Investment Rating - The report maintains an "Outperform" rating for the consumer-grade 3D printing industry [1] Core Insights - Technological advancements are driving the growth of the consumer-grade 3D printing industry, which is entering a period of widespread adoption. The global market is expected to exceed $4 billion by 2024, with a compound annual growth rate (CAGR) of 28% from 2020 to 2024. The sales of 3D printers alone are projected to reach $2.1 billion, growing at a CAGR of 21% during the same period [3][15] - The consumer-grade 3D printing market is characterized by intense competition, with Chinese companies dominating the landscape. By 2024, China is expected to account for 45% of global 3D printer exports, with major markets in the US and Europe [3][24] - The report highlights the growth potential of 3D printing consumables, which are expected to reach $1 billion by 2024, with a CAGR of 36% from 2024 to 2029. Chinese companies are gradually capturing market share in this segment [3][45] Summary by Sections 1. Technological Advancements Driving Growth - Continuous improvements in hardware and software are lowering the operational barriers for consumer-grade 3D printing, leading to increased market penetration. The global consumer-grade 3D printing market is projected to reach $4 billion by 2024, with a CAGR of 28% from 2020 to 2024 [3][15] - The number of consumer-grade 3D printers is expected to reach approximately 15.8 million units globally by 2024, indicating a penetration rate of only 1.8% among the 860 million households in the US, Europe, and China, suggesting significant growth potential [3][15] 2. Competitive Landscape - The report identifies a competitive landscape where Chinese companies, such as Chuangxiang Sanwei and Tuozhu, are leading the market. Chuangxiang Sanwei holds a market share of 28% in cumulative shipments from 2020 to 2024, while Tuozhu is expected to lead in 2024 with a 29% market share [3][27] - The competition is primarily driven by product capabilities, with a focus on technological research and development, as well as supply chain efficiency [3][28] 3. Company Profiles - Chuangxiang Sanwei offers a diverse range of products, including 3D printers, consumables, and services, with projected revenues of 2.3 billion yuan in 2024 and a stable gross margin of around 30% [3][35] - Tuozhu Technology focuses on integrating advanced technologies into their 3D printers, enhancing user experience and product performance, which has propelled them to the top of the industry [3][44] 4. Growth of 3D Printing Consumables - The consumables segment is expected to grow significantly, with the market projected to reach $1 billion by 2024, driven by the increasing number of 3D printers in use. The CAGR for this segment is anticipated to be 36% from 2024 to 2029 [3][45] - Chinese companies are gradually increasing their market share in the consumables sector, particularly in upstream resin production and modified plastics [3][45]