The laser materials market was valued at US$1.118 billion in 2018 and is anticipated to grow at a CAGR of 5.56% to reach a market value of US$1.645 billion by 2024. 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. Laser material processing is expanding at a good rate on account of the burgeoning need for high power laser cutting and welding in a number of applications. This coupled with its growing use in 3D printing is further bolstering the laser processing market which in turn is positively impacting the laser materials market growth.
The global laser materials market is segmented on the basis of the material used in electronic components for the laser machinery that includes metal, ceramics, glass, plastics, and others. The metal segment of the global laser materials market holds a considerable share 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 metal processing, medical and aesthetics, lithography, anti-missile, and others. Metal processing held a substantial share in the market in 2018. However, other segments such as medical, electronics, and 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.
The global laser materials market is segmented into various segments on basis of geographical regions. Asia Pacific was the most dominant segment during 2018 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 Evonik Industries AG, BASF SE, Mitsubishi Chemical Corporation, Morgan Advanced Materials plc, Dow, China Petrochemical Corporation, Laser Materials Corporation, and Trotec Laser. The major companies in the laser materials market are exploring to come across developments that can close the gap between laser technology and its applications.