South Korea 3D Printing Market Research Report, 2028

South Korea 3D Printing Market Research Report, 2028

Actual Market Research 31-03-2023 60 Pages Figures : 5 Tables : 13 Region : Asia-Pacific Country : United Arab Emirates Category : IT & Telecommunications Technology

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South Korea was the first to adopt 3D printing technology in the 1990s. The technology was still in its infancy at the time, and it was primarily used for rapid prototyping. Furthermore, in the 2000s, the South Korean 3D printing industry began to expand, fueled by rising demand for rapid prototyping in industries such as automotive and aerospace. Several businesses were formed during this time period to provide 3D printing services to these industries. Furthermore, 3D printing applications in South Korea began to expand beyond rapid prototyping in the 2010s. The technology was being used more and more for direct manufacturing of end-use products, particularly in the healthcare and dental industries. Furthermore, several factors have contributed to the growth of the 3D printing industry in South Korea. For starters, the country has a strong manufacturing sector that has always been quick to adopt new technologies. Second, the government has been supportive of the industry, providing funding for R&D and establishing 3D printing centres across the country. Finally, the presence of several leading 3D printing companies has aided the industry in raising awareness of the technology and its potential applications. According to the research report "South Korea 3D Printing Market Research Report, 2028," published by Actual Market Research, the South Korea 3D printing market is expected to add USD 1.7 Billion by 2028. The market is divided into four categories: printers, materials, software, and services. By 2028, the printer segment is expected to have the highest market share. The 3D printer was initially marketed as a novelty item rather than a useful tool. However, as a result of cost reductions and technological advancements, the market for 3D printers has grown significantly. They are used in professional printing, for example, to create lightweight, complex designs for expensive items such as racing vehicles and aircraft. The expansion of the printer segment may be attributed to the shifting perspective of 3D printing and its progress as a developing industrial solution. Materials are expected to have the highest CAGR during the forecast period. The demand for 3D printing materials is expected to grow due to the increasing adoption of the technology in various industries such as automotive, aerospace, and healthcare. The development of new and advanced materials, such as composites and metal powders, is also expected to drive growth in the market. Additionally, as 3D printing becomes more widely adopted, the demand for a wider range of materials for different applications will increase. However, 3D printing software is becoming increasingly sophisticated, allowing for more complex designs and more efficient printing processes. The demand for software is expected to grow due to the increasing adoption of 3D printing across a range of industries, as well as the need for more sophisticated software to support more complex printing applications. Additionally, the integration of software with other technologies, such as artificial intelligence and machine learning, is expected to drive growth in the market. The market is segmented into two major printer types, including desktop 3D printers and industrial 3D printers. Among them, industrial 3D printers will dominate the market in 2022 with a higher market share. Industrial 3D printers help design consumer, automotive and industrial tools and final parts. Industrial 3D printers have the capability of mass production and offer high performance. Increasing demand from the healthcare, aerospace & defense, and automotive industries is boosting the growth of the industrial 3D printers segment. Desktops are expected to have the highest CAGR during the forecast period due to the fact that desktop 3D printers are generally smaller, more affordable, and easier to use compared to industrial or professional-grade 3D printers. Based on application, the industry has been segmented further into prototyping, tooling, and functional parts. The prototyping segment accounted for the largest share in 2022, owing to the extensive adoption of the prototyping process across several industry verticals. The automotive, aerospace, and defence verticals, in particular, use prototyping to design and develop parts, components, and complex systems precisely. The functional parts segment is expected to expand most from 2023 to 2028, in line with the increasing demand for designing and building functional parts. Hanwha Aerospace and Korea Aerospace Industries (KAI) are two of the major players in the aerospace industry in South Korea, and both companies have embraced 3D printing as a means of producing parts and components for their aircraft and satellite projects. For instance, Hanwha Aerospace has been using 3D printing to manufacture parts for its KF-X fighter jet program. The company has developed a proprietary metal 3D printing process that uses a laser beam to melt and fuse metal powder into complex shapes. This technology allows Hanwha Aerospace to produce parts with complex geometries and precise tolerances, which are difficult or impossible to achieve with traditional manufacturing methods. However, KAI has also been using 3D printing for its aerospace projects. In 2019, the company announced that it had successfully printed a satellite component using a titanium alloy material. This was the first time that KAI had used 3D printing for a satellite component, and the company said that it was able to reduce the weight of the component by 30% while maintaining its strength and durability. There are several companies in South Korea that specialise in 3D printing hardware, such as 3D printers, scanners, and other equipment. These companies include InssTek, Sinterit Korea, and Carima, among others. Furthermore, there are also companies in South Korea that specialize in 3D printing materials, such as polymers, metals, and ceramics. These companies include LG Chem, Kolon Industries, and Samyang Metal, among others. In addition to hardware providers, there are also companies that offer 3D printing services, such as ProtoPie, Rokit, and KC3DPRINT. These companies provide services such as 3D printing, scanning, and modelling, as well as consultation and training services for businesses and individuals looking to incorporate 3D printing into their operations. There are several 3D printing resellers operating in South Korea, including Sindoh, 3DPrinthub, M&H Solutions, DreamT&S, 3D Pioneers, and many more. There have been several new product launches in South Korea's 3D printing market in recent years. Some of them are The Rokit INVIVO bioprinter Launched in 2019 by the South Korean biotech company Rokit, the INVIVO is a bioprinter designed to create functional human tissue for use in medical research and treatment. Furthermore, the Hanwha Aerospace Hiper Additive Manufacturing System is 3D printing system was developed by Hanwha Aerospace in 2018 and is designed for use in aerospace manufacturing. It uses a powder bed fusion process and is capable of producing large, complex metal parts with high precision and speed. Moreover, The Stratasys J750 Digital Anatomy 3D Printer is advanced 3D printer was launched in South Korea in 2019 and is designed for use in the medical field. It is capable of producing lifelike models of human anatomy using a range of materials, making it a valuable tool for medical education and surgical planning. In addition, the Sindoh 3DWOX 7X Launched in 2020, the 3DWOX 7X is a high-end 3D printer designed for use in industrial applications. It features a large build volume and can print with a variety of materials, including carbon fibre and metal composites. Some of the tech expos and exhibitions related to 3D printing in South Korea are Inside 3D Printing Conference & Expo Seoul is an annual conference and exhibition that showcases the latest advancements and trends in 3D printing and additive manufacturing. The event attracts a range of industry professionals, researchers, and enthusiasts from around the world. Furthermore, K-PRINT Week is an annual event that features various exhibitions related to printing technology, including 3D printing. The event includes seminars, workshops, and demonstrations, providing attendees with a comprehensive Research Report of the latest printing technologies and products. Moreover, the Seoul International Manufacturing Technology Show, a biennial event, features exhibitions related to a range of manufacturing technologies, including 3D printing. The event attracts a range of industry professionals and provides an excellent opportunity for networking and learning about the latest advancements in the field. In addition, Korea International Machinery Fair is an annual event that showcases a wide range of machinery and manufacturing technologies, including 3D printing. The event attracts industry professionals from around the world and is an excellent platform for companies to showcase their latest products and innovations. Traditional manufacturing processes in South Korea use a broader range of raw materials than 3D printing-based manufacturing processes. Due to high material costs, product manufacturing with 3D printing technology is an expensive process, which is a significant market restraint. Despite the fact that the technology represents a significant step forward in the process, the materials that can be used are still limited. Furthermore, a lack of standards governing the mechanical properties of the materials used impedes the accuracy and reproducibility of 3D-printed products. Considered in this report • Geography: South Korea • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • South Korea emirates 3D Printing market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Offerings: • Printers • Materials • Services • Software By Printer Type: • Desktop 3D Printer • Industrial 3D Printer By Application Type: • Prototyping • Functional Part Manufacturing • Tooling The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, government-generated reports, and databases. After gathering the data from secondary sources, primary research was conducted by making telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started doing primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations and organizations related to the 3D printing industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.

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