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North America Laser Materials Market is anticipated to chalk a lucrative growth by 2024

Author : Rahul Varpe | Published Date : 2019-06-29 

The Laser Materials Market study added by Global Market Insights enumerates an in-depth analysis of the powerful trends prevailing in the industry. This study also encompasses valuable information relating to the profitability prospects, growth dynamics, market size, market share forecast, and revenue estimation of this business vertical. The study descriptively charts out the competitive backdrop of eminent players partaking in the industry share, in consort with their offering portfolio & business strategies.

Asia Pacific is one of the significant regions partaking in the laser materials market. The expanded manufacturing base along with upgraded healthcare infrastructure are the prime factors driving the regional market.  China, Taiwan, India, And South Korea are the major countries contributing substantially toward the regional share. Increasing population in APAC is also a vital factor enhancing laser material market dynamics. With a significant contribution toward the overall revenue in 2016, APAC will continue to be a strong participant in the global laser materials market in the years ahead.

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North America laser materials market is also anticipated to chalk a lucrative growth path, subject to the region’s progressive military terrain particularly in the U.S.  The country receives a huge amount of funding every year for laser weapons. With U.S. as a forerunner, North America laser materials industry in the coming seven years is slated to carve a profitable road map.

Estimates depict, the industry will exceed a valuation of USD 1.7 billion by the end of 2024, with a projected CAGR of 5.5% over 2017-2024. Plastic technology is the latest thriving trend in laser materials market that is opening new avenues for the investors. With the continuous evolution of polymers and composite materials configuration, the technology is likely to penetrate deeper into the business. On that note, it is important to consider the unprecedented efforts the instrument manufacturers are taking in reducing the complexity of these devices, which again will prove to be favorable for laser materials industry outlook.

With digital disruptions globally, the volume of data has been exponentially increasing across various industries. Communication sector is one of the profound spaces witnessing the proliferating penetration of laser materials. Communication applications procured one-third of laser materials industry share in 2016. Military applications have been also gaining a traction lately. High demand for lightweight cost-effective armaments has resulted in the utilization of laser materials in this domain. Key market players are also investing in research activities to extend the product portfolio to win a competitive edge in the global landscape.

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Laser technology undoubtedly is one of the most commendable innovations of the twentieth century. With a broader spectrum of application across the healthcare, military, and communication, laser materials market penetration has generated a remarkable momentum. Reduced material prices coupled with their reliability and enhanced lifespan are further pushing the laser materials market demand.

Prominent industry participants include:

  • Asahi Glass Co. Ltd
  • Morgan Advanced Materials
  • BASF SE
  • Dow Chemical Company
  • GrafTech International
  • Taishan Fiberglass inc.
  • CeramTec GmbH
  • Sinopec Shanghai Petrochemical Co. Ltd
  • Murata Manufacturing Co. Ltd.
  • Anglo American plc.
  • Mitsubishi Chemical Holdings Corp.
  • Norilsk Nickel
  • Evonik Industries
  • Universal Laser Systems Inc.
  • Corning Inc.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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