GTHT released a research report stating that the 3D printing market is experiencing rapid growth. In China, the market size of the 3D printing industry reached 41.9 billion yuan in 2024, with a CAGR of 19.42% from 2020 to 2024. Overseas equipment manufacturers lead the industrial-grade market, while domestic equipment makers are spearheading innovation in the consumer-grade segment. The combination of "AI empowerment and affordable pricing" is accelerating the adoption of consumer-grade 3D printing, with domestic equipment manufacturers at the forefront of this change. The report recommends focusing on upstream raw material suppliers and printing equipment companies in the consumer-grade sector, specifically highlighting Jialian Technology (301193.SZ). The main viewpoints of GTHT are as follows:
The wave of 3D printing has arrived, driven by both industrial and consumer demand. Compared to formative and subtractive manufacturing, 3D printing (additive manufacturing) offers distinct advantages such as "eliminating molds, reducing waste, and lowering inventory," making it widely applicable in downstream sectors like aerospace, healthcare, automotive, and consumer/electronics. Fueled by the dual growth of industrial needs—for shorter R&D cycles, lightweight parts, and personalized/integrated molding—and consumer demand for customization, the 3D printing market is expanding rapidly. The global 3D printing market was valued at $21.9 billion in 2024 and is projected to reach $115 billion by 2034, representing an 18% CAGR. Domestically, China's 3D printing industry reached a scale of 41.9 billion yuan in 2024, with a CAGR of 19.42% from 2020 to 2024.
Consumer-grade market drives PLA demand surge, domestic manufacturers accelerate布局. 1) Market Size: The global market for 3D printing raw materials was $4.4 billion in 2024, with plastic raw materials accounting for $1.2 billion. PLA, favored for its low melting point, plasticity, and environmental friendliness, is the material of choice for consumer-grade 3D printing, constituting over 65% of global FDM consumables in 2023. The global consumer-grade 3D printing consumables market was $1 billion in 2024 and is expected to reach $4.4 billion by 2029. As the consumer-grade 3D printing industry grows further, demand for PLA is set to increase significantly. 2) Competitive Landscape: The leading global PLA production capacity is overseas, accounting for 45%. Domestic listed companies such as Hisun Biomaterials, Huitong Stock, and Jialian Technology have already commenced PLA production and have substantial planned capacity.
Overseas equipment vendors lead the industrial-grade market, while domestic equipment makers drive change in the consumer-grade track. 1) Industrial-grade Track: Industrial-grade 3D printing equipment dominates the market, accounting for 74% of the global market share in 2024. In terms of competition, the CR5 for the industrial-grade equipment industry in 2025 is 35.5%, all of which are overseas companies. Domestic enterprises like Eplus3D, Farsoon Technologies, and Bright Laser Technologies are accelerating their catch-up through independent innovation and R&D. 2) Consumer-grade Track: Empowered by AI large models for design and the refinement of price segments by leading manufacturers, consumer-grade printing equipment has become the primary growth driver for global 3D printing equipment shipments. In 2024, only entry-level equipment globally achieved a +26% year-on-year growth in shipments, while other segments faced pressure. The competitive landscape shows a CR5 of 78.6% in 2024, all of which are domestic manufacturers. Among them, Bambu Lab, with its pioneering breakthroughs in multi-color printing, high-speed printing, and fully automatic calibration, captured 29% market share, ranking first. 3) Bambu Lab: Focused on consumer-grade 3D printing equipment, the company has built a complete ecosystem of "hardware + consumables + platform." It achieved the number one position globally in shipments for 2024, with revenue of approximately 6 billion yuan and net profit of about 2 billion yuan, leading its peers in profitability.
Risk warnings include significant fluctuations in raw material prices, slower-than-expected product technology iteration, intensifying market competition, and changes in international trade dynamics.
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