CONTEXT has published a new report highlighting poor performance from 3D printer vendors in Q3 2024. The Market intelligence firms decision to call the additive manufacturing market chaotic marks a shift from the more positive tone of its 2025 3D printing forecast published last month.During the third quarter, the global additive manufacturing industry was characterized by weak financials, headcount reductions, leadership changes, CEO turnover, operational streamlining, and uncertain mergers and acquisitions (M&A) activity.According to CONTEXTs data, this turbulence has translated to falling 3D printer shipments. Sales of Industrial ($100,000+) and Midrange ($20,000$100,000) systems reportedly fell by 24% and 8% YoY, respectively. Professional-grade machines costing between $2,500$20,000 also witnessed a decline of 1%. While entry-level 3D printers continued to buck this trend, with a 28% YoY rise, CONTEXT noted that this segment is cooling as shipments begin to slow.While the recent report addresses Q3, historically, Q4 has been a time when many deals are completed. When earnings season commences, and listed companies provide there full-year numbers a clearer picture should emerge, potentially shedding insight as to whether a shift in quarterly trends has taken place. One convincing explanation seems to relate to uncertainties driven by the US election, with capex delayed until 2025. Several other nations also held elections last year, further driving this trend.Anecdotal evidence from one manufacturer reports that anticipated contracts to supply defense customers did not emerge as expected due to the election year. However, additive manufacturing still benefits from the US Department of Defenses deep pockets. Efforts to restock depleting missile inventories and secure its domestic submarine supply chain are driving extensive investments in metal 3D printing.CONTEXTs VP Chris Connery emphasized that some rays of hope shone through during Q3 2024. Specifically, CONTEXTs data confirms that market leaders EOS, Nikon SLM Solutions, Eplus3D, and Renishaw reported YoY revenue growth in the quarter.Additionally, the 3D printing laser wars trend has seen vendors prioritize higher-priced systems with more lasers, meaning fewer sales do not necessarily translate to a lower return. Indeed, CONTEXTs data confirms that market leaders EOS, Nikon SLM Solutions, Eplus3D, and Renishaw reported YoY revenue growth in the quarter.Global 3D printer shipments by price class (note different scales). Image via CONTEXT.Failing fortunes for industrial 3D printersThe global drop for industrial 3D printer shipments saw yearly figures fall by 19% on a trailing twelve-month (TTM) basis. According to CONTEXT, this decline impacted almost all technologies and material types in this segment. Sales for both metal and polymer systems declined by 24% and 25%, respectively. Globally, industrial shipments fell in China (-37%), North America (-25%), and Western Europe (-13%).The industrial polymer 3D printer market again witnessed challenges relating to Vat Photopolymerisation systems, which experienced a 30% YoY drop in Q3. On a TTM, sales of this technology fell by 42%, while the segment as a whole witnessed a 29% TTM decline.The Vat Photopolymerisation market continues to be dominated by Chinese firm UnionTech, which mainly ships domestically, and US firm 3D Systems, which sells primarily to Western-based customers. In Q3, both companies experienced a sharp decline in shipments, citing reduced demand in the dental market as a major factor. Away from the resin market, polymer powder bed fusion and material extrusion system sales were both down by 15%, while material jetting shipments witnessed a 43% decline.UnionTech showcasing the RSPro1400 3D printer at AMUG 2024. Photo by UnionTech.Metal 3D printer shipments declineMetal 3D printer sales had witnessed solid performance until Q2 2024, when global YoY declines were reported. This continued in the third quarter. While binder jet sales were flat, shipments of all other metal additive manufactring technologies were down compared to the same period in 2023.LPBF systems accounted for 74% of new industrial metal 3D printers during this period, despite a 24% decline in shipments. Directed Energy Deposition (DED) systems, the second-largest technology in this segment, also witnessed an 18% drop in sales.Hangzhou-based Eplus3D reportedly shipped the most units globally this quarter, as it experienced a 41% YoY increase in sales. TRUMPF and Renishaw also witnessed shipment increases in Q3 2024. Notably, regional distinctions seemingly diminished during this period, as both Chinese and Western vendors reported a fall in sales. Previously, Chinese companies had dominated this market amid strong domestic demand. However, Q3 saw Chinese 3D printer shipments fall 26% YoY, with most of these metal 3D printer manufacturers witnessing significant drop-offs.CONTEXT pointed to Eplus3Ds shipments of its meter-tall LPBF 3D printer, one of the largest in the world,as a highlight for the entire industry. Nikon SLMs multi-laser NXG systems also continued to perform well, as the company retained the top spot in terms of global market share for the metal 3D printing sector.Industrial metal PBF 3D printer shipments and growth by vendor region. Image via CONTEXT.Mixed results for Midrange and Professional vendorsIn Q3 2024, reduced spending continued to impact the market for midrange 3D printers, contributing to an 8% decline in 3D printer shipments. While Stratasys retained its market share lead, the Yoav Zeif-led firm saw weak sales for its material extrusion systems. 3D Systems, a long-term stalwart in the 3D printing industry, continued to struggle as it fell to sixth place for sales in this price class.Chinese companies reportedly fared better than their Western counterparts. UnionTech, ZRapid Tech, and Flashforge performed well, as aggregate shipments from Chinese vendors increased 46% YoY, Companies from all other nations saw midrange sales fall by 24%. In particular, Flashorge experienced strong demand from the jewelry market for its WaxJet material jetting printers.Professional 3D printers witnessed a bounce back in Q3 2024, largely driven by the positive reception of Formlabs Form 4 and Form 4B, which launched in April 2024. Total professional system shipments were still down 1% YoY, and 20% on a TTM basis. However, thanks to the demand for Formlabs technology, shipments of Vat Photopolymerisation systems increased 26% YoY.On the other hand, sales of material extrusion 3D printers priced between $2,500 and $20,000 continued to feel the pinch, as customers increasingly adopt more affordable entry-level offerings. As such, 28% fewer professional FDM 3D printers were shipped in Q3 2024 than the previous year.Despite CONTEXTs claims that the entry-level market has slowed from its previous super-accelerated pace, sub-$2500 systems continued to perform well. Shipments grew 28% YoY, with a substantial 43% increase reported on a TTM basis.Creality continued to lead this price-class, despite experiencing slowed growth. Meanwhile, Bambu Lab and Flashforge experienced market-share gains.Formlabs Form 4 3D printer. Photo via Formlabs.Context reaffirms positive outlook for the future of 3D printingCONTEXT emphasized that 3D printing companies witnessed a turbulent end to 2024. Uncertainty swirls around Nano Dimensions acquisition of Markeofrged and Desktop Metal, amid boardroom changes and the removal of ardent consolidation-advocate Yoav Stern as CEO. BigRep and Prodways also witnessed leadership changes, as voxeljet was acquired by Anzu Partners. Nexa3D has also scaled back its operations, and Velo3D restructured to avoid bankruptcy.The investment landscape of 2024 saw many keep their powder dry but some high-profile backers, such as ex-Google CEOs support for Relativity Space, indicate investors see opportunity in the sector.According to Chris Connery, this market Chaos was further impacted by high interest rates and subsequently muted CapEx spending. As such, he expects full-year figures for 2024 to be close to the lows seen during the height of pandemic lockdowns in 2020, with at least 12% fewer Industrial printers shipped in 2024 than 2023. Global midrange 3D printer shipments are set to be down by 8% over the full year, while the entry-level segment will finish the year with a 30% YoY increase.Looking ahead, many players expect interest rates to fall this year, which many hope will accelerate CapEx spending by the second half of 2025. CONTEXT noted that this could lead to 14% full-year growth for Industrial 3D printer shipments. Meanwhile, midrange sales are expected to rise by 12%, with a 6% increase mooted for professional systems.For 2026, the market intelligence firm is forecasting double-digit YoY growth in all sectors. Whats more, YoY growth rates upwards of 30%40% are expected over the following five years.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%, added Connery.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.Who won the 2024 3D Printing Industry Awards?All the news from Formnext 2024.Subscribe to the 3D Printing Industry newsletter to keep up with the latest 3D printing news.You can also follow us on X, like our Facebook page, and subscribe to the 3D Printing Industry Youtube channel to access more exclusive content.Featured image shows global 3D printer shipments by price class (note different scales). Image via CONTEXT.