The Chinese 3D printing market is already booming with applications in clothing, medical, construction & even food but government support is expected to take 3D printing market of the country to the next level
China is looking to strengthen its 3D printing sector and compete with the world through policies directed towards and supporting the 3D printing sector. The technology is seen as revolutionary and China as always does not want itself lagging behind. With easier financing options, favourable policies and government push, the sector is hoping for a bullish growth.
3D printing as a technology is fast advancing and the world is taking serious note of it. As more and more businesses are getting involved in 3D printing, the governments are trying to support this technology through specifically framed policies. Seen as the manufacturing hub of the world, it was not long before China joined the bandwagon and came up with its own national policy to boost the 3D printing sector to further drive the economy.
According to Xinhua, China’s Ministry of Industry and Information Technology (MIIT) and several other government agencies have analysed that the industry is expected to grow at an annual growth rate of more than 30% till 2020 and the revenue is expected to top $3 billion in 2020. They have proposed that by this time the native core technologies will mature and will compete with the international companies. For this, it also aims to nurture a couple of domestic firms which they deem fit to compete on a global scale with their quality and standard products.
The Action Plan specifically mentions that the focus will be on more than 100 types of technological devices, materials, equipment, machines, parts, and more than 100 programs will be launched. The technology will be used, researched and developed in ship building, aviation, vehicle manufacturing, medical, cultural and educational fields. The ministry aims to achieve significant breakthroughs via this approach.
The Action Plan also focuses on the financial support extended to the 3D printing companies. It will encourage varied forms of financing options and models. Foreign companies will also be encouraged and invited to set up their R&D facilities in China.