China Securities: 3D printing industry enters the golden growth period, scenario expansion and product cost reduction drive Chinese demand growth.

Zhongjin released a research report stating that the popularization of generative AI, the rise of personalized consumption, and the maturity of the supply chain are driving the consumer-level 3D printing industry into a golden growth period of "technology as the foundation + breaking out of conventional scenes." According to Zhuo Shi Consulting data, the global consumer-level 3D printer GMV is expected to grow from $1 billion to $2.1 billion from 2020 to 2024, with a CAGR of 20.4%; it is estimated to reach $8.8 billion by 2029, with a CAGR of 33.2% from 2024 to 2029. China's production capacity dominates globally, with scenario expansion and product cost reduction driving demand growth in China, indicating ample future potential. Key points from Zhongjin are as follows: What is consumer-level 3D printing? Consumer-level 3D printing is a small-scale, customized production tool for individuals, educational institutions, and small studios, combining emotional consumption with functional value, suitable for scenarios with fast product delivery, small production batches, and high shape freedom. FDM and LCD are the main methods of consumer-level 3D printing, with FDM focusing on "practicality" and being newbie-friendly, occupying a leading position; while LCD focuses on "high precision." The consumer-level 3D printing industry chain is mature, with consumables in the upstream and equipment in the midstream playing core roles. What is the innovation logic of consumer-level 3D printing? Hardware upgrades, consumable innovations, and software ecology constitute the innovation loop of consumer-level 3D printing. Hardware upgrades are the main line of innovation, mainly reflected in the continuous optimization of 3D printers in terms of printing efficiency, printing safety, and printing quality; consumable innovation is a support line of innovation, going through three stages from simpli