Selbyville, Delaware, March 23, 2022 (GLOBE NEWSWIRE) -- According to the report by Global Market Insights Inc., the Laser Materials Market was estimated at USD 1.8 billion in 2021 and is poised to reach a valuation of around USD 2 billion by 2028, progressing at a CAGR of 5.8% from 2022 to 2028. The latest report gives an in-depth analysis of top winning strategies, wavering market trends, market size & estimations, drivers & opportunities, the competitive scenario, and major investment pockets.
Growing uptake of lasers in the military industry has been favorable for the product landscape in recent years. In addition, mounting demand for laser processing has improved the quality and manufacturing of modern medical devices. Notably, novel medical regulations and standards pertaining to lasers are anticipated to drive product adoption in the medical sphere. These factors are likely to bolster market growth through the forecast period.
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Ceramic laser materials are preferred over other materials in various applications due to their heat-resistant properties. Since ceramic is heat- and moisture-resistant, ceramic laser materials are expected to witness sizable growth in the coming years. In 2021, the ceramics product segment surpassed a valuation of USD 21 million and is speculated to be valued at over USD 35 million by 2028 on account of product adoption in diverse industries, particularly in the instrumentation & sensor industry.
Key reasons for laser materials market growth:
- High product uptake in lithography sector.
- Surging prominence in medical applications.
- Mounting adoption of ceramic laser materials.
- Growing utilization in instrumentation & sensors industry.
2028 forecasts show ‘lithography’ segment retaining its dominance:
Based on application, the lithography segment is primed to see robust growth at a CAGR of above 5.2% through the review timeline. Prevalent adoption of novel technologies and printing techniques in the lithography sector has impelled the uptake of laser materials in the past few years. High R&D investments, the proliferating electricals & electronics industry, and continual advancements in the lithography space are anticipated to propel segmental growth in the forthcoming years.
On the other hand, the laser materials market share from the instrumentation & sensors application segment is projected to grow at a steady pace over the study timeframe. Notable product adoption in the instrumentation & sensors sector is set to drive segmental progress in the upcoming period.
Europe to maintain top status in terms of revenue:
In the regional landscape, the Europe laser materials market was valued at more than USD 295 million in 2021 and is slated to garner about USD 380 million in revenue by the end of 2028. High internet penetration, coupled with soaring demand for HD connectivity in Europe, is poised to promote product uptake. Moreover, the massive domestic communication industry as well as the growing medical aesthetic industry are likely to boost regional market growth in the future.
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Impact of COVID-19 pandemic on laser materials market:
Following the COVID-19 outbreak, supply chain disruptions adversely affected the availability of laser materials across the globe. However, with rampant immunization drives and growing emphasis on accelerating economic recovery, the market has been regaining its pre-COVID momentum gradually. Moreover, researchers have been focusing on expanding the scope of application of lasers in combating the novel coronavirus. To that effect, some studies demonstrated the potential uses of laser technology in COVID-19 treatment, which has positively impacted product outlook. These factors have played a vital role in business growth during the pandemic.
Leading market players:
Some major companies operating in the global laser materials industry include BASF SE, Evonik, Norilsk Nickel, Universal Laser Systems, Mitsubishi Chemical Holdings Corporation, The Dow Chemical Company, Morgan Advanced Materials, GrafTech International, CeramTec GmbH, Anglo American, Aurubis AG, and Murata Manufacturing, among others.
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.
