Albany, NY -- (SBWire) -- 11/08/2017 --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.

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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.

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.

Key market players include BHP Billiton, Aurubis AG, Anglo American plc, Norilsk Nickel Group, ArcelorMittal, Sinopec Shanghai Petrochemical Group Co., Ltd., Mitsubishi Chemical Corporation, The Dow Chemical Company, Evonik Industries AG, Exxon Mobil Corporation, BASF SE, Taishan Fiberglass Inc., Murata Manufacturing Co., Ltd., Corning Incorporated, Saint Gobain, Mason Graphite Inc., GrafTech International, Kyocera Corp., Asahi Glass Co., Ltd., CreamTec GmbH, Morgan Advanced Materials plc, Triton Minerals Ltd., Deveron Resources Ltd., Schott AG, and Rio Tinto Alcan.

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