The adoption of laser cladding is rapidly replacing conventional technologies such as high-velocity oxy-fuel, hexavalent hard chrome plating, oven sintering, metal inert gas welding, and thermal spray since these conventional technologies have lower metal cladding efficiency and are relatively time-consuming.
In terms of revenue, global laser cladding market in 2019 stood at USD 245,643.82 million and is expected to reach USD 384,253.24 million by 2026 growing at a CAGR of 6.60% from 2019 to 2026.
Some of the global major players operating in the laser cladding market include: Oerlikon Metco, Sentes-BIR A.S., STORK, Praxair S.T. Technology, Inc., DURUM, Verschleibschutz GmbH, Hardchrome Engineering, Höganäs AB and Others.
Drivers for the Global Laser Cladding Market:
According to current market condition, rising vehicle ownership and registrations across the globe, owing to increasing disposable income are playing a major role in the industry expansion. Government initiatives to increase crop output and favorable policies encouraging sustainable & efficient manufacturing practices are also estimated to play critical role in boosting the market in the region during the forecast period.
Opportunities for the Global Laser Cladding Market:
The adoption of laser cladding process is high in end-user industries such as oil and gas, mining, automotive, aerospace, and agriculture due to its advantages including lower design flaws and high productive efficiency and is extensively used in surface treatment and hard facing applications. As well as, the adoption of modern and efficient material hard facing and coating technologies will be one of the major factors that will have a positive impact on the growth of the global laser cladding equipment market in the coming years.
Restrains for the Global Laser Cladding Market:
Due to the delay and shortage in metal supply, manufacturers facing the loss in production process. Also, continuously rising raw material costs and stringent environmental regulations, high set up costs for equipment and installation all these factors are responsible for the negative growth rate of the market. It can majorly hamper laser cladding material market.
Region Wise, Global Laser Cladding Market Analysis:
Region wise, global laser cladding market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all, Asia Pacific leads the global laser cladding market share due to low cost and easy availability of raw materials and also due to the easy availability of land, cheap labor, and governmental subsidies in these regions which is followed by the North America and Europe.
Global Laser Cladding Market: Product analysis
- Cobalt Based Alloys
- Nickel Based Alloys
- Iron Based Alloys
- Carbides and Carbide blends
Global Laser Cladding Market: Application analysis
- Automotive & Transportation
- Petrochemical processing
- Power Generation
Global Laser Cladding Market: Region analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of L.A.
- Middle East and Africa
- South Africa
- Rest of Middle East
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