——如何看待消费级 3D 打印需求裂变 行业研究丨深度报告丨电子设备、仪器和元件 [Table_Title] 智造进化，妙"印"生花 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 纵观消费级 3D 打印的发展历程，是一个硬件、软件、生态不断完善，使用成本和学习门槛不 断降低的迭代史；2020 年是消费级 3D 打印元年，硬件端的持续降本提质，软件端从无人机衍 生出的运动控制补偿算法及 AI 技术的赋能，生态端的持续完善共同催化消费级 3D 打印从"能 用"进步至"好用"，市场开启增长；2026 年有望成为行业奇点时刻，AI 大模型在建模环节的导 入，将极大程度降低学习门槛及使用门槛，将产品推向更广阔的大众市场，从"好用"进一步迭 代至"爱用"，B 端持续降本提质，G 端政策推动，C 端快速渗透，开启千亿市场的星辰大海。 分析师及联系人 [Table_Author] 杨洋 陈亮 SAC：S0490517070012 SAC：S0490517070017 SFC：BUW100 SFC：BUW408 请阅读最后评级说明和重要声明 2 / ...

Core Insights - The additive manufacturing (3D printing) industry has transitioned from a technology hype cycle to a phase of technological maturity and cost reduction, marking a significant manufacturing revolution [1][3] Industry Overview - The global market size for additive manufacturing has reached $21.9 billion, with China experiencing a remarkable growth rate of 30%, projected to reach 70 billion yuan by 2025 [3] - The industry is moving from niche to mainstream, with industrial and consumer markets experiencing a rare resonance explosion [3] Technological Advantages - 3D printing offers core advantages over traditional subtractive and formative manufacturing, including "moldless" production and high material utilization rates exceeding 90%, leading to significant cost savings, especially for expensive materials like titanium alloys [4] Market Segmentation - The technology landscape is divided into two main camps: metal and non-metal. In the non-metal sector, FDM (Fused Deposition Modeling) dominates with a 61.6% global market share, while SLM (Selective Laser Melting) is the core technology in the metal sector, holding an 89.4% market share [7] Industrial Market Dynamics - The global industrial landscape is shifting towards a "Western dominance, Chinese rise" pattern, with China's market share increasing from 8.2% in 2009 to 11.5% in 2024. In the valuable metal 3D printing sector, Chinese company BLT has captured a 20% global market share, ranking second worldwide [9] Key Growth Drivers - Two core downstream sectors are driving industrial growth: 1. Commercial aerospace, where companies like SpaceX and domestic players are demonstrating significant reductions in engine component counts and manufacturing cycles [10] 2. Consumer electronics, with 2026 anticipated as a year of large-scale production for metal 3D printing, as major brands like Xiaomi and Apple enter the market [12] Consumer Market Landscape - The global consumer 3D printing market is projected to reach $4.1 billion by 2024, with the top four companies (CR4) in the market all being Chinese firms, holding a combined market share of 71.3% [13] - Companies like拓竹科技 are adopting a "3D printing farm" model, utilizing clusters of devices for flexible manufacturing, particularly in the trendy and cultural sectors [14] Technological Innovations - Innovations in algorithms and lidar technology are addressing printing speed and success rates, making devices more user-friendly. The establishment of a MakerWorld model community is creating a closed-loop ecosystem of "hardware + software + content" [16]