Northbrook, IL 60062 -- (SBWIRE) -- 09/16/2022 -- The laser marking market is estimated to grow from USD 2.9 billion in 2022 to reach USD 4.1 billion by 2027; it is expected to grow at a CAGR of 7.2% from 2022 to 2027. The growth of the laser marking market can be attributed to increasing adoption of laser markers in various industries for traceability and identification of parts and growing adoption of smart manufacturing techniques.
The market for laser marking services is expected to grow at the highest CAGR from 2022 to 2027. There are additional operational requirements for deploying and maintaining a laser marking system through its lifecycle. The demand for fulfilling such requirements, which include machine set-up and installation services, lifecycle services, maintenance services, and spare parts supply and upgrade, is rapidly rising with the increasing adoption of laser marking systems.
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The market for the UV laser segment is expected to grow at the highest CAGR during the forecast period. This high absorption rate allows UV lasers to perform cold marking, ensuring that no extra heat stress is applied to materials such as gold, silver, and copper with high reflectances. This minimizes soot and burr formation, prevents surface damage, and enables corrosion-resistant marking.
The laser marking market for the annealing segment is expected to grow at the highest CAGR during the forecast period. Annealing is being increasingly adopted in the healthcare industry for internal tracking and branding applications.
The laser marking market for the plastic segment is expected to grow at the highest CAGR during the forecast period. Different plastic materials are used in the automotive, medical, and semiconductor & electronics industries, creating opportunities for the laser marking market.
The laser marking market for the QR codes segment is expected to grow at the second highest CAGR during the forecast period. The high adoption of QR codes as a standard for product identification and accessing information is driving the growth of the laser marking market for QR codes.
The laser marking market for the packaging industry is expected to grow at the highest CAGR during the forecast period. Most packaging companies must display variable data, such as expiration dates and batch and serial numbers, as product labels. Laser markers are perfectly suited for marking at the end of the production process and can be used for several materials, including cardboards, papers, and polymers.
The laser marking market for Asia Pacific is expected to grow at the highest CAGR during the forecast period. China, India, South Korea, and Japan are the major contributors to the growth of the laser marking market in Asia Pacific. The growing manufacturing, automotive, aerospace & defense, and electronics industries are expected to drive the growth of the laser marking market in Asia Pacific.