Published on : Dec 18, 2019
The global laser materials market is forecasted to witness a surge in its demand over the period of forecast. Laser materials find use in a wide variety of applications across various industries, ranging from radar, anti-tank missiles to electronics industry. Use across so many end use industries is likely to propel growth of the global laser materials market over the assessment tenure. Laser materials like glass, plastics, and metals are used for the purpose of encapsulation of laser equipment. In addition these laser materials also provide protection to the printed circuit boards.
In addition, laser materials are now being increasingly adopted by laser technology for use in the medical industry. In the medical industry, laser materials find ample use in oncology, nerve repair, and gene therapy. Increased demand from the medical industry is likely to boost the global laser materials market over the period of assessment.
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Universal Laser Systems, Morgan Advanced Materials, Murata Manufacturing, Compagnie de Saint-Gobain S.A, GrafTech International, and Murata Manufacturing are some of the names to reckon with in the global laser materials market. Prominent market players are taking up launch of innovative products, materializing strategic moves like acquisitions and mergers to reinforce their positions in the global laser materials market. For example, US based Coherent Inc. introduced Total Power Control, which is a laser with ample use in multiphoton excitation microscopy. This laser is based on acousto-optic technology.
Type, application, and region are the parameters based on which the global laser materials market has been segmented to provide a comprehensive view of the market.
Excellent Properties of Plastic to Make it a Leading Material in the Market
The global laser materials market is influenced by an emerging trend of increased demand for plastic lasers. It is highly likely that plastic lasers would experience high adoption rate over the period of assessment, thanks to its cost effectiveness and outstanding properties. Plastic laser materials find abundant use as laser casing wherein they offer excellent protection to the electronic components that integrated onto the printed circuit boards. Moreover, the emergence of composite materials, epoxy, and polymers is likely to push the demand for plastic lasers over the forecast tenure. Such properties drive growth of the global laser materials market.
Increased demand for laser materials across many industries is estimated to spearhead the growth of the global laser materials market in years to come. Laser materials come in different shapes and sizes, such as glass, ceramic, metal, and plastic. Metallic laser materials are copiously used in the production of electronic components, semiconductors, and laser diode casing. Metallic also materials are also used in the making of laser pointers.
On the other hand, the growth of the global laser materials market is estimated to be hindered by the high cost of the raw materials. High cost associated with ceramics, metals, and glasses are expected to impede the growth of the market in near future.
Asia Pacific to Dominate the Market over the Period of Assessment
To facilitate better understanding of market dynamics, the global laser materials market have been segmented into Latin America, Middle East and Africa, North America, Europe, and Asia Pacific.
It is prognosticated that Asia Pacific would emerges as the leading regional segment in the global laser materials market. India, China, and Japan are estimated to make major contributions toward growth of the regional market. Increased adoption of laser marketing solutions and products and phenomenal growth of the semiconductor and electronics industry in the region has presented the market with immense growth opportunities. Furthermore, booming medical tourism is also expected to propel growth of the market over review period.