Southwest Securities·2026-01-23 10:30Investment Rating - The report maintains an "Outperform" rating for the 3D printing industry as of January 22, 2026 [1] Core Insights - The 3D printing industry is entering a rapid development phase driven by both industrial and consumer applications, with significant market potential projected to reach hundreds of billions [8] - The global additive manufacturing market is expected to grow to $21.9 billion by 2024, with a CAGR of 18% projected until 2034 [8] - Domestic policies in China are increasingly supportive, indicating a maturing industry with substantial growth potential [8] Summary by Sections 1. 3D Printing Technology and Development - Seven core processes facilitate the development of 3D printing across multiple fields, including powder bed fusion and directed energy deposition [16][22] - The technology has evolved from rapid prototyping in the 1980s to widespread commercial applications in various sectors, including aerospace and healthcare [18][20] 2. Industry Growth and Applications - The 3D printing industry is experiencing rapid growth, with applications expanding across various sectors such as aerospace (17.7%), medical (17.6%), and automotive (10.3%) [8][71] - The global market for aerospace 3D printing is projected to reach $2.88 billion by 2025, with a CAGR of 20% until 2035 [8] 3. Market Dynamics and Competitive Landscape - Domestic manufacturers are leading in desktop applications, while industrial-grade 3D printing is seeing increased competition from local firms [8] - Key players in the industrial-grade market include EOS, which holds over 40% market share, followed by other significant companies [8] 4. Investment Opportunities - The report suggests focusing on companies that are well-positioned to benefit from technological advancements and expanding applications, including equipment manufacturers like Huazhu High-Tech and service providers like Jingyan Technology [8]