According to a research report from Zhongtai Securities, in recent years, breakthroughs in 3D printing technology and declining costs have significantly reduced expenses, propelling the technology from "prototype testing" to "scaled mass production." The consumer-grade 3D printing market is currently in a phase of rapid expansion, with vast future growth potential. On the cost front, prices for 3D printing titanium powder have already dropped substantially, and aluminum alloys are expected to see broader application. Concurrently, the acceleration of equipment localization is creating significant price advantages. Demand from the aerospace sector is also driving a substantial increase in 3D printing penetration rates. Zhongtai Securities' main views are as follows:
Driven by both technological advancements and cost reductions, the adoption of 3D printing is accelerating. Demand is pushing 3D printing from an "optional process" to a "necessary process" in specific fields. Previously constrained by expensive equipment and materials, low printing efficiency, and limited material options, it was used only for prototype testing and small-batch, non-standard customization, serving as a supplement to subtractive and formative manufacturing. In recent years, technological breakthroughs and cost reductions have enabled its advancement toward scaled mass production. 3D printing technology is achieving systematic breakthroughs across multiple dimensions. Key technologies like beam shaping and multi-laser configurations are continuously overcoming efficiency and precision bottlenecks. The synergistic iteration of core hardware and intelligent software is pushing additive manufacturing toward the threshold of mass production.
The significant drop in 3D printing costs is driving its transition from "prototype testing" to "scaled mass production." On the equipment side, prices for consumer-grade Fused Deposition Modeling (FDM) printers have fallen below one thousand yuan. Industrial-grade equipment benefits from domestic substitution, offering performance comparable to overseas products with significant price advantages. On the consumables side, prices for PLA filament and titanium alloy powder have decreased.
Consumer-Grade 3D Printing: Evolving from a Geek Tool to Professional Applications, Industry Experiencing High Growth The consumer-grade 3D printing market is in a period of rapid expansion with vast future growth space. The global market size is approximately $4.1 billion in 2024 and is projected to reach $16.9 billion by 2029, representing a CAGR of about 33%. Equipment shipments are expected to exceed 4.1 million units in 2024. The core drivers stem from three aspects: 1) Cost Reduction: Declining material and equipment costs are driving the popularization and gradual market expansion of consumer-grade printers. 2) Improved Usability: Increased printing speed, breakthroughs in precision, multi-color and multi-material capabilities, yield rates improving to 70%, and AI enhancing ease of use. 3) Scenario Expansion: Diverse scenarios such as education, home use, cultural and creative industries, jewelry, medical applications, and B2B manufacturing are accelerating the release of printing demand.
PLA materials dominate consumables, with modified materials offering new solutions. PLA holds an absolute mainstream position in the consumer-grade market due to its low melting point, environmental friendliness, non-toxicity, and high printing success rate. Modified materials are becoming a key development direction to meet user demands for higher toughness, heat resistance, and functionalization.
FDM is the primary technology for devices, with supporting equipment accelerating its rise. In terms of equipment, Fused Deposition Modeling (FDM) remains mainstream due to its low cost and high usability, while Stereolithography (SLA) supplements high-precision scenarios. Supporting equipment like laser engravers and 3D scanners is rapidly emerging alongside the growing installed base of printers, collectively building an increasingly complete consumer-grade creation ecosystem.
Industrial-Grade 3D Printing: Consumer Electronics and Aerospace Open Up Growth Space Apple is entering a strong innovation cycle, accelerating the adoption of 3D printing. Honor has pioneered the application of 3D printing in consumer electronics, currently mainly for watch cases and straps, foldable screen hinge covers, and other components. Currently, Apple is entering a new round of strong innovation cycles centered on a foldable iPhone in 2026 and a 20th Anniversary Edition in 2027. The pursuit of extreme thinness and complex structural designs places higher demands on part precision and forming capabilities, whereas traditional CNC machining for titanium alloys yields only 30%-40%. Meanwhile, on the cost front, 3D printing titanium powder prices have dropped significantly, aluminum alloys are expected to see further application, and accelerated equipment localization offers significant price advantages.
Demand from the aerospace sector is driving a substantial increase in 3D printing penetration rates. The aerospace field is one of the scenarios with the most rigid demand for 3D printing. Applications are highly concentrated in core components of rocket engines, which must meet lightweight and high-strength requirements simultaneously under extreme impact and vibration. Currently, SpaceX's Raptor 3 engine extensively employs 3D printing technology, and domestic company Shenlan Aerospace's use of 3D printed materials for key components exceeds 85%. In terms of technical routes, Powder Bed Fusion (PBF) is widely used in manufacturing high-precision complex parts, while Directed Energy Deposition (DED) offers significant advantages in multi-metal composite and large-scale component integrated forming, becoming a key path to enhancing engine performance.
The report suggests focusing on the following areas: Consumer-Grade: Components: JPT, KLNE; Supporting Equipment: SCAN Technology; Consumables: Hisun Biomaterials, Jialian Technology. Industrial-Grade: Equipment: Farsoon Technologies, BLT; Services: Finework (Huizhou) CNC Technology, Jiangshun Technology; Components: JinChengZi, Raycus Laser; Powder Materials: Harson, Gripm Advanced Materials.
Risk warnings include: Consumer-grade 3D printing equipment export performance falling short of expectations; Underperformance of related listed companies; Intensified industry competition leading to price war risks; Slower-than-expected penetration of industrial-grade 3D printing in consumer electronics and commercial aerospace; Technological iteration and R&D progress falling short of expectations; Risks of outdated information used in the research report.
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