GF SEC has released a research report stating that 3D printing holds significant advantages in processing high-performance materials. The industry is progressing along the path of "watch cases first, hinges scaling up, mid-frames ramping up," moving from scattered trials to systematic penetration. 3D-printed mid-frames are expected to evolve from "showpiece projects" to "structural standards," unlocking a medium-to-long-term growth ceiling for metal 3D printing that far exceeds that of watch cases and hinges. Improvements in cost and efficiency are breaking down the barriers to large-scale adoption of 3D printing. The firm recommends focusing on companies related to metal 3D printing. GF SEC's primary views are as follows.
3D printing is currently reshaping the manufacturing paradigm of consumer electronics. Presently, metal 3D printing is primarily divided into two technical routes: PBF and DED. Among these, PBF (Powder Bed Fusion) has become the mainstream choice for consumer electronics due to its precision advantages. Compared to traditional CNC machining, 3D printing offers significant benefits in processing efficiency and design freedom for high-performance materials like titanium alloy, making it a key breakthrough for manufacturing high-end components. Essentially, this represents a paradigm shift in manufacturing methods, moving from subtractive to additive processes and from limited geometries to freeform fabrication.
3D printing is advancing along the path of "watch cases first, hinges scaling up, mid-frames ramping up," transitioning from isolated trials to systematic integration. Firstly, watch cases serve as the pioneering application for mass production. 3D-printed titanium alloy watch cases possess high-end consumer appeal and performance advantages; currently, Apple Watch cases already utilize full-process 3D printing technology. Secondly, foldable screen hinges represent a core growth segment. 3D-printed titanium alloy is well-suited for the performance requirements of foldable screen hinges. Currently, OPPO and Honor are using 3D-printed titanium alloy for hinge components and end caps, respectively. Apple's expected entry into the foldable market in 2026 is anticipated to make foldable screen hinges a major growth driver for 3D printing. Thirdly, mid-frames represent the segment with the greatest mass-production potential. Mid-frames have higher value and more complex structural demands. Currently, titanium alloy mid-frames are mainly used in high-end and slim models, predominantly manufactured via traditional methods. However, as 3D printing continues to improve in forming efficiency and powder cost, its design potential—such as for topology optimization, weight reduction, and integrating features like antenna grooves or cushioning structures—is expected to be gradually realized. 3D-printed mid-frames are poised to shift from niche applications to standard structural components, opening a medium-to-long-term market potential for metal 3D printing that significantly surpasses that of watch cases and hinges.
Apple's entry into the foldable phone market is expected to be a tipping point for the mass production adoption of 3D printing. With Apple confirmed to enter the foldable segment in 2026, its involvement is projected to drive rapid increases in both foldable device shipments and the penetration rate of 3D-printed hinges. Coupled with the maturation of 3D printing technology and a trend of cost reduction, it is estimated that foldable phone shipments will reach 12 million and 15 million units in 2026 and 2027, respectively. Assuming penetration rates of 12% and 20% for 3D-printed hinges in those years, the market size for 3D-printed hinges is projected to reach 1.7 billion yuan and 4.1 billion yuan in 2026 and 2027, respectively.
Cost reduction and efficiency gains are overcoming the obstacles to the large-scale application of 3D printing. On the cost side, continued expansion of upstream sponge titanium production capacity is driving prices down. Combined with ongoing improvements in powder manufacturing processes, this is leading to significant reductions in the cost of titanium alloy powder. On the efficiency front, laser shaping and multi-laser configurations are becoming mainstream technological upgrades within the industry, resulting in markedly improved processing efficiency. These developments lay the foundation for high-volume, large-scale production using metal 3D printing.
Investment recommendation: Focus on companies involved in the metal 3D printing sector. Key companies to watch include Han's Laser, which is developing its 3D printing business through subsidiary Han's Prunus and has established collaborations with several leading 3C brands. Farsoon Technologies is a leader in industrial-grade 3D printing equipment, and according to its 2025 interim report, has achieved mass production applications for components like titanium alloy foldable hinges and watch cases in the consumer electronics sector. Yuhuan CNC focuses on the post-processing segment of the 3D printing industry chain, applying its expertise to polishing and finishing processes for titanium alloy hinges, cases, and mid-frames in consumer electronics. Hazen Stock, through its subsidiary Hazen Vito, is involved in the production of titanium alloy powder for 3D printing.
Potential risks include slower-than-expected expansion of downstream applications, fluctuations in raw material prices, and iterations in technology roadmaps.
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