China's 3D printing market size is projected to reach 70 billion yuan (+30%) by 2025, with downstream applications comprising industrial machinery (20%), aerospace (17%), automotive (14%), and consumer electronics (13%). The application of 3D printing in aerospace is evolving from structural weight reduction to in-depth breakthroughs in engine power applications. From the perspective of downstream application fields, commercial aerospace has become the core theme, with future focus on the high-frequency verification and iteration demands of reusable rockets and the batch delivery requirements of satellites. Furthermore, 2026 marks the inaugural year for mass production of metal 3D printing in consumer electronics. The main viewpoints of China Merchants Securities are as follows:
The 3D printing industry: The singularity of additive manufacturing has arrived, transitioning from niche to mainstream. 3D printing primarily involves four core steps: digital modeling → slicing → physical printing → post-processing. Compared to traditional subtractive (e.g., carving, lathe machining) or formative (e.g., injection molding, forging) manufacturing, the core advantages of 3D additive manufacturing lie in five key areas: customization, shortened R&D cycles, integrated complex parts, reduced costs for small-batch production, and versatile material compatibility that breaks through limitations. From a technological standpoint, classifications by material include metal and non-metal, while by forming principle, it can be divided into three major categories—extrusion, photopolymerization, and sintering/binding—encompassing seven main technical routes (SLM, EBM, LENS, SLA, FDM, 3DP, PJ).
Resonance across the aerospace, automotive, electronics, and consumer industries is driving an explosive growth phase for 3D printing. The global 3D printing market size in 2024 reached $21.9 billion (+9.31%). Technologically, non-metal routes are dominated by FDM (61.6% share), while metal routes are centered on SLM (89.4% share). China's 3D printing market is expected to hit 70 billion yuan (+30%) by 2025, with downstream shares distributed as industrial machinery (20%), aerospace (17%), automotive (14%), and consumer electronics (13%). Applications are deepening in aerospace, moving beyond structural weight reduction to engine power uses, and accelerating in consumer electronics for foldable screen hinges and watch metal structural components. In robotics, Q1 initiatives by companies like Shangwei Qiyuan with ecosystem partnerships and modular designs are accelerating consumer 3D printing into an era of mass creativity. Domestic 3D printing output from January to September 2025 increased by 40.5% year-on-year, with exports from January to November 2025 reaching 4.48 million units (+29.6%) and an export value of 9.866 billion yuan (+31.9%).
Industrial-grade: China's share is rising, with commercial aerospace as the main theme. Looking at regional shares of cumulative installed capacity, the US still led with 31% in 2024, Germany ranked third with 8%, while China grew from 8.2% in 2009 to 11.5% in 2024. In metal 3D printing for 2024, Germany's EOS led globally with a 41% market share, while China's Bright Laser Technologies saw its share rise to 20%, ranking second worldwide. From a downstream application perspective, commercial aerospace has become the core theme, with future focus on the high-frequency verification and iteration demands of reusable rockets and the batch delivery requirements of satellites. 2026 marks the inaugural year for mass production of metal 3D printing in consumer electronics.
Consumer-grade: Transitioning from geek tool to mass creativity, the 'iPhone moment' has arrived, revisiting Bambu Lab's path to success. The global consumer-grade 3D printing market size was $4.1 billion (+32%) in 2024, with shipments reaching 4.1 million units (up 17% year-on-year) and an installed base of 15.8 million units (+15%). On the demand side, a new consumption wave has sparked an explosion in personalized, differentiated, and limited-edition demands. On the supply side, companies like Bambu Lab and Creality are driving "out-of-the-box" usability for devices, coupled with AI modeling technology lowering design barriers, while whole-machine prices have fallen to smartphone levels, significantly expanding market penetration boundaries. The global consumer 3D printing CR4 reached 71.3% in 2024, represented by Bambu Lab (29%), Creality (17%), Snapmaker (13%), and Anycubic (12%). Bambu Lab addressed print speed issues through systems engineering and algorithms, introduced micro-LiDAR and AI machine vision to improve success rates, revolutionized user experience with "out-of-the-box" usability and multi-color printing (AMS), and built an ecosystem moat of "hardware + content" with its MakerWorld platform.
Core targets across the entire industry chain: 1) Metal materials: Gripm Advanced Materials (688456.SH) covers the aerospace sector, while Sirui Advanced Materials (688102.SH) is positioned in copper alloy materials for rocket engine thrust chambers; Polymer materials: Jialian Technology (301193.SZ) has entered Bambu Lab's supply chain. 2) Core component import substitution: Laser provider JPT (688025.SH), and control and optical systems provider Gold Orange (688291.SH). 3) Industrial-grade: Bright Laser Technologies (688333.SH) and Farsoon Technologies (688433.SH) are leaders in the metal sector, deeply integrated with aerospace/defense; HuiNa Technology (300609.SZ) is driving growth through dual engines: industrial asset injection into Kings 3D and consumer-side collaboration with Bambu Lab to expand farm ecosystems. 4) Consumer-grade: Creality (submitted Hong Kong IPO application) is poised for high growth potential.
Risk warnings include market competition risks, policy and regulatory risks, and risks related to application implementation and demand.
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