Albany, NY -- (SBWIRE) -- 03/14/2016 -- Lasers are one of the most important scientific discoveries of the 20th century and boast many exciting applications. The word 'laser' is an acronym for "light amplification by stimulated emission of radiation", which is the mechanism of laser emission. This powerful source of light has extraordinary properties not present in common light sources that we use on a day-to-day basis, because of which laser materials boast exclusive industrial applications. Owing to their myriad uses, laser materials are now demanded across industries including pharmaceuticals, aerospace and defense, and telecommunications.

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In its latest report, Transparency Market Research states that due to growing applications in medical and aesthetics, communications, and the material processing industry, the global laser materials market, which stood at US$1 bn in 2014, is anticipated to reach US$1.6 bn in 2023. If the figures hold true, they represent a positive 5.5% CAGR between 2015 and 2023.

Asia Pacific Registers Impressive Demand for Laser Materials

Emerging economies in Asia Pacific provide a fertile ground for global industries to thrive amidst the meltdown in major international markets. Rapid infrastructural development across countries such as China and India and favorable policies have attracted several major global manufacturers to Asia Pacific, including those operating in the global laser material market. Robust growth exhibited by the pharmaceuticals, communications, and defense industries in Asia Pacific have amplified the demand for laser materials in the region. Among the key country-wise markets, China dominated as the largest producer and consumer of laser equipment in Asia Pacific. The impressive growth of this national market is fuelled by its growing economy and large industrial base.

Japan has always remained at the forefront of developing novel technologies. This time as well, the country has shown major progress in the development of high-end laser devices. Japan, therefore, has emerged as a major consumer of laser equipment across medical, communications, and other industries.

Diverse Uses of Laser Materials

Among the key product segments of the global laser material market, metals emerged as the largest segment in 2014, accounting for over 45% of the global laser material market. High consumption of metals in the production of laser diodes, electric components of a laser, and semiconductors has amplified their demand across the world. The others segment, which encompasses alumina, graphite, and other modern materials, held the second leading position in the market. Glass and plastics also find significant application in the production of laser devices, which augments their demand worldwide. Glass is principally used in the production of circuit boards, while plastics are mainly utilized in the manufacture of semiconductor parts, the case for structural parts of lasers, optics of lasers, and also the circuit boards. Other than these materials, ceramics are highly consumed in the production of both semiconductor and non-semiconductor parts. It is also used in circuit boards.

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Communication Segment Holds the Largest Share in Global Laser Material Market

Globally, the demand for e-commerce, internet services, and digitization of information is robustly rising. This increasing demand for better and more advanced communication facilities translates into greater demand for laser technology and materials. The communication segment at present holds 30% of the global laser material market and it is expected to retain a dominant share in the market in the near future as well.

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