LONDON, Sept. 29, 2020 (GLOBE NEWSWIRE) -- (Companies Covered: Apis Cor, Contour Crafting Corporation, Branch Technology, Mx3D, Monolite UK Limited)
The coronavirus outbreak has caused global economic slowdown and impacted various industries across the world, including the construction market. Nationwide lockdowns and restrictions on activity to contain Covid-19 have disrupted supply chains and affected the 3D printing building construction market worldwide. Manufacturing of 3D printing machines and supply of construction materials used to construct 3D structures were affected, as facilities were shut down and the movement of people and goods were restricted.
For instance, the US depends on China for 30% of its building materials imports and around 20% each from Canada and Mexico. As Canada and Mexico announced lockdown restrictions and closed their borders, the import of construction materials into the US was affected. Ports in the US witnessed a 20% decline in cargo volumes in the first quarter of 2020.
However, as some countries lifted lockdown restrictions in a bid to reopen their economies, suppliers began resuming operations, but these suppliers are operating with a limited workforce and are focusing on undelivered orders.
The Business Research Company’s report titled 3D Printing Building Construction Market Global Report 2020-30: Covid 19 Growth And Change covers major 3D printing building construction companies, 3D printing technology market share by company, global 3D printing building construction market analysis, global 3D printing building construction market size, and 3D printing building construction market forecasts. The report also covers the global 3D printing building construction market and its segments. The 3D printing building construction market is segmented by construction into modular and full building. It is also segmented by process into extrusion, powder bonding, and others. By printing material, the market is segmented into concrete, plastic, metal, hybrid, and others. By end user, it is segmented into residential, commercial, and industrial.
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On the other hand, the coronavirus outbreak opened up potential growth opportunities in the 3D printing technology market. According to the 3D Printing Media Network’s article published in February 2020, WinSun, a Chinese construction 3D printing company, deployed its technology to fight against the coronavirus in the Hubei province. The company plans to print and ship 200 isolation wards to the region for house medical staff. The units constructed meet isolation standards and withstand extreme temperatures, wind, and natural calamities. The compact isolation wards are easy to transport or set up and can be easily connected to power supply.
The global 3D printing building construction market is expected to grow from $4.4 million in 2019 to $114.4 million in 2023 at a compound annual growth rate (CAGR) of 126.5%. 3D printing building construction offers various advantages when compared to conventional construction, thus driving the market during the forecast period. 3D printing building construction offers cost-effectiveness, time-saving, more precision, reduced labor costs, environment-friendly, and capability to build complex building structures.
According to 3D Natives Magazine published in January 2018, 3D printing is economical in terms of material usage in comparison with the materials used in the traditional manufacturing process. Moreover, 3D printing reduces labor costs by 50%-80%, production time by 50%-70%, and construction waste by 30%-60%. Therefore, the advantages offered by 3D printing construction are expected to propel the revenue generated by the market shortly.
The 3D printing building construction market consists of the sales revenue earned by entities (organizations, sole traders, and partnerships) that construct buildings through 3D printers and offer related services. 3D printing or additive manufacturing is a computer-controlled sequential layering of materials to create three-dimensional shapes. In the construction industry, 3D printing is used to build components of building or to create a whole building. It helps to construct faster and more accurate structures with reduced labour costs and less wastage.
During the COVID19 recession, companies operating in the construction industry are focusing on developing new technologies for cost-efficient and quick solutions to meet the requirements of clients. Shortage of labor and raw material has forced companies to opt for 3D printing building construction as 3D printing building construction reduces labor cost and ensures proper utilization of material by reducing wastage. For instance, according to Chinese company Winsun, 3D printing construction can save 50% to 70% on schedule, 30% to 60% on construction waste, and reduce labor costs by 50% to 80%.
3D Printing Building Construction Market Global Report 2020-30: Covid 19 Growth And Change is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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