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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.
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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.
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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.