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.
Sellbyville, DE -- (SBWIRE) -- 05/16/2019 -- Global Market Insights recently introduced new report on global Laser Materials market with an in-depth study providing complete analysis of the industry size, share and statistics for the period 2019 to 2024. It also provides complete overview of Laser Materials industry considering all the major industry trends, market dynamics and competitive scenario.
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.
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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.
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 laser materials market growth.
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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.
Asia Pacific held a noticeable 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.
The Laser Materials market report offers detailed competitive landscape of the global market. It includes companies, industry statistics, market share analysis and product portfolio of the major industry participants. The report provides detailed segmentation of the Laser Materials market based on product, technology, end user and region.
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Laser Materials 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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