The nation's 3D printing industry is expected to be more popular in five to 10 years, by which time production costs of the devices are expected to be halved, Luo Jun, founder of the Beijing-based World 3D Printing Technology Industry Alliance, said on Monday.
"The high costs of 3D printers and related materials are the major obstacle to the fast development of the domestic 3D printing industry," Luo, a firm supporter of the technology, told a press conference in Beijing.
He forecast that within five years, a typical 3D printing device will cost about 1 million yuan ($157.8 million), as the participation of more companies creates economies of scale.
According to the alliance, over 10 Chinese firms have entered the 3D metal printing segment so far this year. It said the global 3D printing industry has about 200 participants.
A report published by a global market consultancy ResearchMoz in January said that China's 3D printing industry is expected to total 3.7 billion yuan this year, rising to 10 billion yuan in 2016.
As of January, China accounted for 8.7 percent of 3D printers worldwide, and it was in third place globally in terms of 3D printing patents, the report showed.
Despite the nation's relatively rich portfolio of technology patents, Luo said that China's 3D printing technology lags the levels found in the U.S. and EU due to insufficient funds and lack of skilled research and development staff.
China's 3D technology, while ahead of Japan and South Korea, is only utilized in 10 percent of 3D printing projects around the world. The U.S. and EU account for 40 percent and 30 percent, respectively, according to Luo.
The U.S. is the world's largest market for 3D printers, with revenue seen near $1.5 billion by 2019 at an annual growth rate of more than 30 percent, according to a report from U.S.-based market research firm International Data Corp (IDC) in September.
The sector in the U.S. is being driven by high-profit players such as tech giant Hewlett-Packard Co, which has entered the market, said IDC.
