As 2024 unfolds and a new year approaches, it's an ideal time to reflect on the main events of the past year in the AM industry and explore what we might expect in 2025.
In 2024, the 3D printing industry witnessed a mix of successes and challenges. Despite some hurdles, the overall tone leaned toward growth and innovation. The industry achieved an impressive 16.4% CAGR, with projections indicating continued expansion in the coming years.
However, many AM companies faced significant challenges, including sustaining growth, achieving profitability, and securing the capital needed to ensure their future operations. The industry appears to be at a pivotal stage in its evolution, progressing toward the industrialization of Additive Manufacturing in design and manufacturing processes.
The past year was marked by noteworthy events that reshaped the industry landscape. Here are some of the highlights I believe are worth mentioning:
Publicly traded AM companies delisted from Nasdaq
Several companies were delisted from the stock exchange due to poor financial performance, including Voxeljet, Fathom, and Velo3D.
Valuation shifts among publicly traded AM companies
Leading hardware manufacturers faced significant valuation declines, with Stratasys dropping by 38% and 3D Systems by 48%. Conversely, service providers managed to grow their valuations, such as Proto Labs (+0.3%) and Xometry (+19%).
Chapter 11/Insolvency filings/Scaling down
Unfortunately, several companies with promising technologies or solutions had to shut down, including Sintratec and Shapeways, and scale down as Nexa3D.
Successful fundraising
Despite the challenging business environment, several companies focusing on manufacturing applications successfully raised funds. Notable examples include Axtra3D ($10M), Mosaic Manufacturing ($28M), Quantica ($20M), Backflip AI ($30M).
Mergers and Acquisitions (M&A)
The year saw an increasing number of mergers and acquisitions. Highlights include Nano Dimension’s ongoing efforts to acquire Desktop Metal and Markforged, though the outcome remains uncertain, and Formlabs’ acquisition of Micronics.
The rise of Chinese companies
Leading metal AM companies, such as BLT and HBD, accelerated their business expansions into EMEA and North America, aiming to increase their market share in the coming years.
Bambu Lab’s leadership
Bambu Lab continued its rapid global expansion, solidifying its position as a true leader in the entry-level solution segment.
As 2024 comes to a close, the top five publicly traded AM companies by market capitalization include three hardware manufacturers and two service providers, for whom AM represents only a portion of their offerings:
What can we expect in 2025? As we look ahead to 2025, the 3D printing industry is expected to solidify its role as a key manufacturing technology. Adoption is set to grow across major industries, including healthcare, aerospace, construction, and consumer goods. Innovations in AI, automation, and sustainable materials will continue to position 3D printing as a leader in advanced manufacturing. Meanwhile, challenges related to scalability and standardization will remain focal points, paving the way for broader commercialization and market expansion.
I want to highlight three key topics that will shape the AM landscape in the coming year: The evolution of AM companies, China's role, and the path to success in AM.
AM companies
Given the current market conditions and business environment, AM companies—whether focused on software, hardware, or materials—are likely to face one of four potential scenarios:
Business Closure: Unprofitable companies with limited cash reserves that fail to secure additional funding will be forced to shut down. As the 3D printing "hype" has waned, and with unsuccessful IPOs and SPACs over the past few years, investors are unlikely to support businesses lacking a compelling value proposition.
Mergers & Acquisitions (M&A): Companies may seek to merge with competitors or integrate with complementary solution providers to create greater value propositions for their customers. This trend is expected to grow as businesses look for strategic partnerships to stay competitive.
Successful Fundraising: Companies developing AM technologies for manufacturing applications and those demonstrating sustainable growth over the past few years are more likely to attract investors and secure new funding rounds.
Organic Growth: Companies with mature technologies, a unique value proposition, and a strong channel network will focus on organic growth. These businesses aim to increase sales and profitability to remain self-sufficient and independent.
Between 2010 and 2020, and during the height of the AM hype and the COVID-19 pandemic, most companies managed to thrive under scenarios 3 and 4. However, as we enter 2025, an increasing number of companies will likely face scenarios 1 and 2. This is a painful yet natural evolution, similar to the cycles seen in other industries that have matured over time.
Main events in the AM industry in 2024. Image source: 3D Alliances
The rise of Chinese AM companies
There is no doubt that Chinese AM companies will intensify their efforts to expand their presence in EMEA and North America. These companies are focusing on industries that are increasingly open to adopting Chinese brands. In North America, further developments may hinge on how trade relations evolve, particularly if President Trump returns to office and addresses trade issues between the two countries.
In 2024, Chinese AM companies demonstrated that their technologies are mature enough to be seriously considered by Western businesses seeking cost-effective manufacturing solutions. Their competitive cost of ownership and production costs make them attractive to companies looking to balance quality with affordability.
For Western AM companies, directly competing with Chinese AM providers—especially on price alone—is unlikely to be a winning strategy. Instead, focusing on differentiation through innovation, specialized applications, and superior service offerings will be key to maintaining a competitive edge.
3D Alliances team at Farsoon booth, Formnext South China. Image source: 3D Alliances
Thus, for Western AM companies to remain competitive, they must prioritize one crucial aspect—innovation. Without the development of new solutions that keep them several steps ahead, they risk gradually losing market share to Chinese vendors, who will continue to narrow the technological gap at a rapid pace.
Examples of Western AM companies staying ahead of the curve include: Axtra3D with their HPS technology, which combines SLA and DLP in a single system. Photocentric with their Jeni automated production resin system, designed to enhance efficiency and scalability. Tritone Technologies with their MoldJet technology, which innovatively produces metal components using paste instead of powder.
Photocentric's automated AM production resin system. Video source: Photocentric.
The path to success - FOCUS
The era of selling industrial 3D printing systems to a broad range of industries and applications is over. For an AM company to succeed in transforming its technology into true digital manufacturing, it must focus on a select few industries and applications. This approach requires a deep understanding of customers' specific challenges and tailoring a dedicated, end-to-end ecosystem. This ecosystem should encompass software, 3D printing systems, post-processing capabilities, and materials designed specifically for those applications.
Two notable examples of companies that showcased full solutions for specific industries at Formnext are OMNI3D and UnionTech3D:
OMNI3D has identified the significant potential of additive manufacturing in the railway industry and developed specialized solutions to address its unique challenges. These solutions include enabling the maintenance of older trains with hard-to-source replacement parts and creating lightweight components for modern high-speed trains.
With expertise spanning AM hardware, software, materials, and certifications tailored for railway applications, OMNI3D also integrates post-processing capabilities, certified adhesives, and paints. To ensure seamless adoption, the company provides comprehensive training and ongoing support for its customers.
End-use parts production of internal wagon components. Image source: OMNI3D.
UnionTech3D has developed a customized digital 3D printing solution specifically tailored to the tire mold industry. This comprehensive solution integrates specialized 3D printing equipment, advanced materials, manufacturing process packages, post-processing solutions, and Tire ONE, a 3D printing cloud platform designed to streamline and optimize tire mold production.
Following extensive joint development and implementation, UnionTech3D unveiled its tailored AM solution for the tire industry at Formnext 2024. The highlight of the presentation was the new RA600 SLA 3D printer, which offers one-click intelligent printing while seamlessly managing data repair, pre-processing, and all stages of 3D printing. This breakthrough innovation marks a significant advancement in tire mold design and manufacturing, setting a new benchmark for efficiency and precision in the industry.
The RA600 SLA 3D printer for the tire industry. Image source: UnionTech3D.
Summary
The AM industry in 2025 is likely to continue its trajectory of growth and innovation, driven by advancements in technology, materials, and applications. However, an increasing number of AM companies will pay the painful price of the evolution process, that will end the life of companies that will be not manage to adopt and invent themselves again.
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