3D printing additive technology addresses the pain points of traditional manufacturing processes, with expansive growth potential driven by multiple sectors including 3C, consumer goods, and industrial applications. In the supply chain, domestic 3D printing equipment and component manufacturers are catching up rapidly, while China holds a leading position in the consumer-grade segment.
The unique advantages of 3D printing—such as shortening R&D cycles, enabling complex structures, and improving material efficiency—position it for widespread adoption in consumer electronics, general consumer products, and high-end manufacturing (e.g., commercial aerospace and nuclear fusion). The localization of equipment and components, along with cost reductions in materials, is expected to accelerate industry development and create investment opportunities across the supply chain.
Key insights from Huachuang Securities include: - **3D Printing’s Competitive Edge**: The technology outperforms traditional methods in efficiency and material utilization. - **Market Expansion**: Downstream applications in China are led by aerospace (16.7%), followed by healthcare (15.5%), automotive (14.5%), consumer electronics (11.9%), and academic research (11.2%). - **Growth Projections**: The global 3D printing market is forecasted to reach $21.9 billion in 2024 and $115 billion by 2034, driven by demand from 3C, consumer goods, and industrial sectors like commercial aerospace and nuclear fusion.
**Consumer Electronics**: Apple’s adoption of 3D printing for its iPhone Air and Apple Watch Ultra 3 (using aerospace-grade recycled titanium) sets a trend, with Android manufacturers likely to follow. Foldable screens also drive demand, as seen in Honor’s Magic V2 (27% lighter, 150% stronger hinges) and OPPO’s Find N5 (0.15mm ultra-thin titanium components).
**Consumer Market**: 3D printing is expanding into entertainment, education, and other consumer applications, supported by open-source models and community sharing. The global consumer-grade 3D printing market is projected to grow from $4.1 billion in 2024 to $16.9 billion by 2029, with Chinese manufacturers dominating nearly 95% of the market.
**High-End Manufacturing**: - **Aerospace**: 3D printing overcomes traditional manufacturing limits in size, complexity, and materials, with applications in ESA, NASA, SpaceX, and China’s Tianwen-1 and Zhuque-3 missions. - **Nuclear Fusion**: The technology enables the production of plasma-facing components resistant to extreme temperatures while reducing reliance on welding and other conventional methods.
**Supply Chain**: Domestic manufacturers like Bright Laser Technologies and Farsoon Technologies are closing the gap with global leaders in equipment performance. However, key components like galvanometers and lasers remain import-dependent, leaving room for localization.
**Risks**: Potential setbacks include slower-than-expected adoption in consumer electronics, delayed equipment capacity expansion, and sluggish development in new applications.
