Shenwan Hongyuan released a research report stating that the gradual maturity of 2D-to-3D model conversion will enhance the "playability" of consumer 3D printing, potentially driving demand. Multiple companies are advancing innovations in intelligent multi-color printing technology. Leading firms are investing in the consumer 3D printing sector, which will help refine the industrial ecosystem and accelerate product iteration and market expansion. The industry maintains rapid growth, with 3.491 million 3D printers exported in the first three quarters of this year, nearing last year’s total of 3.778 million units.
**Key Insights from Shenwan Hongyuan:**
**AI Empowerment: Lowering Creative Barriers, Accelerating the Era of Mass Creation** 1) **Image Input:** NanoBanana Pro offers higher resolution, enhanced text rendering, and supports merging 14 images into new compositions, providing flexible and efficient tools for 3D printing enthusiasts to realize their ideas. 2) **2D-to-3D Modeling:** Meta’s SAM 3D can segment images into slices and directly convert them into 3D models, enabling independent reconstruction of objects even with occlusions. The maturing 2D-to-3D conversion technology is expected to boost the appeal of consumer 3D printing and stimulate demand.
**Technological Breakthroughs: Multi-Color Printing as a Competitive Edge, Driving Material Demand** Traditional 3D printers rely on filament changers for color/material switching, which is inefficient and prone to waste. Innovations in smart multi-color printing are emerging: 1) **Snapmaker U1:** Features four pre-loaded nozzles with individual material preheating, reducing color-switching time from two minutes to five seconds while cutting material costs. It raised $20.22 million on Kickstarter. 2) **Bambu Lab:** Supports up to six replaceable hotends, with induction heating reaching working temperature in eight seconds. Its AMS system allows single prints using up to 24 materials.
**Increased Funding: Industry Leaders Invest to Strengthen Ecosystem** 1) **DJI:** Invested in Shenzhen Smart Pie Technology, a 3D printing firm specializing in SLA and FDM technologies, acquiring a 5% stake. 2) **Meituan:** Backed Shenzhen Snapmaker Technology through affiliated entities, signaling growing corporate interest in consumer 3D printing to enhance ecosystem development and market penetration.
**Demand Outlook: Sustained High Growth and Strong Export Performance** 1) **Volume:** China exported 3.491 million 3D printers (excluding parts) in Q1–Q3 2025, approaching 2024’s full-year total of 3.778 million. Annual exports are projected to hit 5 million units in 2025. 2) **Value:** Export revenue reached RMB 7.514 billion (excluding parts) in Jan–Sep 2025, nearing 2024’s RMB 8.163 billion. Full-year 2025 exports may exceed RMB 10.7 billion.
**Key Industry Players:** 1) **Components:** JPT (lasers), Raycus Laser (lasers), Jin Chengzi (control cards + galvanometers). 2) **3D Scanners:** Scantech, Orbbec. 3) **Materials:** Hisun Biomaterials (raw materials), Jialian Technology (filaments). 4) **Printers:** Bambu Lab (unlisted), Creality (planning HK IPO), Anker Innovations, HuiNa Tech. Metal printing prospects favor BLT, Farsoon, and Aixink.
**Risks:** Potential slower-than-expected industry growth, intensified competition, and delayed technological advancements.
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