Laser Materials Market Size

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.

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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.