Chinese firm aims to top 3D printing sector

The growing demand for 3D printers in China will help Beijing-based TierTime Technology Co Ltd become the world's largest manufacturer by next year, company executives said on Tuesday.

"Our plan is to further expand the local market with affordable machines, and if that goes well, the company will be the No 1 3D printer provider in 2014," said Guo Ge, CEO of the company.

TierTime is the biggest player in Asia and the third-largest worldwide in terms of shipments.

The company is poised to sell more than 10,000 desktop 3D printers by the end of this year, Guo said. Roughly 80 percent of the products are heading to developed markets such as the United States and the European Union.

The global annual shipment is around 100,000 units.

TierTime is adding investment in China, where experts believe the market size is set to surge.

Earlier this year, Luo Jun, CEO of the Beijing-based Asian Manufacturing Association, said revenue for the industry is likely to reach 10 billion yuan ($1.6 billion) within three years.

"We are not expecting the scale to be that dramatic, however, demand is definitely growing," said Guo, adding total turnover in China is doubling every year.

By 2018, worldwide sales on 3D printing could reach $3 billion, according to research firm Global Industry Analysts. The current market size is about $2 billion.