一个行业，在同一年度出现3个里程碑式的"百亿"。这通常不只是增长，而是拐点。 2025年，中国3D打印行业刻下了3个数字：出口规模首次突破100亿元，全年投融资规模逼近100亿元， 诞生首家年营收超100亿元的企业。 在全球消费级3D打印机市场，Creality（创想三维）、Bambu Lab（拓竹）、Anycubic（纵维立方）与 Elegoo（智能派）四家深圳企业合计占据全球约九成的出货份额。如今，全球每售出的10台消费级3D 打印机中，有9台来自中国品牌。 3个里程碑式的"百亿"，离不开深圳3D打印"四大天王"。 出口突破百亿 深圳产生"四大天王" 春节前夕，"深圳拓竹科技员工最高年终奖超过200万元"的消息刷屏。更早前，公司宣布设立"2026母校 基金"，向10所员工母校捐赠超过1亿元，用于奖教金、奖学金与科研支持。对外界而言，这或许只是企 业盈利后的体面表达；但对行业而言，它更像一个侧面印证——当出口规模破百亿、头部企业体量迅速 扩大，消费级3D打印开始具备稳定现金流与长期投入能力。 为什么"四大天王"聚深圳？ "这种规模与盈利能力的形成，是产业集群能力的结果。"一位3D打印设备从业者表示，"工程师 ...

Investment Rating - The report indicates a strong investment outlook for the consumer-grade 3D printing industry, with a projected CAGR of 28.6% from 2020 to 2024, reaching a market size of $4.1 billion by 2024 [1]. Core Insights - The integration of AI into consumer-grade 3D printing is seen as a key driver for market expansion, bridging the gap between virtual design and physical manufacturing [1][13]. - The industry is expected to experience a significant acceleration in growth, akin to the smartphone evolution, particularly with the introduction of products like the拓竹 X1, which has set new standards for performance and affordability [2][23]. - The report emphasizes the importance of creating an ecosystem around 3D printing, where hardware, software, and community engagement work together to enhance user experience and drive adoption [5][34]. Summary by Sections 1. Industry Overview - Consumer-grade 3D printing is becoming a crucial infrastructure for creative monetization, with a focus on ease of use, low cost, and high personalization [1][13]. - The market is currently led by the device segment, which accounts for 51% of the total market, followed by consumables at 24% [13]. 2. Device Segment - The report predicts that the industry will enter a second acceleration phase by 2026, driven by advancements in multi-color printing technologies and improved user experience [2][29]. - Key challenges include adapting industrial-grade products for consumer use, with a focus on brands that possess strong technical capabilities and ecosystem-building abilities [2][5]. 3. Consumables Segment - The demand for consumables is expected to grow significantly as the device segment accelerates, with PLA remaining the dominant material due to its ease of use and environmental properties [3][21]. - The report highlights the importance of companies that can innovate in material modification technologies to enhance product performance and user experience [3][22]. 4. Technological Advancements - The report outlines that technological breakthroughs are essential for transitioning from industrial to consumer-grade applications, with AI modeling and smart slicing software significantly improving user experience [5][40]. - The competitive landscape is shifting from hardware specifications to ecosystem experiences, with a focus on creating a seamless user journey from purchase to long-term engagement [34][35]. 5. Market Dynamics - The report notes that the consumer-grade 3D printing market is poised for a golden development period, driven by significant capital inflows and a shift in consumer behavior towards personalized products [39]. - The industry is expected to replicate the growth trajectory of household appliances, with a potential shift from niche markets to mainstream adoption [29][30].

Investment Rating - The report maintains a "Recommended" rating for the 3D printing industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [8]. Core Insights - The global consumer-grade 3D printing industry is entering a phase of accelerated adoption, with rapid market growth anticipated. The report suggests focusing on investment opportunities within the industry chain, particularly companies related to the leading player, Tuozhu [1]. - The demand for consumer-grade 3D printing is expected to grow rapidly, driven by advancements in artificial intelligence and printing performance. The market size is projected to reach USD 4.1 billion in 2024 and grow to USD 16.9 billion by 2029, with a CAGR of 26.6% [6]. - The supply side shows that the global 3D printer market share is increasingly concentrated among leading Chinese companies, with Tuozhu expected to capture approximately 29% of the market share in 2024 [6]. Industry Overview - The 3D printing industry encompasses various segments, including upstream raw materials, hardware, and auxiliary software, as well as downstream applications in aerospace, automotive, healthcare, rail transportation, cultural creativity, and construction [6]. - The report highlights key players in the industry, including: - **Sikan Technology**: A leading domestic 3D scanner company that has signed a framework agreement with Tuozhu to jointly design and develop consumer-grade 3D scanners [6]. - **Jinchengzi**: A leader in laser processing control systems, focusing on self-developed industrial software and control systems, and a major provider of automation control components for 3D printing equipment [6]. - **Jieput**: Provides continuous fiber lasers and related optical modules to midstream manufacturers, enhancing the speed and precision of 3D printing [6].

中金研究 消费级3D打印的成长空间多大？ 据灼识咨询数据，2020~2024年全球消费级3D打印机GMV由10亿美元增长至21亿美元，CAGR为20.4%；预计2029年将达 88亿美元，2024~2029年CAGR为33.2%。中国产能主导全球，行业需求主要来自欧美。 消费级3D打印的竞争格局如何？ 2024年全球出货量CR5达到78.6%，中国品牌主导全球市场，拓竹科技份额领先（2024年出货量份额29.0%）。消费级3D 打印机产品形态尚未成熟，品牌格局仍在变动之中，但头部品牌竞争优势也在不断巩固。 风险 消费级3D打印渗透不及预期；市场竞争加剧风险；国际贸易政策风险。 T正文ext 生成式AI的普及、个性化消费的兴起以及供应链的成熟，推动消费级3D打印行业迈入"技术筑基+场景破圈"的黄金增长期。本篇报告全面剖析消费级 3D打印行业当下的热点问题，为市场梳理出行业的投资脉络。 点击小程序查看报告原文 Abstract 摘要 消费级3 D打印 是什么？ 消费级3D打印是面向个人、教育机构及小型工作室的小批量、定制化生产工具。消费级3D打印以FDM、LCD为主，FDM占主导 地位。 消费级3D打印的创新逻辑 ...

——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 / ...

Summary of the Conference Call on Consumer 3D Printing Industry Industry Overview - The conference focused on the consumer-grade 3D printing industry, discussing its definition, market potential, innovation logic, and competitive landscape [1][2][3] Key Points Definition of Consumer 3D Printing - Consumer 3D printing is defined as a new manufacturing method distinct from traditional manufacturing techniques such as additive and subtractive manufacturing [1][2] - It is characterized by its ability to produce small quantities of unique or customized products, suitable for applications in education, cultural creativity, and consumer goods [3][4] Market Potential - The global consumer 3D printing market is projected to grow from $1.5 billion in 2020 to $4.2 billion by 2024, reflecting a compound annual growth rate (CAGR) of approximately 29% [11][12] - Sales of consumer 3D printers alone are expected to increase from $1 billion in 2020 to $2.1 billion by 2024, with a forecasted CAGR of around 20% [13][14] - The penetration rate of consumer 3D printers is currently low, estimated at less than 2% in developed regions, indicating significant growth potential [15][16] Innovation Logic - The innovation in the consumer 3D printing industry is driven by hardware upgrades, material innovation, and software ecosystem development [20][22] - The industry is characterized by rapid iteration and the need for strong software support to enhance user experience and operational efficiency [21][22] Competitive Landscape - The market is dominated by Chinese brands, with the top five companies holding significant market shares: - Tofu (29%) - Creality (17%) - Zhuhai (13%) - Smart (12%) - Enjoy (7%) [23] - Tofu, a relatively new entrant, has shown remarkable growth, achieving revenues of over 10 billion RMB in 2022, indicating a strong competitive position [24][26] Challenges and Opportunities - The industry faces challenges such as the need for improved user-friendliness and the complexity of the printing process, which requires robust software support [21][22] - Opportunities exist for expansion into complementary products, such as 3D scanners and laser engravers, as well as potential for global market growth, particularly in regions with less developed supply chains [28] Conclusion - The consumer 3D printing industry is in a growth phase with substantial opportunities for innovation and market expansion, particularly for companies that can effectively integrate hardware, materials, and software solutions [28]

Summary of Consumer-Level 3D Printing Market and Industry Opportunities Industry Overview - The consumer-level 3D printing market is rapidly expanding, with shipments expected to exceed 4 million units in 2024 and a market size of $4.1 billion. By 2029, shipments are projected to surpass 13 million units, reaching a market size of $17 billion, indicating a shift in technology from "usable" to "user-friendly" [1][2] Key Insights and Arguments - **Policy Support**: Significant government policies in China, such as those introduced in 2025 to support desktop 3D printing products and encourage their introduction into classrooms, are expected to unleash consumer potential and promote overall industry growth [1][6] - **User Demographics**: The primary users of consumer-level 3D printers include hobbyists, light production users, and DIY enthusiasts. This user base is driving the transition of products from "usable" to "user-friendly," with many products now being ready to use out of the box [1][5] - **Market Growth Factors**: The growth of the consumer-level 3D printing market is driven by factors such as the rise of trendy culture, farm models, creative production groups, and student demographics. The global market is expected to see a compound annual growth rate (CAGR) of 26.6% by 2029, with a current penetration rate of only 3.9% [3][15] Investment Opportunities - **Industry Chain Potential**: Investment opportunities in the consumer-level 3D printing industry chain are substantial. The upstream includes materials, components, and complete machine manufacturing; the midstream consists of brand manufacturers; and the downstream involves consumers. Companies such as Jinchengzi, Jieput, Ruike Laser, and Haizheng Biomaterials are highlighted as potential investment targets [1][9] - **High-Value Components**: In the consumer-level 3D printing machines, components like laser control systems and lasers account for about 20% of costs, particularly in multi-functional devices. These components are considered to have high value within the industry chain [10] Market Dynamics - **Technological Advantages**: Consumer-level 3D printing, primarily using Fused Deposition Modeling (FDM) technology, offers advantages over traditional subtractive manufacturing methods. The market competition focuses on product capabilities, ecosystem development, and consumer reach [3][16] - **Future Growth**: The industry is expected to enter a rapid growth phase due to decreasing costs and improving quality, supported by policy backing and increased user frequency. The trend towards multifunctionality is likely to attract more consumers [7][8] Additional Important Insights - **Export Data**: In the first ten months of 2024, China exported 4.48 million 3D printers, a year-on-year increase of 29.6%, with export value reaching 9.866 billion yuan, up 31.9%. Notably, November saw a significant month-on-month increase in both shipment volume and value [1][14] - **Company Performance**: Chuangxiang 3D achieved a revenue of 2.288 billion yuan in 2024, a year-on-year growth of 21.5%. The 3D printer business accounted for approximately 70% of total revenue, indicating a well-established industry chain [1][13]

中金主要观点如下： 消费级3D打印是什么？ 中金发布研报称，生成式AI的普及、个性化消费的兴起以及供应链的成熟，推动消费级3D打印行业迈 入"技术筑基+场景破圈"的黄金增长期。据灼识咨询数据，2020~2024年全球消费级3D打印机GMV由10 亿美元增长至21亿美元，CAGR为20.4%；预计2029年将达88亿美元，2024~2029年CAGR为33.2%。中 国产能主导全球，场景拓展与产品降本带动中国需求增长，未来潜力充足。 全球市场初具规模，增长前景乐观。据灼识咨询数据，2020~2024年全球消费级3D打印机GMV由10亿 美元增长至21亿美元，CAGR为20.4%；预计2029年将达88亿美元，2024~2029年CAGR为33.2%。中国 产能主导全球，场景拓展与产品降本带动中国需求增长，未来潜力充足。欧美需求主导全球，根源在于 小型工业品供应链不发达、人工成本高、DIY文化盛行及物流体系效率不高。美国为全球第一大消费 国，2025年占中国增材制造设备出口额的4成。 消费级3D打印的竞争格局如何？ 全球市场集中度高，2024年全球出货量CR5达到78.6%。中国品牌主导全球市场，拓竹科技份额领先 ...

行业主要上市公司：铂力特(SH.688333)、先临三维(SH.600588)、有研粉材(SH.688456)等; 消费级3D打印机的应用起源于业余爱好者，但随着科技的发展和人们创新意识的增强，现在可以与互 联网结合，开创新的商业模式。消费级3D打印机以FDM技术为主，打印材料大多为PLA、ABS等高分 子材料，消费领域主要分布在文化创意产业及教育行业。 产业竞争 当前全球消费级3D打印行业呈中国品牌主导格局，拓竹科技、创想三维、纵维立方、智能派等中国品 牌合计贡献了全球95%的份额。欧美Prusa、Ultimaker 退守高端准专业市场，竞争聚焦技术升级、生态 构建。部分企业具体布局情况如下： | 企业名称 | 所属国家 | 布局情况 | | --- | --- | --- | | FORMLABS | 美国4 | 全球专业光固化 3D 打印龙头,主打 SLA/SLS 打 | | | | 印机与后处理方案,覆盖医疗、珠宝、汽车等领 | | | | 域,全球10+分支机构,KICKSTARTER 众筹起 | | | | 家,服务个人创作者与中小企业(2) | | PRUSA- | 捷克( | 开源 3D 打印 ...

2026.01.29 本文字数：1182，阅读时长大约2分钟 作者 |第一财经 郑栩彤 消费级3D打印厂商拓竹科技1月28日在一篇关于给员工母校捐款的文章中，提到营收情况。 "给母校捐一笔钱大概是2025年中时定下的，当时拓竹年营收破百亿的预期已经比较明朗了。"拓竹CEO 兼联合创始人陶冶表示，公司成立时间只有5年。 消费级3D打印的市场容量增速颇快。一名3D打印厂商联合创始人此前向记者形容，这是消费类硬件中 过去两年为数不多持续增长的赛道，拓竹去年继续维持高增长速度，也是一级市场资本对消费级3D打 印感兴趣的原因。 有消费级3D打印业内人士向记者表示，市场容量扩大的推动力，将来自3D打印向普通人群渗透，但这 一过程中，厂商间将展开激烈竞争，各厂商将在软硬一体化、生态等方面进行多维度竞争，并在研发方 面投入更多力量。 陶冶在上述文章中，也谈到人才对公司发展的重要性。他表示，公司的发展几乎可以百分百归功于广大 员工，公司的业务决定了无法依靠少数几个"英雄式人物"去搞定特定技术点、投资人、关键大客户等。 公司因此本能地思考人才从哪里来，思考及讨论的结果是，大学的优先级最高。 拓竹的捐赠款分配按照各高校在公司的员工 ...