Laser Materials Market Size to reach $2 billion by 2028

According to a new research report by Global Market Insights Inc., the Laser Materials Market size is forecast to reach USD 2 billion by 2028. The increasing demand for lasers from various end-user industries such as communication, material processing, medical, etc., will drive the market growth.
 

Rising demand for laser-based 3D printed products in various end-user industries, such as automotive, aerospace & defense, medical, architecture, education, etc., will drive the laser materials market growth in the coming years. 3D printed products are extensively used as automotive & aircraft components. They are also used in the medical industry as orthopedic implants, dental crowns, and for the fabrication of human tissue. 3D printing technology provides superior finish, easy fabrication of complex designs, reduced material wastage, and a better aesthetic appearance. These advantages will contribute to the industry growth during the forecast period.
 

High growth in the aerospace industry will augment the laser-based 3D printing materials market development until 2028. The number of passenger aircraft is expected to increase in the near future owing to the rising number of air passengers. Increasing government spending in space research & defense will propel the aerospace industry and lead to high demand for 3D printed products. Rapid growth in the Asia Pacific automobile sector will also augment laser-based 3D printing materials & equipment, which will have a positive impact on the laser materials market.
 

The COVID-19 pandemic has negatively impacted the laser materials market growth. The reduced demand for lasers from various end-user industries will affect the market. Moreover, strict lockdown measures implemented by various governments will further impact the laser materials market growth during the projected period. However, as industries start opening up and the demand from various end-user industries starts picking up, the laser materials market is expected to grow in the coming years.
 

Browse key industry insights spread across 230 pages with 355 market data tables & 21 figures & charts from the report, “Laser Materials Market Size, By Product (Plastic, Glass, Metal, Ceramics), By Application (Communication, Materials Processing, Medical & Aesthetic, Instrumentation & Sensors, Lithography, Optical Storage, R&D & Military)), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/laser-materials-market
 

Growing penetration of glass in the laser industry to boost the market growth

The glass segment was valued at over USD 20 million in 2021 and is expected to grow by over USD 35 million by 2028 in the laser materials market. Increasing usage of glass laser materials is fueling product demand for the past few years and is likely to continue during the forecast period. The rapidly growing global medical industry will be another major force driving glass laser materials in the near future. Increasing disposable incomes and increasing medical tourism will fuel the medical industry growth in the next few years.
 

The growing communication industry to fuel the demand for laser materials

The communication industry was valued at over USD 485 million in 2021 and is anticipated to rise to USD 700 million by the end of the forecast period. Communication is considered one of the most important sectors in the laser industry. As the global communication industry is continuously evolving and transforming, the requirement for more advanced lasers is also expected to grow. The recent introduction of 5G along with increased investments in research & development activities for the development of 6G is expected to drive the laser materials market growth. Moreover, the communication industry has penetrated the agriculture sector along with the education sector, which will further have a positive impact on the laser materials industry.
 

Rising military spending coupled with research & development activities to shoot growth in North America

North America was valued at over USD 360 million in 2021 and is expected to cross USD 510 million by 2028 in the laser materials market. The laser materials industry growth is expected to remain steady for the next few years. This can be attributed to the growing penetration of lasers in the military industry. For instance, Lockheed Martin is planning to test its new HELIOS system, which is a high-powered laser that can be installed on warships to combat enemy attacks and defense systems. The increasing U.S. military budget and a renewed focus on research & development activities in the U.S. military establishments will drive the laser materials market during the projected period.
 

The presence of various laser materials industry players and increasing demand for lasers from various end-user industries will drive market growth during the projected period. Some of the industry players associated with the laser materials market are The Dow Chemical Company, BASF SE, Norilsk Nickel, Mitsubishi Chemical Holdings Corporation, GrafTech International, Morgan Advanced Materials, Evonik, Universal Laser Systems, Aurubis AG, CeramTec GmbH, Anglo American, Murata Manufacturing, etc.