China's 3D printing industry is expected to grow significantly in five to 10 years, at which point, production costs of the devices are projected to be half of current figures, according to Luo Jun, founder of the World 3D Printing Technology Industry Alliance based in Beijing.
"The high costs of 3D printers and related materials are the major obstacle to the fast development of the domestic 3D printing industry," Luo said during a press conference on Monday in Beijing.
Luo foresees that within five years, a typical 3D printing device will cost around 1 million yuan ($157.8 million), as more companies participate in the growing industry.
According to reports by the alliance, more than 10 Chinese firms are participating in the 3D metal printing segment of the industry, while the industry as a whole has around 200 participants.
ResearchMoz, a global market consultancy firm, published a report in January that said that China's 3D printing industry is expected to be worth 3.7 billion yuan this year. It has projected the industry to be worth 10 billion yuan in 2016.
China accounted for 8.7 percent of 3D printers worldwide as of January. The country was also in third place in terms of the number 3D printing patents all over the world.
However, China's 3D printing technology lags behind the U.S. and EU due to lack of funds and skilled research and development staff, according to Luo. He said that, while China's 3D printing technology is ahead of Japan and South Korea, it is only used in 10 percent of 3D printing projects worldwide.
The 3D printing technology of the U.S. is used in 40 percent of projects around the world, while the EU accounts for 30 percent.