WASHINGTON, Jan. 18, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the global laser cladding market finds that growing penetration of fiber lasers in laser cladding applications is expediting market growth. Primarily driven by gradual transition from conventional laser technologies to laser cladding, the total global laser cladding market is estimated to reach USD 921.62 Million by 2028, up from USD 479 Million in 2021, at a Compound Annual Growth Rate (CAGR) of 5.1%.
Furthermore, the development of advanced laser cladding solutions is also anticipated to augment the growth of the global laser cladding market, states Vantage Market Research, in a report, titled “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)”.
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Market Dynamics:
Driver: Increased Penetration of Fiber Lasers in Laser Cladding Applications
The increasing penetration of fiber lasers in laser cladding applications is anticipated to augment the growth of the laser cladding market during the forecast period. This is attributable to the increasing benefits of fiber laser cladding over alternate technologies. This has directed most of the manufacturers to adopt fiber laser cladding technology. The various benefits of laser cladding include improved metallurgy i.e., the bonding, and hardness along with decreased part deformation and stress which is caused due to lower heat input. The applications of thin-coat also results in saving powder costs. In most of the cases the simplicity of automation leads to improved productivity, enhanced quality, and overall reduced operating costs. The variety of benefits of this technology is expected to open new avenues in the laser cladding market.
Opportunity: Adoption of Laser Cladding Applications across Aviation and Automotive Industries to Stimulate Market Growth
Most of the industrial sectors like aviation and automotive are moving towards using and opting laser cladding technology in their applications. Laser cladding is a process in which the laser is used as a source of heat to melt the extra material in order to create a coating on the surface of a portion. With the use of laser technology extended life of equipment and machinery is obtained when exposed to corrosion, wear or impact. Owing to the benefits of this tech it is used broadly in various industries. For instance, in automotive industry, this technology is widely used for applications such as brake discs, piston rings, cylinder liners, synchronizing rings, and crank shaft repairs, among others. Additionally, in an aerospace industry, a variety of degradation issues occur in aircraft engines due to metal-to-metal wear, hot corrosion, and particle erosion plus others. Laser tech is used to repair these components. Common laser clad components in the aerospace industry include turbine blades, 3d printing and landing gear. Furthermore, development of advanced laser cladding solutions is also expected to create more opportunities for the growth of the market.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Laser Cladding Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
Asia Pacific Dominates the Global Laser Cladding Market
Asia Pacific has dominated the global laser cladding market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increase in adoption of enhanced manufacturing techniques in emerging economies like India, and China, in the region. Furthermore, the increasing R&D investments in laser technologies and growing manufacturing and electronics sectors are also expected to support the regional growth of the market.
Europe is likely to witness substantial growth in the laser cladding market during the forecast period. This is attributable to the increase in demand from end-use industries from economies like Germany, and Italy in the region. Additionally, the increasing technological developments in laser cladding solutions are also expected to support the growth of the laser cladding market in near future.
List of Prominent Players in the Laser Cladding Market:
- OC Oerlikon Management AG (Switzerland)
- TRUMPF (Germany)
- IPG Photonics Corporation (US)
- Coherent, Inc (US)
- Han’s Laser Technology Industry Group Co., Ltd. (China)
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Laser Cladding Market?
- How will the Laser Cladding Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Laser Cladding Market?
- What are the Laser Cladding market drivers and restrictions?
- What will be the CAGR and size of the Laser Cladding Market throughout the forecast period?
Recent Developments:
September, 2021: TRUMPF announced the launch of new generation of the TruLaser Series 1000 with more productivity, process stability and cost-effectiveness in order to increase its product portfolio.
March, 2021: Lumibird announced to sign an agreement with the Swedish company Saab to acquire its defense laser rangefinder business. With this acquisition, Lumibird will be able to offer its European Defense sector clients a wider selection of lasers and rangefinders, from short to long range, with increased market coverage. This acquisition will also open up immediate access for all the products to a broader panel of European clients.
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This market titled “Laser Cladding Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 479 Million |
| Projected Market Size in 2028 | USD 921.62 Million |
| CAGR Growth Rate | CAGR of 5.1% from 2022–2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Type: - Diode laser, Fiber laser, CO2 laser, Acoustic laser, Others Revenue: - System revenue, Laser revenue Materials: - Cobalt-based alloys, Nickel-based alloys, Iron-based alloys, Carbides & Carbide blends End-use Industry: - Oil & gas, Mining, Aerospace & Defense, Automotive, Power Generation, Others |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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