consumer trends and data patterns, using technologies such as binder jetting. Also, introduction of Industry 4.0 is one of the key factors driving the expansion of the global binder jetting market size.

Apart from this, by convergence of technologies, such as binder jetting and additive manufacturing, machine printing in combined multi-material products of ceramics, polymers, biomaterials, and metals enables embedded functionality within the printing process. Introduction of these systems has the potential to revolutionize the way companies manufacture products. Moreover, introduction of this technology helps in addressing digital manufacturing challenges, and allows the production of complex functional products.

How is Enhanced Manufacturing and Supply Chain Realignment Propelling Growth of Binder Jetting Services Market?

Binder jetting technology is a milestone in the development of manufacturing technology. It offers a wide range of applications, which include equipment manufacturing and material research & development. Binder jetting technology is making manufacturing models undergo profound changes, and is overcoming challenges of traditional technologies by offering less processing time, material saving, and increased efficiency of industrial production.

Besides, as the distance between production and consumption is getting reduced, established supply chain models based on economies of scale are being challenged by new customer-supplier relationships, which is driven by the Internet and social media.

Companies therefore need to look for highly-developed digital technologies to remain competitive, and must also cope with these technologies for seamless integration between customers and suppliers. Binder jetting is one such digital technology that helps companies in linking intuitive web-based interfaces and 3D technologies at the front end of the supply chain, allowing consumers to become product designers and driving real-time & agile manufacturing.

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What are the Factors Affecting Adoption of Binder Jetting Services?

Installation of new binder jetting systems demands high initial expenditure. Due to lack of budget, various small- and medium-sized companies are reluctant toward the adoption of binder jetting technology, which is one of the major factors hampering growth of the market.

Apart from this, it has been observed that, many countries in Latin America and the Middle East and Africa (MEA) are spending less on research & development activities as compared to manufacturers and end users in other regional markets. Low R&D expenditures are expected to challenge the growth of these regional binder jetting markets, thus restricting growth of the global market.

Market Share Analysis of Binder Jetting Service Providers

The binder jetting services market is estimated to be fragmented over the forecast period. This projected high fragmentation is attributed to revenue generated by new start-ups and other established small- and medium-sized service providers. Companies that hold market share above 10% are tier-1 companies, and this group includes players such as 3D Systems Inc., Stratasys Ltd., and ExOne.

Companies with a market share of above 5% and below 10% are promising players. These companies are likely to showcase a quick growth trend, and harness the opportunities that the global market has to offer to accommodate business expansion and revenue generation. This group includes Voxeljet AG, Renishaw PLC., and HP Development Company, LP.

Companies that have a relatively lower size with a market share worth less than 5% are strategizing to attract new clientele in foreign markets. Companies in this group are Proto Labs, Materialise, and others.

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Competitive Landscape

Binder jetting service providers rely on multiple expansion strategies to deepen their penetration across lucrative markets. These strategies include collaboration with key players, product launches, acquisitions partnerships, and strengthening of regional and global distribution networks.

Some of the leading companies operating in the binder jetting services market are:
ExOne
Voxeljet AG
3D Systems, Inc.
Stratasys
Renishaw plc.
Proto Labs
HP Development Company, L.P.
Materialise
Proto3000 Inc.
MarkForged, Inc.

Key Segments Covered
Application
Industry
Region

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