Market Overview:
Laser Cladding Market size is expected to register a significant CAGR of approximately 7.9% during the study period and is projected to reach a market value of USD 719.5 million by 2027.
Cladding is the process of improving the finish or surface of objects, parts, or items worn out through their extended usage. It makes the object more aesthetic and functional through refurbishment or revision by creating a new surface layer on the top of the base material. Laser cladding includes a hard-facing process utilizing a high-powered laser beam to melt the coating material and a thin substrate layer forming a pore- and crack-free coating 50–2 mm thick with low dilution perfectly bonded to the substrate.
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Factors driving the laser cladding market comprise the rising need for rapid manufacturing practices, the increasing popularity of fibre lasers in laser cladding application areas, and the growing adoption of laser cladding over traditional technologies. Meanwhile, the lack of skilled professionals is hampering this growth trend in the market. The high costs associated with the capital equipment also create challenges for the market growth. However, the market provides ample opportunities for advancements in laser cladding techniques.
Market Segmentation:
The global laser cladding market has been segmented based on type, revenue, material, industry vertical, and region.
By type, the global laser cladding market has been divided into diode laser, fiber laser, YAG laser, CO2 laser, and others.
By revenue, the global laser cladding market has been separated into laser revenue and system revenue.
Based on the material, the global laser cladding market is divided into cobalt-based, nickel-based, and iron-based alloys.
Oil & gas, mining, aerospace & defence, automotive, power generation, and others are sub-segments of the industry vertical segment in the global laser cladding market.
The global laser cladding market has been analysed for five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Regional Analysis:
The global laser cladding market is estimated to register a robust CAGR of approximately 7.9% over the forecast period. The regional analysis of the global laser cladding market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Europe is expected to be the largest market for laser cladding during the review period due to the high adoption rate of laser cladding technology by automotive and mechanical engineering organizations owing to the benefits offered by laser cladding, including better wear resistance and repair of damaged or worn surfaces, among others. Additionally, Germany is expected to lead the country-level markets in Europe due to the increase in demand from automotive & mechanical engineering and semiconductor equipment industries.
North America is expected to register the second-largest market share owing to the demand for laser cladding techniques, mainly among automotive, security & defence, and semiconductor manufacturers in this region.
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Industry News:
On 19th March 2020, Praxair S.T. Technology, Inc. (US) signed a partnership deed with Siemens’s subsidiary—Siemens Gas and Power—to provide coating services across a range of products. For instance, aerospace and industrial gas turbine components, including blades, vanes, casings, and discs to be coated with Praxair’s aluminizing, platinum aluminizing, slurry, and thermal spray processes. This is expected to contribute to the demand for Praxair’s laser cladding services.
On 25th March 2021, Coherent, Inc. (US) announced its merger with II-VI Incorporated. With this, the company is expected to expand its global reach and enhance product capabilities.
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