Laser technology is on the edge of penetrating deeper in the medical space, leaving a subsequent demand for laser materials market. Extensive deployment of medical lasers in oncology, neurology, and dentistry have significantly modified the dynamics of the therapeutic model. A notable shift in the trend of replacing non-laser technologies across wide range of sectors is expected to catapult the market expansion in the years ahead. Concurrently increasing proliferation of 3D printing with laser technology has undoubtedly created new opportunities for business landscape. Thus, 3D printing materials market which is projected to record phenomenal gains at 20% CAGR over 2017-2024, is likely to leave a proportional impact on the growth prospect of laser materials market as well.
Over the years, technological incorporations have not only ensured enhancements in the material portfolio but also broadened the application horizon of laser materials industry. Heavy demand for lightweight weapons and cost-effective operations have resulted in the exploration of laser materials in the military sector. Speaking along the same lines, recent hike relating to tunable laser source is expected to drive further research on laser materials, which in a way is complementing the market outlook. Manufacturers across the world are readily involving in R&D to sustain their position in the competitive landscape. Global laser materials market is slated to hold a valuation of USD 1.7 billion by the end of 2024, at a fairly steady pace of 5.5% CAGR over 2017-2024- as per a market analysis by Global Market Insights, Inc.
Europe Laser Materials Market Size, By Application, 2013 - 2024 (USD Mn)
Considering the product trends, metal laser materials market led the global share in 2016, accounting for 46% of the overall volume and is likely to continue its domination over 2017-2024. Metal laser materials are extensively used in the manufacturing of electric components, semiconductors, and laser diodes casing etc. Glass is another promising product segment which is witnessing a profitable road map in the laser materials market. Though Plastics and ceramics based market observe a comparatively lower proliferation, an appreciable growth is anticipated in near future driven by its deployment in manufacture of semiconductor parts, circuit boards, etc. As per estimates, ceramics based laser materials market is set to record a CAGR of 9.1% over 2017-2024.
Asia Pacific has always been a forerunner in the laser materials industry, as far as the region’s technological amenability is concerned. It contributed significantly toward the overall share in 2016, and is projected to chart similar trends over the coming seven years. China, India, Taiwan, and South Korea are the major countries with lucrative growth prospects. Expanding manufacturing base, advanced healthcare infrastructure, and changing demographic challenges are some of the major grounds enhancing the APAC laser materials market outlook. In addition to this, leading companies’ engagement in the market is further driving the regional revenue collection.
The consequential transformation in composite materials and polymers configuration is creating new avenues for laser technology. Increasingly proliferating plastic technology is one such domain. Reduced laser prices along with enhanced lifespan and reliability are further pushing laser materials market demand. In this regard, instrument manufacturers are also taking efforts in reducing the complexity in the mechanism of the devices, which is indicating a favorable ground for laser materials market expansion. Communication sector procured a major portion of the application landscape in 2016, covering one-third of the total volume. The emergence of digitalization coupled with increasing IoT trend is further stimulating the product penetration in this sector. Apart from this, printing, R&D, and military are some of the other domains actively partaking in the laser materials market.
Having spoken of the market’s penetration in the military sector, it is to be noted that North America laser materials market share is mainly driven by this application. The United States receives a lumpsum amount of funding for laser weapons every year, subsequently driving the demand for laser materials in the region. With a progressive military terrain, U.S. laser materials market in the coming seven years is poised to contribute notably toward the North America industry share.
Laser technology is touted to be the most significant innovation of the twentieth century. With its integration in a diversified application spectrum that includes printing, communication, military, research and development, and electronics &semiconductors, it is no more a supposition that laser materials market in the next seven years will witness an escalating growth. Prominent industry players include Asahi Glass Co., GrafTech International, Morgan Advanced Materials, BASF SE, CeramTec GmbH, Corning Incorporated, and Murata Manufacturing Co., Ltd.