Feb 22,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Laser Materials Market.
It was estimated prior to this unanticipated outbreak that the Laser Materials Market was expected to grow at a CAGR of 4.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Laser material processing is a technique which uses laser energy for modification of a material’s shape or appearance and it also provides various benefits such as the ability to quickly change designs, make products without any requirement for retooling, and also enhance the quality of finished products.
The major factors such as, increase in popularity of laser technology in medical surgery and advanced metal processing techniques, 3D printing accompanied by persistent requirements for improved communication, and directed-energy weapons in military & scientific applications, rising demand for better and improved mobility solutions accompanied by surging sales of electric vehicles globally, and the manufacturers developing innovative solutions for further integrating laser technology into military equipment are expected to significantly impact the production and fuel the growth of the market during the forecast period.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the product type, the market is segmented as plastic, glass, metal, ceramics, and others. Ceramic is estimated to witness significant growth rate in the market during the forecast period. It has become a feasible material in laser technology as it offers various excellent features such as low optical scattering, low thermal expansion coefficient, low dependence of index of refraction, toughness, and optical path length of temperature, due to which it is utilized in high-powered and solid-state lasers as a replacement to single crystals and glass to generate laser beams, fueling the growth of the laser materials market during the forecast period.
Based on the application type, the market is segmented as communication, materials processing, medical & aesthetic, instrumentation & sensors, lithography, optical storage, R&D military, and others. The materials processing segment is estimated to be the major application in the market, witnessing significant growth rate over the forecast period. The product is widely utilized in the material processing segment, in all types of metal fabrication such as welding, drilling, annealing, and cutting.
In terms of regions, Europe is estimated to hold the largest share of the market during the forecast period. The growth of the market is attributed to technological enhancements and developed market in the region. The major factors such as large investments made by the regional government and industry players in R&D activities, in order to serve their customers, presence of pre-dominant automobile manufacturing units accompanied by growing demand for commercial aircraft, and increasing healthcare and defense expenditures in various countries including Germany, Russia, Italy, France, etc. are expected to contribute in boosting the laser materials’ market growth in the regional market during the forecast period. North America and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.
Some of the key players in the laser materials market are-
GrafTech International Ltd.
Mitsubishi Chemical Holdings Corporation
Morgan Advanced Materials
The Dow Chemical Company.