Transparency Market Research announces the publication of a new market research study made available on the company’s website. The study, titled “Laser Material Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” offers a comprehensive analysis of the market. As per the research study, in 2014, the global laser material market was worth US$1.02 bn and is estimated to reach a value of US$1.64 bn by the end of 2023, registering a 5.5% CAGR from 2015 to 2023.
A laser is a light emitting device that make use of optical amplification process. It is designed based on the concept of stimulated emission of electromagnetic radiation. A laser is different from other sources of light in the sense that it emits light coherently. A laser comprises a circuit board, laser diode, and optics. Furthermore, the casings that are used in a laser are typically made of materials such as plastic, metal, glass, and wood. The use of these materials differs as per the requirement of the application. The increasing applications of laser technology in diverse industries, especially aerospace and defense, telecommunication, and pharmaceuticals are indirectly driving the laser materials market worldwide. However, the volatility in natural gas and crude oil prices is anticipated to curb the growth of the market to some extent in the near future.
By product, in 2014, the metals segment held a 45% share in the global market for laser materials, as metal is majorly consumed in the manufacturing processes of laser diodes, electric components of laser, casing of laser, and semiconductors. The others segment held the second position in the overall laser material market, followed by the glass segment. Furthermore, the plastics and ceramics segments are further expected to witness significant growth in the next few years.
By application, in 2014, the communication segment led the market, holding a 30% share in the overall laser materials market. The growing demand for e-commerce, internet services, and digitalization of information is the key factor fuelling the growth of the communications application in the global market for laser materials. In 2014, the material processing segment accounted for the second-largest share in the overall market, owing to the increasing use of laser technology in designing of machine parts, material cutting, and other advanced material processing technology.
By geography, in 2014, Asia Pacific held 1/3rd of the global market for laser material making it the dominant region. This region is projected to remain in the leading position throughout the forecast period, exhibiting a high growth rate. Asia Pacific is followed by North America, which accounts for the second-largest share in the overall market. The North America market for laser materials is anticipated to witness steady growth in the next few years, owing to the established markets and continuous technological advancements in laser technology.
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The research study further analyzes the competitive scenario of the global market for laser material, focusing on the detailed profiles of the major players operating in the market. Some of the leading players mentioned in the study are Mitsubishi Chemical Corporation, Aurubis AG, Saint-Gobain, Mason Graphite Inc., Triton Minerals Ltd., Murata Manufacturing Co., Ltd., Deveron Resources Ltd., Corning Incorporated, Norilsk Nickel Group, BASF SE, The Dow Chemical Company, ArcelorMittal, Kyocera Corp., ExxonMobil Corporation, CeramTec GmbH, Rio Tinto Alcan, Evonik Industries AG, Anglo American plc, Schott AG, GrafTech International, BHP Billiton, Asahi Glass Co., Ltd., and Taishan Fiberglass Inc.