Business model(BM) innovation is widely known as a differentiated strategy and strategic framework for companies to secure a sustainable competitive advantage in an uncertain environment. While prior research has studied new business models in accordance with changes in manufacturing trends such as digitalization and servitization, empirical understanding of the dynamic processes of BM innovation is still lacking. This study addresses this gap by proposing an analytical framework of the BM innovation matrix that classifies companies' BM innovation cases into four types according to the degree of BM change and the influential level of the industry/market outcome through a critical literature review on business models and dynamics. Drawing on this framework, we conduct longitudinal case studies of leading global 3D printing firms to examine the dynamic processes and external environmental factors that shape the evolution of BM innovation. Our findings reveal previously underexplored patterns of co-evolution between firms’ business models and their broader industrial and market environments. This study has the significance of constructing a framework for dynamically analyzing BM innovation based on longitudinal case studies of emerging 3D printing companies. We presented implications for companies seeking successful commercialization of emerging technologies, such as the strategic usefulness of the BM innovation framework and the importance of co-evolution with industrial structure and environmental factors in the process of change.