Laser Materials Market Detailed methodology, scope, assumptions and data sources between 2017 - 2024Estimates depict, the industry will exceed a valuation of USD 1.7 billion by the end of 2024, with a projected CAGR of 5.5% over 2017-2024. Plastic technology is the latest thriving trend in laser materials market that is opening new avenues for the investors. With the continuous evolution of polymers and composite materials configuration, the technology is likely to penetrate deeper into the business.
On that note, it is important to consider the unprecedented efforts the instrument manufacturers are taking in reducing the complexity of these devices, which again will prove to be favorable for laser materials industry outlook.
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Considering the increasing proliferation of laser technologies in medical space, Laser Materials Market demand is undoubtedly set to grow substantially in the forthcoming years. Technological interventions have not only influenced laser materials portfolio but also have widened the application scope of the market.
An exemplary transformation in the therapeutic model in terms of medical facilities has acted in favor of the business growth. For instance, shifting trend toward replacing non-laser technologies across various domains that include oncology, neurology, and dentistry has been immensely catapulting the market expansion over the years.
Speaking of healthcare, laser technology has already gained a momentum in this space and with technological advancements, it is anticipated to unfold a series of new opportunities, leaving a subsequent impact on laser materials market.
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With digital disruptions globally, the volume of data has been exponentially increasing across various industries. Communication sector is one of the profound spaces witnessing the proliferating penetration of laser materials. Communication applications procured one-third of laser materials industry share in 2016.
Military applications have been also gaining a traction lately. High demand for lightweight cost-effective armaments has resulted in the utilization of laser materials in this domain. Key market players are also investing in research activities to extend the product portfolio to win a competitive edge in the global landscape.
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Asia-Pacific held a significant share in the global laser material market and will exhibit rapid gains between 2017 and 2024. Other countries such as China, India, Taiwan, South Korea also offers substantial potential for laser materials market over the coming years.
Laser research spending will propel the growth in European market. Latin America and Middle Eastern markets will grow at meager pace over the coming years.
Key players having prominent presence in the laser materials market include GrafTech International, Asahi Glass Co., Ltd., CeramTec GmbH, Morgan Advanced Materials, Corning Incorporated, Murata Manufacturing Co., Ltd., Taishan Fiberglass INC., BASF SE, Evonik, The Dow Chemical Company, Mitsubishi Chemical Holdings Corporation, Sinopec Shanghai Petrochemical Group Co., Ltd, Universal Laser Systems, Inc., Norilsk Nickel, Anglo American plc. In 2015, BASF collaborated with Farsoon Hi-tech and Laser-Sinter-Service (LSS), to develop integral solutions for materials, printers, technology and service for 3D printing to provide tailor solutions.
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