London, 16 January 2025 – The third quarter of 2024 was challenging for the global 3D printing market, marked by weak financial results, layoffs, leadership changes, CEO turn–over, operational scale–backs and contentious M&A. Industrial ($100,000+) and Midrange ($20,000–$100,000) system shipments dropped by –24% and –8% year–over–year, respectively, according to global market intelligence firm CONTEXT.

Despite challenges, there are glimmers of hope in the 3D printing market. CONTEXT notes that sales in the Professional ($2,500–$20,000) price class were only marginally down on the previous year (–1%) and shipments of Entry–level (under $2,500) printers continued to rise, increasing 28% year–on–year (YoY). There was even success for some vendors in the struggling Industrial sector as Eplus3D and Nikon SLM Solutions both enjoyed success with their super–advanced, multi–laser, high build–volume metal powder bed fusion (PBF) machines.

Industrial systems

The quarterly –24% drop in Industrial system shipments pushed yearly shipment trends into the red, with shipments now down –19% for the trailing–twelve–months (TTM). The marked drop in the Industrial price class affected almost all printer modalities and material types. Globally across all regions, both Industrial metal and Industrial polymer shipments were down in the period by almost equal measure (–24% and –25% respectively). Although Chinese vendors had recently seen growth – particularly in metal PBF systems – total Industrial system shipments were down across the globe in the quarter with falls of –37% in China, –25% in North America and –13% in Western Europe.

Industrial polymer systems

In Q3–24, the biggest challenge in this segment was again to Vat Photopolymerisation systems, shipments of which dropped –30% YoY. On a TTM basis, total Industrial polymer printer shipments dropped –29% and polymer Vat Photopolymerisation were down –42%. Two global leaders in this space – UnionTech (mostly shipping domestically into China) and 3D Systems (mostly shipping to the West) – have seen shipments of this type of system fall sharply. Both cite reduced demand in the dental market as the biggest reason for the decline. Other Industrial polymer technologies were also challenged in the period with YoY shipment declines for systems based on Power Bed Fusion down –15%, Material Extrusion down –15% and Material Jetting shipments down –43%.

Industrial metal systems

Shipments of metals printers were holding up better than those of polymer systems until the second quarter of last year when both saw YoY falls. In Q3–24, binder jetting system sales were flat but shipments of printers using all other technologies once again declined. Powder Bed Fusion systems accounted for 74% of new Industrial metals systems in this period but shipments of these were down –24% on the previous year. There was also a drop of –18% in sales of directed energy deposition printers, the second–largest category in the segment.

Eplus3D was the global leader in terms of units shipped in Q3–24 thanks to rising shipments, up 41% from a year ago. They were joined by TRUMPF and Renishaw as the only other companies in the top fifteen to see YoY shipment increases for the quarter, From a revenue standpoint, EOS was again the market leader with Nikon SLM Solutions, Eplus3D and Renishaw among other companies seeing YoY revenue growth.

Significant regional differences diminished in Q3–24 as both Chinese and Western vendors saw sales fall, particularly in the Industrial metal PBF sector. In this Industrial metal PBF sub–segment, overall shipments from Chinese vendors, which are mainly to the domestic market, were down –26% on the previous year but there were significant variations: over the quarter, Eplus3D shipped more printers YoY whereas most other Chinese companies saw significant YoY drop–offs. The highlight for Eplus3D (and possibly for the entire industry) was the shipment of one of the largest known “metre–tall” laser PBF machines. Similarly, shipments for Nikon SLM Solutions’ own large–platform, multi–laser NXG series machines continued to accelerate and the company continues to enjoy the top spot in terms of global market share in this sub–category.

Midrange systems

Reduced spending in the Industrial price class continued to trickle down into the Midrange market and contributed to an –8% YoY drop in shipments in Q3–24. Stratasys kept hold of its market–share lead but saw weak sales of some lines, especially Material Extrusion printers. 3D Systems is getting smaller each quarter and has dropped to sixth place in this price class as it continues to struggle. Chinese vendors including UnionTech, ZRapid Tech and Flashforge fared better than Western vendors: aggregate shipments from Chinese vendors were up 46% YoY while those of all others were down –24%. Flashforge had a particularly strong quarter thanks to growing sales of its WaxJet material jetting printers to the jewellery market.

Professional systems

The bounce–back in the Professional price class was driven almost completely by Formlabs. Although overall shipments for Q3–24 were still down –1% YoY, and –20% on a TTM basis, the super–successful roll–out of Formlabs’ new LFD Vat Photopolymerisation platform led to the shipment of 26% more Vat Photo printers than in the same period of 2023. Meanwhile, sales of Material Extrusion machines in this price class continued to be pinched by similarly featured, lower–priced Entry–level products resulting in –28% fewer Professional FDM/FFF printer shipments in the quarter. 

Entry–level systems

Entry–level printer shipments were up 28% YoY in Q3–24 and a whopping 43% on a TTM basis. Growth slowed for Creality and, although it continued to lead the price class, there were market–share gains for companies such as upstart Bambu Lab and long–time player Flashforge.

Outlook

The 3D printing market saw a turbulent end to 2024. The top question surrounds the fates of Desktop Metal and Markforged as Nano Dimension has made wholesale changes to management and board that put its planned acquisition of these companies in doubt. Other vendors, including BigRep and Prodways, have also seen leadership changes, while long–term player voxeljet has announced plans to sell to a technology investment firm. Elsewhere, Nexa3D has significantly scaled back operations and Velo3D was seemingly recently saved from the brink of bankruptcy.

While this chaos had significant impacts, newly updated analyses show that 2024 as a whole was even more heavily affected by high interest rates and subsequently muted CapEx spending. It therefore seems that full–year figures are likely to be close to the lows seen during the height of pandemic lockdowns in 2020 with at least –12% fewer Industrial printers shipped worldwide in 2024 than in 2023.

Similarly, CONTEXT notes that global Midrange printer shipments are on track to be –8% down over the full year. Conversely, it is likely the hot (but cooling) Entry–level segment will finish 2024 with a 30% YoY increase in annual global shipments. Many players anticipate that recently lowered interest rates will be reduced even further in 2025, helping CapEx spending to accelerate by H2–25, and lead to full–year growth of 14% in Industrial printer system shipments in 2025. Follow–on Midrange printer shipments are now forecast to rise 12% in 2025 with Professional system systems set to rise 6%. 

Looking further ahead, the current forecast for 2026 is of more consistent and stronger double–digit YoY growth in all sectors with YoY growth rates upwards of 30%–40% over a 5–year horizon. 

To put this in context, note that the market bounced back strongly coming out of Covid as vendors delivered against pent–up demand: between 2020 and 2021, Industrial 3D printer shipments were up 30% and those of Midrange systems increased by 26%. However, the impact of a change in US government is yet to be determined: while the new administration is generally focused on accelerating business potential, sticky inflation and unknown import restrictions are tempering optimism.

* Price classes: Personal <$2,500; Professional $2,500–$20,000; Midrange $20,000–$100,000; Industrial $100,000+