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Laser Materials Market Applications & Growth Forecast, 2019-2024

Author : Rahul Varpe | Published Date : 2019-12-04 

The latest trending report on global Laser Materials Market research offered by Global Market Insights, Inc is an informative study covering the market with detailed analysis, the report will assist reader with better understanding and decision making.

The laser based materials have been popularized by their implementation in additive manufacturing or 3D printing. Investments are being made in laser manufacturing technology which will considerably affect the product market. The therapeutic value of laser has resulted in a surge in demand for the product. Increasing consumer awareness about laser based hair, skin and dental treatments have experienced a swing in countries such as Thailand, India, Indonesia, etc. Rising disposable income of the people has led to an increase in cosmetic laser based surgeries as people have become more conscious about their body and health.

Technological advancements in materials and their properties will further fuel the product market growth. Application of the product in automotive, aerospace and other industrial sectors will escalate the demand for the product over the forecast period. The increased amount of data transfer and speed in communication are some of the key advantages that will drive the product market in future. The product has also gained significant importance in military applications which will upscale the demand for the product during the forecast timeframe.

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Laser materials encompass a multitude of applications in medical field, communication, displays, R&D & military, printing, optical storage, etc. Entertainment category has also experienced significant positive change due to the laser light shows, projection TVs, etc. Communication sector is estimated to grow with a decent rate of 5.3%. Shifting toward wireless networks and increased voice demand will propel the product market.

Laser macro processing system which includes welding, cutting and additive manufacturing have also propelled the demand for the product. Substantial investment by the automotive industry into laser cutting and welding equipment is a key driver of the growth.

On the basis of product type, the materials have been classified as glass, metal, plastic, ceramics and others such as non-metals. Application of glass for laser materials is estimated to grow at a significant rate of 7.7%. Manufacturers are exploring techniques to use plastics and ceramics for making semiconductor parts, circuit boards, etc.

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Asia Pacific held a noticeable laser materials market share in terms of revenue, which is expected to grow at a CAGR of 5.5%. The increased expenditure on healthcare will contribute to the regional markets in Taiwan, India, China and South Korea. In Europe, the metals segment is expected to account for the largest market volume of 40.1 kilo tons by 2024 owing to the diverse applications and ongoing research.

Prominent market players in the product industry include Morgan Advanced Materials, GrafTech International, Asahi Glass Co., Ltd., BASF SE, Corning Incorporated, Murata Manufacturing Co., Ltd., CeramTec GmbH, Taishan Fiberglass Inc., Evonik, The Dow Chemical Company, Universal Laser Systems, Inc., Anglo American plc and Mitsubishi Chemical Holdings Corporation.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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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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