Laser Materials Market Size & Share 2023

1. Laser Materials Market Analysis, Statistics, Revenue, Demand and Trend Analysis Research Report by 2028

2. The laser materials market is projected to expand exponentially by 2028 due to mounting demand for laser technology in the defense sector around the world. • The 3D printing technology has widely been adopted across numerous industries, such as construction, consumer goods, electronics, medical, automotive, industrial goods, and aerospace, among many others, for production, prototyping, and product development. Extensive application of 3D printing and various other innovative technologies has propelled market growth over the past few years. • The laser materials market has been segmented based on application, product, and region. From the product point of view, the market has further been classified into ceramics, plastic, metal, glass, and others. • In 2021, the plastic sub-segment recorded a valuation of about USD 80 million and is estimated to exceed USD 120 million in revenue by the end of 2028. Plastic laser materials are economical compared to other major laser materials, owing to which they are used in a wide range of application segments, which is likely to bolster product uptake. • The others sub-segment was valued at over USD 520 million in 2021 and is expected to reach a valuation of above USD 750 million by 2028. Other products include various type of non-metals. Increasing application and enhanced properties of various non-metals are set to foster segmental outlook through the projected timespan.

3. With respect to application, the laser materials market has been bifurcated into R&D & military, communication, optical storage, materials & processing, lithography, medical & aesthetics, instrumentation & sensors, and others. In 2021, the medical & aesthetics sub-segment was worth over USD 165 million and is anticipated to reach a valuation of around USD 240 million by 2028. Replacement of non-laser technologies across the medical industry is set to fuel segmental growth. Additionally, widespread product usage across several medical applications, such as tattoo removal, cosmetic procedures, and diagnosis of diseases is seen to support industry progress over 2022-2028. The instrumentation & sensors sub-segment is expected to expand at almost 5.9% CAGR through the review period. Growing prominence of automation across numerous end-use industries like mining, automotive, and food & beverages, among others, is deemed to accelerate segmental development. The optical storage sub-segment surpassed USD 80 million in revenue in 2021 and is poised to garner a valuation of more than USD 110 million by the end of the analysis timeline. Optical storage refers to any type of storage that uses a laser to write and read data. Optical media, such as compact discs (CDs) and DVDs, are commonly used to store data. Data is commonly written to optical media, such as DVDs and compact discs (CDs). Optical media is more durable than flash drives, tape, and hard disc drives, and less susceptible to climatic conditions, which is slated to drive segmental expansion over the forthcoming years.

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