Ocean View, DE -- (SBWIRE) -- 06/12/2020 -- Laser technologies have been predominantly making their presence felt across the medical and industrial business spaces, thus paving way for the growth of laser materials market. As per a report by Global Market Insights, Inc., this industry is anticipated to record a target valuation of USD 1.7 billion by the end of 2024.

These materials have witnessed immense popularity for their deployment in additive manufacturing or 3D printing. Moreover, penetration of laser materials in cosmetic products has led the customers across various economies like India, Thailand, and Indonesia to increasingly adopt the same, given the rising awareness among the masses for their health.

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Unprecedented demand across various application sectors

Given that laser materials have been emerging as pivotal elements across various application sectors, rise in demand for data transfer and high speed communication are substantially driving the dynamics of laser materials market. In this aspect, it is needless to state that communication sector is likely to thrive at a considerable rate of 5.3 per cent through 2024. Besides, a paradigm shift towards wireless networks and increased voice demand would also provide a boost to the global market statistics.

Meanwhile, the entertainment category is also demonstrating appreciable growth in the market owing to increasing laser light shows, projection TVs, etc. As a matter of fact, the Delhi Government organized first-of-its-kind mega 4-day laser light show in October last year in an effort to encourage a cracker-free and environment friendly Diwali amidst the rising levels of noise and air pollution.

Trends across laser materials market

- Expanding popularity of glass laser materials

Laser materials market is defined by an expansive product gamut and has gained large scale popularity on the account of same, over the past few years. the product segment is further sub-divided into different materials like metal, glass, plastics, non-metals, and ceramics. Of these, exceptional connectivity and thermal properties have enabled the glass materials to account for a significant stake in the overall laser materials industry share.

As per estimates, the glass laser materials market is predicted to exhibit a CAGR of 7.7 per cent over 2017-2024. Meanwhile, various manufacturers have been on a lookout for technologies for use of ceramics and plastics in order to manufacture semiconductor parts, CBs, and others.

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- Will Asa Pacific emerge as a lucrative growth ground for laser materials industry?

Considering the regional landscape, it has been witnessed that the Asia Pacific region is gaining high demand for laser materials due to the increased expenditure on healthcare and expanding medical sector in economies like India, Taiwan, China, and South Korea. In lieu of this, reliable reports forecast that the region would grow at a rate of 5.5 per cent through 2024.

Whereas, Europe laser materials market is also apprehended to grow profusely in the upcoming ascribing to an upsurge in the use of metal laser materials. Additionally, the region would account for an overall volume of 40.1 kilo tons by 2024. However, ongoing COVID-19 has been severely disrupting the businesses across the region and its impact is also being felt across the laser materials market.

Although the market has been experiencing constant growth, fluctuating natural gas and crude oil prices are obstructing the growth path of laser materials industry. However, market players operating in the industry including Morgan Advanced Materials, BASF SE, Asahi Glass, Corning Incorporated, The Dow Chemical Company, Mitsubishi Chemical Holdings Corporation, and others, have been exploring all possible alternates and substitutes to accelerate the demand of these materials in the years ahead.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.