TheLaser Cladding Marketaccounted for USD479 Millionin 2021 and is estimated to reach USD921.62 Millionin 2028, at the Compound Annual Growth Rate (CAGR) of5.1%. Laser cladding is a process in which the metal adhesive is applied to the surface using a laser as a heat source. This process produces a strong metallurgical bond with minimal purification of the advanced material of advanced corrosion, abrasion, and metal resistance.
The industrial sector is now the largest market for laser cladding. Their use in automotive operations is also particularly profitable. The automotive industry is moving towards stronger steel to produce cars that meet the needs of durability but simplicity compared to better fuel saving; the problem is how to cut a very strong metal. This is where they turn to laser cladding. It is very difficult, for example, for conventional machine tools to drill holes in this type of metal; However, fiber lasers can easily cut these holes. Going forward, laser system manufacturers will need to look into supply chain disruptions in China. The impact of supply chain disruption has been felt since June 2020 onwards as other countries, including the US, India, Germany, and the UK, have also been hit hard by COVID-19. Some laser manufacturers may temporarily increase the price of lasers. This has had a negative impact on the Laser Cladding Market in 2020–2021. However, with the improvement of the situation, production is expected to return to normal gradually over the next few months, ensuring the normal supply of laser systems.
The tools in laser cladding that are required for various processes, systems, and applications range from a few hundred to thousands of watts. High-powered lasers are used in large-scale laser, health, military, research, laser-induced nuclear integration, and processing processes like welding, cutting, drilling, cladding, soldering, marking, and surface modification. While laser cladding techniques help reduce labor and the costs associated with the automotive and manufacturing industries, its deployment involves a significant investment. These come with service packages and security guarantees for expensive repairs in the event of malfunctions. Therefore, the growing need for laser cladding for processing creates the need of cheaper solutions so that the technology can be widely accepted. Players in the Laser Cladding Market are creating cost-effective solutions to maximize profits due to the use of high volume.
The aerospace industry is one of the first industries to adopt laser cladding. The aerospace and defense end-use industry is expected to hold the highest CAGR between 2022 and 2028. In an aircraft engine, most important parts are laser-cladded. Leading engine manufacturers introduced 3D printing, cold spray, and laser cladding in the aerospace industry. Apart from aerospace and defense, the market has end-use industries like oil & gas, mining, automotive, and power generation. The Laser Cladding Market can be bifurcated based on its types such as diode laser, fiber laser, CO2 laser, acoustic laser, and others. This is different from the segment that focuses on materials used such as cobalt-based alloys, nickel-based alloys, iron-based alloys, carbide & carbide blends. The Laser Cladding Market generates revenue segmented in two forms- system revenue and laser revenue.
The Laser Cladding Market in APAC is estimated to grow at the highest CAGR during the forecast period. The major countries contributing to theLaser ProcessingMarket in APAC include China, Japan, India, and South Korea. APAC has been ahead in terms of the adoption of laser processing solutions in comparison with other regions. Several governments- and private-funded start-ups have emerged for the development of advanced laser cladding applications.
Some of the major key players of the 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).