Laser Materials Market to Exceed a Valuation of $1.56 Billion by 2026, Says Global Market Insights, Inc.
The laser materials market growth is being spurred by rising investments towards product innovations and expanding laser applications across the global medical industry.
SELBYVILLE, Del., August 20, 2020 (Newswire.com) - According to a new report by Global Market Insights Inc., the laser materials market was valued at $1.31 billion in 2019 and anticipated to surpass an overall valuation of more than $1.56 billion by 2026, registering a CAGR of 4.5% from 2020 to 2026. The report delivers extensive analysis of industry trends, size & estimations, prominent investment pockets, opportunities & drivers, major winning strategies, competitive business scenarios, and shifting industry trends.
Lasers are increasingly being used across a plethora of end-use industries like medical, manufacturing, academics, media, and military, among others. When it comes to material processing, enhanced performance as well as very high precision has been observed from lasers in comparison to conventional techniques. Moreover, across the medical sector, lasers have showcased promising applications within the fields of gene therapy, oncology, radiotherapy, dentistry, and tattoo removal, among others. The laser materials market is expected to witness significant growth owing to increasing laser applications throughout a number of medical fields as well as other end-use sectors.
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The market is projected to grow at a steady pace due to rising investments toward new laser technologies. Additionally, the increasing amount of additive manufacturing activities going on across the world would further complement industry growth. Meanwhile, the flourishing precision engineering industry across several emerging economies would further augment the laser materials market demand.
However, volatile raw material prices could pose a challenge for market growth. Moreover, the ongoing coronavirus pandemic has effectively disrupted the established global supply chain and severely impacted the purchasing power of several end-use industries in an adverse manner. These factors would likely cause a drop in the laser materials market share over the foreseeable future.
Key reasons for the laser materials market growth:
- Rising demand for glass materials due to their unique properties.
- Increasing R&D as well as military applications fuelled by globally growing defense budgets.
- The surge in demand across the APAC due to the region's emerging healthcare sector.
2026 forecasts anticipate the plastic material segment to retain its dominance:
The plastic laser material segment is expected to grow at an impressive CAGR and hold approximately 8% demand share of the market by the end of the forecast timeframe. Plastic is a highly versatile material that is best suited for additive manufacturing or 3D printing. Plastics are extensively utilized within laser modules as well as electrical insulative plates. Some of the factors that are expected to drive the demand for plastic materials in the market include low prices and weight.
APAC, North America, and LATAM to register lucrative revenue growth:
In 2019, the Asia Pacific laser materials market held the biggest industry share of the overall market, which is ascribed to the rapidly expanding end-use industries and the subsequent rise in product demand in the region. Increasing healthcare expenditures and strong material processing capabilities in the region have augmented the regional industry growth.
North America is projected to represent approximately 25% industry share by the end of the projected time period. North America has immense potential in aerospace, healthcare, infrastructure, electronics, and energy sectors. The region's stable economy, higher investments towards innovation, sophisticated production technology, higher patent population, and growing consumer demand is likely to foster the laser materials market revenue growth.
LATAM is deemed the world's second-fastest-growing laser materials market. In fact, it is expected to register a CAGR of more than 4.7% through the forecast timeframe. Immense product demand is ascribed to the region's medical and material processing industry. Additionally, several Latin American nations, including Mexico and Brazil possess strong manufacturing industries as well as a cheap labor force.
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Leading market players:
Prominent market players that have been analyzed in the laser materials industry report include Dow Chemical Company, GrafTech International, Aurubis AG, Evonik, Mitsubishi Chemical Holdings Corporation, Taishan Fiberglass, Corning Incorporated, CeramTec GmbH, Asahi Glass Co., Sinopec Shanghai Petrochemical Group, Norilsk Nickel, and Universal Laser Systems, among others.
Related Reports:
Glass Manufacturing Market Future Business Strategies and Revenue Impact Analysis - 2026
Flat Glass Market Business Strategies and Competitive Analysis - 2026
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Source: Global Market Insights Inc.
