Albany, NY -- (SBWIRE) -- 09/27/2017 -- Driven by considerable demand from the pharmaceuticals, aerospace and defense, and telecommunication industries, the global laser material market is projected to rise from its 2014 valuation of US$1.02 bn to touch US$1.64 bn by 2023, says Transparency Market Research (TMR). This translates to a 5.5% CAGR from 2015 to 2023 for the global laser material market. Sized in terms of volume, the market for laser materials stood at 274.7 kilo tons in 2014, TMR's report finds. The report, titled 'Laser Material Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023', notes that despite the presence of ample growth drivers, the market could be restrained by volatile prices of metals, crude oil, and natural gas.
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The report also identifies the growing demand for laser products in Asia Pacific as an opportunity worth exploring further. Using data from verifiable sources such as industry trade magazines, paid research databases, trade volumes, and recent regulatory developments, the report evaluates the laser material market in great detail.
In order to study the market meticulously, the report divides it into segments based on the following criteria: Product type, application, and region. Taking product type as a criteria, the report divides the global laser material market into the following segments: Glass, plastic, metal, ceramics, and others. The metals segment led the global market in terms of demand in 2014 with a share of 45%. The others segment (alumina, graphite, and other advanced materials) was the second largest in 2014, says the report.
In a similar fashion, the report uses application areas of lasers as a criteria to segment the global laser material market into: medical and aesthetics, material processing, optical storage, instrumentation and sensors, communication, lithography, R&D and military, and others. With a share of over 30% in 2014, the communications sector comprised the largest application segment in the laser material market. With the demand for e-commerce, and Internet technologies soaring, coupled with the digitization of major industries, the demand for laser materials and processes in this sector is rising. After communication, material processing was the other key segment in the laser material market in 2014.
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For a complete regional analysis of the market, the report segments the global laser material market into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. China not only leads in the production of laser devices, but also boasts a high domestic demand for laser materials and devices. The presence of other key national markets in Asia Pacific have enabled this region to stay firmly in the dominant position in the global laser material market in 2014.
The report profiles over 25 leading companies that boast a notable presence in the global laser material market. These companies include: The Dow Chemical Company, ArcelorMittal, ExxonMobil Corporation, Saint Gobain, Rio Tinto Alcan, BHP Billiton, and others.
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