The global market for laser materials is expected to grow at a CAGR of 4.90% during the forecast period to reach a market size of US$1.489 billion by the end of the year 2022, from a market size of US$1.118 billion in 2017, as demand surges in various verticals like medical, metal processing, and others during the forecast period. The global laser materials market is predicted to witness a remarkable growth during the forecast period as laser counterparts are emerging as a lightweight, low cost and more efficient technology in comparison to the existing technology. The global laser materials market is mainly driven by the high investments in R&D in various fields, rising demand for internet services, digitalization of information channels and various others. However, the global laser materials market may witness hindrance in its growth due to lack of skilled labor in the industry resulting in high labor costs.
The global laser materials market is segmented into various segments on basis of the material used in electronic components for the laser machinery. The metal segment of the global laser materials market is the most dominant due to the usage of metals for a range of electronic components. During the forecast period, glass and ceramics segments are also expected to witness significant growth in market size. The growth of ceramics segment is widely due to their usage in various semiconductor and non-semi-conductor parts, and circuit boards.
The global laser materials market is segmented into several segments on the basis of their application. The most dominant sector on basis of the application was metal processing in 2016. However, other segments such as medical, electronics and electronics communication, instrumentation are also expected to witness considerable growth during the next five years owing to the high demand for laser materials in Research and Development, and military segment for applications in anti-tank missiles, radars, and others.
On the basis, of the end-user, the global laser materials market is classified into a number of segments. The communication sector was the most dominant segment among all end-user segments in 2016 as laser technology plays a significant role in communications. The global laser materials market will further expand on account of growing communications industry as it is also expected to hold a large market share during the forecast period. The usage of laser materials in healthcare is expected to rise during the forecast period due to rise in usage of laser technologies for numerous medical procedures such as tattoo removal, cosmetic surgeries, and others.
The global laser materials market is segmented into various segments on basis of geographical regions. Asia Pacific was the most dominant segment during 2016 as China is still the fastest growing laser market globally. This growth in Asia-pacific is mainly driven by digitalization, automation industry advancements and widening applications of laser technology. North America is also a major market owing to advancements in various technologies and a large number of on-going Research and Development in the region.
The key market players in the laser materials market are 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 and others. The major companies i the laser materials market are exploring to come across developments that can close the gap between laser technology and its applications.
In this report, the global laser materials market is segmented by materials, by application, by end-user, and by geography
Medical and aesthetics
Instrumentations and Sensors
Communication & Electronics
R&D and Military