NEW YORK, Feb. 11, 2021
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
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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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