Laser Material Market - Opportunity Assessment 2015 - 2023 Laser Material Market
Global Laser Material Market to Register 5.5%
CAGR from 2015 to 2023, Demand for Metal
Laser Materials Highest
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, TMR’s report finds. The report, titled
‘Laser Material Market - Global Industry Analysis, Size, Share, Growth, Trends and
Forecast, 2015 - 2023’, notes that despite the presence of ample growth drivers, the
market could be restrained by volatile prices of metals, crude oil, and natural gas.
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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.
In a similar fashion, the report uses application areas of lasers as a criteria to
segment the global laser material market into: medical and aesthetics, material
processing, optical storage, instrumentation and sensors, communication,
lithography, R&D and military, and others. With a share of over 30% in 2014, the
communications sector comprised the largest application segment in the laser
material market. With the demand for e-commerce, and Internet technologies
soaring, coupled with the digitization of major industries, the demand for laser