Guotai Haitong has released a research report stating that the 3D printing industry is expected to continue developing along four main lines: overseas expansion, price reduction, experience upgrading, and application expansion. The mature DIY culture in Europe and the United States provides a solid user base for consumer-grade 3D printing, and Chinese manufacturers continue to expand into overseas markets by leveraging supply chain and product innovation advantages. On the product side, high-speed, multi-color, and automated features are continuously being pushed down to lower and mid-range price segments, while integration and full-color capabilities further enhance the user experience; AI modeling and material system expansion are driving applications from models and ornaments toward home goods, functional components, and other areas. It is recommended to pay attention to leading manufacturers with advantages in product innovation, global channels, and content ecosystems, as well as companies in related industry chains such as consumables that benefit from the increase in installed equipment base. The main views of Guotai Haitong are as follows:
Consumer-grade 3D printing has reached a mass-market inflection point and has become a faster-growing sub-sector within additive manufacturing. In the past, desktop-level 3D printing was complicated to operate and had a high learning cost, mainly targeting makers, designers, and professional enthusiasts. After the launch of a new generation of products represented by the Bambu Lab X1 series in 2022, features such as high-speed printing, automatic calibration, multi-color feeding, and model communities gradually became widespread, significantly lowering the threshold for device use. Consumer-grade 3D printing has gradually extended from professional tools to mass consumer products, and the market size has entered a stage of accelerated growth.
On the demand side, C-end creative consumption and B-end light production are jointly driving growth, and application scenarios are gradually enriching. C-end demand has gradually expanded from model enthusiasts to areas such as home DIY, trendy toys, home furnishings, education, and personalized consumption. Social media dissemination and model communities have further increased user awareness and usage frequency. On the B-end side, low-cost equipment is pushing small-batch manufacturing capabilities down to small and medium-sized enterprises and individual studios. Print farms undertake small-batch, multi-SKU orders through multi-machine clusters, bringing new incremental demand to the industry.
On the supply side, products continue to upgrade, and high-speed, multi-color, multi-material, and AI modeling further lower the threshold for use. High-speed printing significantly shortens printing time, multi-color printing improves the visual presentation of finished products, and multi-material compatibility pushes applications toward functional components. Features such as automatic leveling, filament management, and anomaly detection are gradually becoming widespread, reducing manual debugging steps; AI modeling lowers the threshold for content creation and drives consumer-grade 3D printing toward greater ease of use and automation.
Chinese manufacturers dominate global competition, and after hardware performance converges, the importance of ecosystem operations continues to rise. Bambu Lab, Creality, Anycubic, and Elegoo form the main competitive camps in global consumer-grade 3D printing. Among them, Bambu Lab maintains a lead in product experience and software-hardware coordination, Creality has a relatively complete product matrix and global channels, Anycubic covers different needs through dual FDM and resin routes, and Elegoo has advantages in resin printing and professional creator scenarios. As features such as high speed and multi-color become widespread in mainstream price segments, model communities, software services, and consumables systems will become important directions for differentiated competition.
Risk warnings: growth in consumer-grade 3D printing demand and market penetration may fall short of expectations; industry competition may intensify and product price declines may exceed expectations; intellectual property and content compliance risks; overseas trade policies, tariffs, and localized operation risks.
Guotai Haitong (ASX: 601211; HKEX: 02611) is the securities firm referenced in the report.
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