Laser Materials Market Size & Share 2022 to 2028
Market Size by Product (Plastic, Glass, Metal, Ceramics), by Application (Communication, Materials Processing, Medical & Aesthetic, Instrumentation & Sensors, Lithography, Optical Storage, R&D & Military) & Forecast.
Report ID: GMI1600
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Published Date: March 2022
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Report Format: PDF
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Authors:
Kiran Pulidindi, Hiralkumar Patel
Laser Materials Market Size
Laser Materials Market size about USD 1.8 billion in 2021 and is expected to exhibit a considerable CAGR of 5.8% from 2022 to 2028 due to the growing inclination of the military sector of various countries towards modernization. The overall market share in terms of volume is projected to record 532.6 Kilo Tons while recording 5.2% CAGR.
The use of laser processing has significantly improved the production and quality of modern medical devices. Manufacturers are constantly pressured to keep pace with newer medical regulations and compliance standards. Lasers relieve that pressure by delivering accurate, dependable components & assemblies in a timely manner.
Laser processing provides a high-level precision and attention to detail needed to produce intricate components, which is vitally important when creating devices intended for patient care. Laser is used in the medical industry for various purposes, such as cosmetics treatments, removing tumors, making incisions, eye surgery, and many other applications.
The rapidly growing global medical industry will fuel the laser materials market growth over the forecast period. In addition, owing to fast-moving lifestyles and new borne diseases, the industry has grown at a substantial rate over the past few years. Furthermore, the medical device market reported a revenue of USD 284.89 billion in 2016, which is expected to reach about USD 600 billion in 2028. The huge demand for medical devices and the immense growth potential are expected to be major driving factors of laser materials, which are an integral part of the medical device market.
Ethylene is a key raw material used in the manufacture of plastics, which is a major component of laser materials. Prices of ethylene are 96% correlated to oil prices; hence, any fluctuation in crude oil prices directly impacts ethylene prices. The laser materials market has witnessed volatility in polyethylene prices on account of rising oil and natural gas prices. Continued volatility in product prices is a restraint to the market as it limits consumer spending and prompts customers to defer spending. Moreover, increased crude oil prices will also increase the transportation cost and product price.
Laser Materials Market Analysis
The metal segment was valued at over USD 830 million in 2021 and is expected to grow over USD 1.1 billion by 2028. Metals are mainly used in the manufacturing processes of electric components, laser diode casing of laser, and semiconductors. The rapidly growing global military expenditure will positively affect the laser materials market segment in the next few years.
Ongoing technological advancements in military equipment will propel product demand during the forecast period. In addition, the growing threat of terrorism is likely to fuel laser material usage in the defense industry in the near future. Laser is used in the military to detect bombs and measure weapon range. In drone technology, laser materials are highly used.
The material processing segment was valued at over USD 380 million in 2021 and is anticipated to exceed USD 550 million by 2028. Material processing is primarily utilized in all manufacturing industries to convert raw materials into end products. The healthy growth of the manufacturing sector in Asia Pacific will help in creating new opportunities for the laser materials market.
Laser material processing utilizes high-intensity light beans in material fabrication, which may include welding metals, cutting, drilling, or engraving. The material processing process also involves cleaning materials with the help of lasers. Growth in the global metal fabrication industry is expected to positively impact the material processing industry over the coming years.
The Asia Pacific market, led by China, India, Taiwan, and South Korea, was valued at over USD 690 million in 2021 and is anticipated to reach USD 1.05 billion by the end of 2028. Rising healthcare expenditure and changing demographics particularly in India & China are contributing to the laser materials market growth.
The expanding manufacturing base of leading electronics, automotive & semiconductors companies is also pushing the adoption of laser technologies. Technological advancements in laser-based weapons & drones, laser-based cinema projections, and laser printers will further lead to market growth. Moreover, increasing defense expenditure in countries including China, India, and Pakistan will boost laser materials market demand in the next few years.
Laser Materials Market Share
The laser materials industry is fragmented owing to the presence of various industry players operating in the market. Various laser material industry players are working on forming strategic partnerships, which will help them in driving the revenue and increasing their market presence.
Companies associated with laser materials are collaborating by forming joint ventures and are also working on developing research & development capabilities, which will help them in gaining a stronger foothold in the market. Laser materials have tremendous opportunities as lasers are practically utilized in almost every industry. The growing laser industry will have a positive impact on the laser materials market during the projected period.
Various players associated with the laser materials market are
The laser materials market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2022 to 2028 for the following segments:
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By Product
By Application
The above information is provided on a regional and country basis for the following:
By Region
Research methodology, data sources & validation process
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Our 6-step research process
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✓ Macroeconomic assumptions (GDP growth, inflation, currency)
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