Korea is poised to transform the manufacturing paradigm with 3D printing technology, according to a new industry report from global growth strategy consulting company Ipsos Business Consulting. Following current projections, the 3D opportunity is on course to reach a total industry value of USD 376 million by 2018. This continuing rise highly correlates with the understanding shared by both government and the general public that the fourth industrial revolution, including 3D printing, is the key to future growth in Korea.
“The 3D printing landscape is still in its infancy, but the timing is ripe for key players in the industry to get earnestly involved and gain a competitive edge” said Per-Henrik Karlsson, Country Head for Korea at Ipsos Business Consulting. “Ultimately, by focusing on delivering superior quality products and services in the most promising individual sectors, Korean 3D printing companies can gradually overcome the existing barriers in the market and strengthen their foothold in the increasingly lucrative 3D printing industry. Eventual success can be envisioned across all sectors of commerce and society by establishing a solid support infrastructure and a winning marketing approach,” Karlsson commented.
The most realistic avenues of success for active players will likely be derived from B2B undertakings, primarily healthcare, public services such as education, and the manufacturing industry. The education sector is currently flourishing in the Korean 3D printing market, with its recent success attributed to high sales of devices related to PP and ME 3D printers, which are linked to B2C needs. Medical industries have also taken a leading role in adopting and implementing 3D printing technologies, and healthcare is the most optimal sector to drive visible and quantifiable output in the Korean market at the initial stage.
To facilitate the development of the overall 3D printing industry, the Korean government has initiated major strategies and action plans. The government’s plan for the next three years involves strengthening its role in B2B activity, especially as it pertains to healthcare, public services and the wider manufacturing industry.
“This comprehensive roadmap that the government has laid out for the 3D printing industry will play a vital role in alleviating any adverse effects or risks that may affect particular industries,” Karlsson points out. “For larger industries that will benefit from these changes, as they come to recognize and accept that 3D printing is an essential upgrade for their production process, the more successful 3D printing companies within Korea will be in the position to thrive,” Karlsson concludes.
The 3D Printing Industry report from Ipsos Business Consulting is available for download at www.ipsosconsulting.com/3D-printing