Sellbyville, DE -- (SBWIRE) -- 01/22/2019 -- Replacement of non-laser technologies in medical industry has significantly boosted the laser materials market. The increased medical applications such as cosmetic procedures, diagnosis of diseases and tattoo removal have accelerated the use of laser treatments. The electronics and communication industry has noticeably profited from the laser technology in terms of speed and amount of data transfer, which will augment the product market in future.

Advancements in materials and technology will propel the product demand in the forecast period. Due to the light weight laser weapons and low-cost operation, the product has gained momentum military R&D. Another driving force behind the interest in laser materials include the technological need for tunable laser source. Vigorous growth is projected in R&D areas that will competently take advantage of the properties of laser radiation.

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Laser Materials Market size will exceed USD 1.7 billion by 2024 according to a new research report by Global Market Insights, Inc. 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.

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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.

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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.

About Global Market Insights:
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.