Kaiyuan Securities has released a research report stating that the 3D printing industry has now formed a clear dual-track pattern of consumer-grade and industrial-grade segments. Compared to the steady development of the professional-grade market, the consumer-grade 3D printing industry is entering a period of rapid expansion. As a core technology of advanced manufacturing, 3D printing is rapidly penetrating from the industrial to the consumer level, indicating broad growth potential for the sector. The firm is optimistic about investment opportunities in high-quality companies within the sector that possess technological barriers and have already realized product commercialization. It suggests monitoring Anker Innovations' entry into the UV printer segment and the progress of Creality's listing. The main points from Kaiyuan Securities are as follows:
Industry Overview: Consumer-Grade 3D Printing Market is Rapidly Expanding, Competitiveness of Domestic Companies is Gradually Strengthening The 3D printing industry has formed a clear dual-track pattern of consumer-grade and industrial-grade segments. Compared to the steady development of the professional-grade market, the consumer-grade 3D printing industry is entering a period of rapid expansion. According to data from Chanson Consulting, from a GMV perspective, the compound annual growth rate (CAGR) from 2020 to 2024 reached 20.5%; from 2024 to 2029, GMV is expected to further expand to $16.9 billion, with the CAGR jumping to 33.6%. From the perspective of equipment shipments, the CAGR from 2020 to 2024 was 10.2%; from 2024 to 2029, shipments are projected to accelerate to 13.4 million units, with the CAGR increasing to 26.6%. Regarding the industry chain breakdown, significant market potential exists across the upstream, midstream, and downstream segments. Among these, printing services constitute the largest downstream market in the chain, accounting for 59.3% of the global market in 2025. In terms of competitive landscape, there are approximately 182,800 companies related to 3D printing nationwide, with only about 70 having annual revenues exceeding 100 million yuan, indicating a clear divergence among companies. On the other hand, the consumer-grade 3D printer market shows a high degree of concentration among leading players. In 2024, Bambu Lab and Creality held market shares of 29.0% and 16.9% respectively, with the industry's CR3 reaching 59.2%. From an export perspective, the international competitiveness of Chinese 3D printing companies is gradually strengthening. China accounts for over 90% of global consumer-grade 3D printer shipments, holding a clear leading position globally. Its share in the industrial-grade market is approximately 8%, ranking second globally. Furthermore, from January to October 2025, export value grew by 23% year-on-year to 1.198 billion yuan, already surpassing the full-year level of 2024.
Industry Catalysts: Four Major Catalysts from Scenarios to Products, Accelerating Industry Expansion Catalyst 1: The evolution of products towards quality-price ratio is accelerating, significantly lowering the barrier to entry. Consumer-grade 3D printers have entered a critical cycle of "cost-performance reconstruction and performance democratization." Major market players such as Bambu Lab, Creality, and Anycubic have launched high-quality, cost-effective products priced under 3,000 yuan. This shift is breaking the previous perception of "toy-grade" products and driving rapid market penetration from niche maker communities to mass consumption. Catalyst 2: Application scenarios are continuously expanding, with commercialization paths becoming increasingly diverse. Starting from makers and DIY enthusiasts in the early stages, the industry has now expanded into education, household, and even small business scenarios like 3D printing farms. Catalyst 3: AI is reshaping the 3D modeling paradigm. Bambu Lab and Creality have taken the lead in using AI technology to significantly reduce 3D model generation time, addressing a key industry pain point. Catalyst 4: Policy support continues to increase, achieving comprehensive policy coverage across the entire chain from "R&D to standardization to consumption."
Related Targets: High-Quality Companies with Established Technological Barriers and Product Realization (1) Anker Innovations: The company launched a consumer-grade UV printer via crowdfunding in 2025, with cumulative shipments reaching 16,000 units as of February 9. Compared to FDM 3D printers, UV printers offer advantages such as full-color printing and a lower entry barrier. As subsequent products become more reliable and costs decrease, UV printers may offer significant potential. The company's mass production progress is relatively advanced at present. (2) Creality: The company is a leading enterprise in the consumer-grade 3D printing sector. From 2020 to 2024, its cumulative shipments of consumer-grade 3D printers reached 4.4 million units, corresponding to a cumulative market share of 27.90%, ranking first in the industry. In terms of product capability, the company excels in core parameters such as printing efficiency and color capability. Regarding channel layout, its distributor network achieves global market coverage, and its online channels have been successfully established, with channel revenue CAGR reaching 79.48% from 2022 to 2024. (3) Bambu Lab: The Bambu Lab X1 product enjoys high market recognition. The company has accumulated over 300 global core patents, and its performance continues to be on a fast growth trajectory.
Risk Warning: Exchange rate fluctuation risk, slower-than-expected industry product iteration speed, risk of industry price wars.