According to the Korea Institute of Science and Technology Information, the local additive manufacturing industry was worth 59 billion won (US$54 million) in 2014 and 82 billion won in 2015. This year, it is expected to exceed 116 billion won.
Business professor Wo Jong-hyun of Chung-Ang University said: “Now is the very crucial moment that could change the industry supremacy from Asia to the West.” Presently, Korean additive manufacturing is dominated by small and medium-size companies.
The report by Korea Herald, noted that although growth of additive manufacturing was slow, the medical segment of the market has demonstrated much progress. It noted that the Korea’s medical sector forms the third highest use of additive manufacturing (15 percent) after consumer goods and automotive industry.
To speed up growth, the government has eased regulations and provided support since last year. The Korea 3-D Printing Association was started in the middle of 2014 with the participation of conglomerates such as Samsung Electronics. By 2020, the association hopes to raise 10 million specialists and make up 15 percent of the global market. S Korea presently accounts for about 2 percent of the world’s additive manufacturing market.
Already several businesses have made progress. InssTek, established in 2001, developed the country’s first metal additive manufacturing and acquired the patent in some countries.
Business professor Wo Jong-hyun of Chung-Ang University, said: “Now is the very crucial moment that could change the industry supremacy from Asia to the West. Additive manufacturing is a matter of survival for companies.”
APMEN News, Oct 2016
