London, 18 July 2024 – Global 3D printer shipments began the year in a similar fashion to how they ended in 2023 with Q1–24 INDUSTRIAL Metal printer shipments rising in China, while INDUSTRIAL Polymer shipments struggled in all regions, according to market intelligence firm CONTEXT. 

Global shipments of INDUSTRIAL Vat Photopolymerization printers were particularly weak in all regions, contributing most significantly to the overall –15% YoY decline for the price–class.  MIDRANGE printer shipments dropped –7% and the PROFESSIONAL price–classed printer category continued to see sales shift into the ENTRY–LEVEL price–class. PROFESSIONAL shipments dropped significantly again in the period, down –34% from a year ago, while ENTRY–LEVEL shipments rose, with global shipments up 26% from a year ago. 

Regional moods were divided amongst Chinese vendors – particularly those engaged in the Industrial Metal Powder Bed Fusion side of the industry – were elated by their strong domestic demand, while Western vendors noted continued end–market challenges associated with low CapEx spending due to high interest rates and sticky inflation. In the US and across Europe, the news was not all negative however, with many vendors reporting strong demand from domestic defence markets in the period.

INDUSTRIAL SYSTEMS
Global shipments for all INDUSTRIAL price–class 3D Printers dropped –15% in Q1–24 and were down –8% on a trailing–twelve–months–basis, according to latest market insights by CONTEXT. From a materials stand–point, Polymers and Metals collectively represented 96% of all INDUSTRIAL 3D Printer shipments in the period with Polymer accounting for 50% of the category shipment totals and Metal accounting for 46%. Of these two main groupings, weak INDUSTRIAL Polymer shipments were the ones pulling down the overall category performance Q1–24 seeing –29% fewer printers ship in the period than a year ago. Conversely, INDUSTRIAL Metal shipments were up globally by 10%. On a Trailing–Twelve–Months basis (TTM), worldwide INDUSTRIAL Polymer shipments are down –16%, while INDUSTRIAL Metal shipments are up 4%.

INDUSTRIAL POLYMER SYSTEMS
Weak shipments of INDUSTRIAL Polymer Vat Photopolymerization printers across both the West (mostly the US and Western Europe) and the East (mostly domestic China) pulled down the entire INDUSTRIAL 3D Printer category. Shipments for INDUSTRIAL Polymer Vat Photo printers were down –47%, mostly due to excessively weak shipments from the two regional leaders in the category – UnionTech in China and 3D Systems in the West. 

Overall, nine of the top ten global players in this space saw shipments fall from a year ago, most seeing shipments down by double digit percentage points. Excluding Vat Photopolymerization, shipments of all other INDUSTRIAL price–class systems dropped only –1% from a year ago. Weak demand in the Dental markets in both regions was reportedly the main contributor to the YoY decline as high–inflation caused a shift in end–market demand for more cosmetic dentistry. 

INDUSTRIAL METAL SYSTEMS
Shipments for INDUSTRIAL Metal 3D Printers across the globe in all modalities were up 10% YoY in Q1–24 with shipments for Metal Powder Bed Fusion Systems – which accounted for the largest percentage of printers at 74% – up 7% from a year ago.

Shipments of all Metal modalities were up in the period with the exception of Material Jetting with Directed Energy Deposition shipment up 21%, Material Extrusion up 32%, and Binder Jetting up 15%.

Demand for INDUSTRIAL Metal Powder Bed Fusion was particularly strong in China with shipments from Chinese vendors up 45% in the period, while shipments of Metal PBF printers from Western vendors down –4% from a year ago. Chinese vendors have seen YoY quarterly shipments grow the last four consecutive quarters, while Western vendors have seen four consecutive quarters of declining shipments. Four of the top five global vendors for INDUSTRIAL Metal Powder Bed Fusion printer shipments in the period (Eplus3D, BLT, ZRapid Tech and Farsoon) were headquartered in China with Eplus3D leading the industry in the period. Vendors focused on the West continue do lead in System Revenue contribution with Nikon SLM Solutions and EOS enjoying the top market share positions in Metal PBF system revenues in the period. Nikon SLM Solutions was particularly notable as the leader in large form–factor, multi–laser systems.

MIDRANGE SYSTEMS
MIDRANGE 3D Printer shipments dropped –7% in Q1–24 mostly due to declining Polymer Powder Bed Fusion printer shipments, which were down –14% YoY. Demand was weak in both the East and West in this price class in general however with shipments from China–based vendors down –1% YoY and shipments from Western vendors down –9% in Q1–24. Of the Top five global vendors in this price–class China’s ZRapid Tech was the only vendor seeing YoY shipment growth, with strength not just in SLA Vat Photopolymerization shipments but also with their low–end Metal Powder Bed Fusion line. Other leaders in the Top five Stratasys, UnionTech, Formlabs and 3D Systems all saw YoY shipment declines of products in the price–class.

PROFESSIONAL SYSTEMS
Global shipments of products in the PROFESSIONAL price–class dropped yet again in the period with –34% fewer products shipped globally in Q1–24 than a year ago. This marked the eighth consecutive period of YoY shipment declines in the category as inflation has largely shifted a portion of this purchasing–base into the ENTRY–LEVEL. Of the Top 10 vendors, all but two saw YoY shipment declines. 

The period was one of transition as the two price–class leaders Formlabs and UltiMaker both made significant new product introductions. While both of these leading vendors had historically found success through product extension into higher price points, introducing more and more feature–rich products over time, UltiMaker continued this tradition – and even elevated their product portfolio into even a higher price–point. Their material extrusion Factor 4, Formlabs has taken the opportunity to introduce a new iteration of vat photopolymerization technology at a price–point similar to its traditional sweet–spot.

ENTRY–LEVEL SYSTEMS
Shipments of ENTRY–LEVEL price–class 3D Printers continued to accelerate in Q1–24, up 26% from Q1–23. Nine (9) of the Ten top vendors in the space saw more printers ship in Q1–24 than a year ago with Bambu Lab’s growth the most impressive. While Bambu Lab again lead in growth, Creality remained dominant in the price–class and alone accounted for 56% of all ENTRY–LEVEL price class 3D printer shipments in Q1–24 with Anycubic a far distant #2 in the category. The accelerating use of ENTRY–LEVEL price–point printers in more professional end–markets – including on print–farms – continued to help this price–class soar. Excluding Creality and Bambu Lab, shipments for the rest of the price–class were up only modestly YoY (9%.) Trying to capitalize on the success seen from Bambu Lab’s AMS (Automatic Material System) multi–colour technology, many vendors introduced similar technologies to the market in the period. The US market remained the top end–market for ENTRY–LEVEL 3D Printer shipments with 42% of the units shipping globally in Q1–24 shipping into this region. Approximately 94% of all ENTRY–LEVEL 3D Printer shipments across the globe in Q1–24 came from Chinese vendors.

OUTLOOK
Talks of industry consolidation dominated recent conversations in the West, highlighted by Nano Dimension’s planned acquisition of Desktop Metal. Ongoing merger and acquisition rumours persist in the US and Europe, with several publicly traded companies under strategic review. In contrast, Chinese companies continue to thrive domestically and focus on expanding their overseas business.

Western forecasts remain conservative, but strong Chinese demand, especially for Metal Powder Bed Fusion solutions, has led to a revised global industrial printer shipment forecast, now projected to rise by 7% in 2024. Western defence sector demand from companies like Nexa3D and Velo3D also supports this increase. The MIDRANGE category forecast is now a modest 3% YoY growth, while the PROFESSIONAL category is expected to decline by –1%. ENTRY–LEVEL category growth is projected at 14%, driven by new market options following Bambu Lab’s success.

Accelerated growth in the industrial price class is anticipated in 2025 and beyond as the US and Europe stabilise post–election cycles and interest rates drop. While system vendors remain focused on further advancing Additive Manufacturing into mainstream manufacturing, many strategic growth initiates are now starting to also incorporate other digital production technologies beyond just additive into their portfolios, as a way to accelerate growth.

* Price–class groups: INDUSTRIAL $100,000+; MIDRANGE $20,000–$100,000; PROFESSIONAL $2,500–$20,000; ENTRY–LEVEL <$2,500