Yahoo Finance Laser Cladding Market Projected to Reach USD 719.5 Million by 2027 at 7.9% CAGR - Report by Market Research Future (MRFR)
New York, US, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Laser Cladding Market information by Type, by Revenue, by Material, Vertical and Region – forecast to 2027” market size to reach USD 719.5 million, growing at a compound annual growth rate of 7.9% by 2027.
Market Scope:
The outlook of the global laser cladding market looks extremely promising. The high adoption rate among various organizations due to laser cladding benefits, including better wear resistance and repair of damaged or worn surfaces, drives the market growth. Laser cladding also enhances, restores, and strengthens the surfaces of metal components with unprecedented results and enables the manufacturing of quality consumer electronics.
Dominant Key Players on Laser Cladding Market Covered are:
IPG Photonics Corporation (US)
Laserline GmbH (Germany)
NUTECH Gesellschaft für Lasertechnik und Materialprüfung mbH (Germany)
OC Oerlikon Management AG (Switzerland)
Höganäs AB (Sweden)
Titanova Inc. (US)
Hardchrome Engineering (Australia)
LaserBond Ltd (Australia)
JENOPTIK AG (Germany)
Praxair S.T. Technology Inc. (US)
TRUMPF (Germany)
LUMIBIRD (France)
Alabama Specialty Products Inc. (US)
Coherent Inc. (US)
YANMAR HOLDINGS CO. LTD (India)
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Market USP Exclusively Encompassed:
Market Drivers
Laser cladding has become one of the most promising deposit methods, combining reasonable cost and quality benefits. Continual improvements in manufacturing practices, especially in oil & gas producers, boost the market size. Laser cladding involves coating damaged surfaces with stainless steel or a cobalt-based alloy in single or double layers with laser technology.
Growing demand for the repairing methods of high-value components used in the transport sectors positively impacts the market revenues. Favorable government initiatives to promote utilization, investments, and adoption of advanced manufacturing techniques are major market trends.
On the flip side, the high initial investments required to implement these laser techniques are impeding market growth. Nevertheless, favorable properties of laser cladding methodologies allowing the overall optimization of manufacturing would support market growth throughout the assessment period.
Emerging nations worldwide present many untapped opportunities for the market, heading with government mandates and updated policies. Rising installations of a new seven-axis capable gantry system for additive manufacturing and laser cladding push the market value. IP probes and firewalls are increasingly deployed in the access and transport network where load balancing is implemented.
In the past, the high costs of the method itself and the relatively higher cost in application markets were hampering the adoption of this method. However, recently the situation has changed, with high-quality deposits in a metallurgical bond to the substrate; a key reason for its latest success is related to the multi-function capability of the process.
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Segmentation of Market Covered in the Research:
The laser cladding market is segmented into types, revenues, materials, industry verticals, and regions. The type segment is sub-segmented into diode laser, fiber laser, YAG laser, CO2 laser, and others. The revenue segment is sub-segmented into laser revenues and system revenues.
The material segment is sub-segmented into cobalt-based, nickel-based, and iron-based alloys. The vertical segment is sub-segmented into oil & gas, mining, aerospace & defense, automotive, power generation, and others. By regions, the market is sub-bifurcated into the Americas, Asia Pacific, MEA, Europe, and rest-of-the-world.
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Regional Analysis
Europe dominates the global laser cladding market due to the high adoption rate of laser cladding technology across the end-user industries in the region. Besides, heavy R&D investments from the public and private sectors in developing laser cladding techniques and providing an enriched customer experience in the region substantiate the market size. Spurring rise in automotive and mechanical engineering sectors creates vast market demand.
Moreover, the strong presence of giant players such as NUTECH Gesellschaft für Lasertechnik und Materialprüfung mbH (Germany), Laserline GmbH (Germany), Höganäs AB (Sweden), and others foster the regional market value. With the rising uptake of laser cladding technology in semiconductor equipment industries, Germany accounts for the largest country-level market in Europe. The European laser cladding market is expected to retain its leadership throughout the forecast period.
North America is another lucrative market for laser cladding techniques globally. Factors such as the rising demand for laser cladding solutions in automotive, security & defense, and semiconductor manufacturers in this region boost the market shares. With the rising demand for laser cladding to improve the wear resistance in objects, the US accounts for the largest country-level market in the region.
Asia Pacific holds a sizable share in terms of the global laser cladding market revenues. Factors such as the rapid economic growth and increase in infrastructural projects backed by huge investments foster the region's laser cladding market share. The APAC laser cladding market is projected to create a substantial revenue pocket during the forecast period.
Competitive Analysis
The laser cladding market witnesses several strategic initiatives, such as mergers & acquisitions, collaboration, expansion, and product launches. Leading industry players make strategic investments in R&D activities and expansion plans.
For instance, recently, on Aug. 20, 2021, a team at the Fraunhofer Institute for Production Technology (IPT) introduced an additive manufacturing (AM) process that combines wire-based and powder-based laser cladding. The hybrid process produces protective tool coatings with more wear-resistance, resource-efficient, and cost-efficient than those produced via conventional laser cladding methods.
Laser cladding produces 3D structures using laser metal deposition (LMD), which is an effective way to apply protective coatings and repair damaged components/change the geometry of a workpiece. Also, the hybrid process is more flexible than a purely wire-based approach to cladding.
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