《3D Printing 订阅版》.pdf

June 30 3D Printing Industry Business Report Black Puma Research BLACKPUMAFUND@GMAIL.COM 3D Printing Industry Business Report June 30, 2014 3D: Printing the Future 3D printing has got huge attraction from Wall Street and the mass for the past three years. The technology in fact first emerged in 1987 with stereo lithography (SL) from 3D Systems, a process that solidifies thin layers of ultraviolet (UV) light-sensitive liquid polymer using a laser. With the technology, 3D Systems introduced the first commercially available AM system in the world, called the SLA-1 in 1988. Currently, the industry is driving adoption of rapid prototyping at the high-end of the market, and is also gaining significant traction among customers with the introduction of low-cost 3D printers. After the recent pullback and with significant growth potential for the next few years, we believe the 3D printing industry looks very interesting right now for long-term investors. Investment Thesis • 3D printing is a fast-evolving market and still in its infancy: We expect 3D printing market to grow at ~33% CAGR (Compound Annual Growth Rate) to $12.8B in 2018 from $3.1B in 2013 (please see Exhibit 1 for details), driven primarily by material and service expansion, low-priced consumer products, and as well as more end-market opportunities. Right now, the industry is penetrating the automotive, aerospace and medical industries whereas we expect medical and jewelry could be the fastest growing verticals in the next five years (please see Exhibit 2 for details). • Significant Margins upside