Laser Cladding Market
Laser Cladding Market by Type (Diode laser, Fiber laser, CO2 laser, Acoustic laser), by Revenue (System revenue, Laser revenue), by Materials (Cobalt-based alloys, Nickel-based alloys, Iron-based alloys, Carbides & Carbide blends), by End-use Industry (Oil & gas, Mining, Aerospace & Defense, Automotive), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)
|Forecast Years for Laser Cladding Market:||2022 - 2028|
|Historical Years for Laser Cladding Market:||2016 - 2021|
|Revenue 2021 for Laser Cladding Market:||USD 479 Million|
|Revenue 2028 for Laser Cladding :||USD 921.62 Million|
|Revenue CAGR (2022 - 2028) for Laser Cladding Market :||5.1%|
|Fastest Growing Region (2022 - 2028) for Laser Cladding Market:||Asia Pacific|
|Largest Region (2021) for Laser Cladding Market:||Asia Pacific|
Laser Cladding Market: By Type, End User, and Region
Global Laser Cladding market is valued at USD 479 Million in 2021 and is projected to attain a value of USD 921.62 Million by 2028 at a CAGR of 5.1% during the forecast period, 2022–2028.
As far as the efficiency of Laser Cladding is concerned it can be said that this technique has made a new revolution in process technology. It is basically used for near net shape applications where super high deposition rates can be obtained. This means increased productivity and reduced costs. The demand for Laser Cladding is increasing because of these reasons other than its benefits over conventional techniques such as metal inert gas or plasma spray coating. Another fact about the popularity of Laser Cladding is that it usually requires no post processing, which makes it worthwhile to invest in this type of technology. Post-processed parts are often riskier investments as far as quality assurance and production time are concerned due to their intricate nature, which might not always come out exactly as per the design and therefore they may need to be reworked. This is why engineers prefer cladded parts as it saves them lots of time and money and assures them of the quality and reliability required for their components, especially in highly competitive industries
Many organizations all over the world have realized that Laser Cladding is one of those technologies which would guarantee high profitability as well as growth with minimum risk. If we look at this from an economical point of view, usually such techniques become readily successful when they are introduced as a new technology. This also means that many people tend to opt for these new techniques because they think it will bring profits along with better returns on investment (ROI).
Global Laser Cladding market is segmented into, type, revenue, materials, end-use industry. Based on type market is segmented into, fiber laser, diode laser, YAG laser, co2 laser. Based on revenue market is segmented into, system revenue, laser revenue. Based on materials market is segmented into, cobalt-based alloys, nickel-based alloys, iron-based alloys, carbides & carbide blends. Based on end-use industry market is segmented into, oil & gas, aerospace & defense, automotive, power generation, mining.
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By Type, Fiber Laser to Dominate the Laser Cladding Market:
Technology is evolving at a fast pace and so are the R&D needs of industries. Manufacturers use lasers for cladding metal to metal on larger surface areas that are otherwise not achievable by conventional welding or soldering. Laser beam can easily be sent through pipes for welding, via fiber optic cable, away from the work area where laser action occurs. This is one of the major benefits of using lasers in manufacturing process as it improves efficiency and brings more control over the production line.
Laser manufacturers have come up with new methods to increase productivity of these machines even more without compromising on quality or speed. Fiber lasers enable better accuracy with faster processing times resulting into higher yields with less wastage which means better profits for end customers. As compared to conventional or older lasers, these are more efficient because of the improved beam delivery method. The fiber optic cable reduces laser beam loss allowing higher concentration of beam energy on the work piece which delivers better results in less time.
Growing Demand for Laser Cladding in Aerospace and Defense Industry
The demand for Laser Cladding is increasing in aerospace & defense mainly because of the increased usage of lasers in manufacturing metal parts, which are used in aircrafts. Laser offers benefits like high speed, uniform heat distribution and uniform melting of the base material resulting into cleaner surface finish with excellent penetration of molten material into deeper pores or cavities which would not be possible by conventional welding methods. Moreover, metal parts made by Laser Cladding have high strength and better durability.
Asia Pacific to Continue Holding Prominent Share of the Laser Cladding Market
Asia Pacific is the largest Laser Cladding market with regard to demand, though it has been observed that the region has not gained much traction in terms of production. The high growth can be attributed to growing construction industry coupled with increasing demand for electric vehicles. In addition, increasing government initiatives pertaining to pollution control & other environmental benefits are expected contribute towards the overall growth of this market. Moreover, increase in demand for electric vehicles, growing construction industry and increasing governments initiatives pertaining to pollution control & other environmental benefits are projected to add value to the regional market growth.
Some of the key players in the global Laser Cladding market are OC Oerlikon Management AG (Switzerland), TRUMPF (Germany), IPG Photonics Corporation (US), Coherent, Inc (US), and Han’s Laser Technology Industry Group Co., Ltd. (China).
The Laser Cladding is Segmented as Follows:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Frequently Asked Questions
the global demand for Laser Cladding
in terms of revenue?
The global Laser Cladding valued at USD 479 Million in 2020 and is expected to reach USD 921.62 Million in 2028 growing at a CAGR of 5.1%
are the prominent players
in the market?
The prominent players in the market are OC Oerlikon Management AG (Switzerland), TRUMPF (Germany), IPG Photonics Corporation (US), Coherent, Inc (US), and Han’s Laser Technology Industry Group Co., Ltd. (China)..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 5.1% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Laser Cladding include
- Growing Demand for Laser Cladding in Aerospace and Defence Industry
region accounted for the
largest share in the market?
Asia Pacific was the leading regional segment of the Laser Cladding in 2020.